Total amount raised
$322.7 Million
Latest funding date
04/01/2024
Location
Platform Science has successfully navigated 7 funding rounds, attracting investments from notable backers such as Cummins, Daimler Trucks North America, and 8VC. The company offers a comprehensive suite of telematics and fleet management solutions designed to enhance driver efficiency and fleet productivity.
Keep reading to explore the intricacies of Platform Science's fundraising journey and the investors backing this innovative platform.
What Is Platform Science?
Platform Science, based in San Diego, California, specializes in telematics and fleet management solutions. The company operates in various industries, including Compliance, Fleet Management, Internet of Things, SaaS, Software, and Transportation.
Founded with the aim of enhancing driver efficiency and fleet productivity, Platform Science employs between 251 and 500 people. The company offers a range of products and solutions designed to improve fleet operations, safety, and compliance.
How Much Funding Has Platform Science Raised?
- Series A (2017-12-21)
- Amount Raised: USD 4,000,000
- Date: December 2017
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial product offerings and establish a market presence.
- Convertible Note (2017-07-06)
- Amount Raised: USD 1,400,000
- Date: July 2017
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for product development and operational costs.
- Series A (2018-07-18)
- Amount Raised: USD 10,000,000
- Date: July 2018
- Lead Investors: NewRoad Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Convertible Note (2019-04-11)
- Amount Raised: USD 13,300,000
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series B (2020-05-26)
- Amount Raised: USD 54,000,000
- Date: May 2020
- Lead Investors: Prologis Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C (2022-02-03)
- Amount Raised: USD 115,000,000
- Date: February 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: USD 575,000,000
- Motivation Behind the Round: To accelerate the launch of additional OEM partners and increase the number of on-vehicle applications and service partners.
- Series D (2024-04-09)
- Amount Raised: USD 125,000,000
- Date: April 2024
- Lead Investors: 8VC, NewRoad Capital Partners, Prologis Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate innovation in the commercial transportation sector and expand OEM partnerships.
Total Amount Raised: USD 322,700,000. Current Valuation: Not publicly disclosed.
Key Investors
- 8VC
- Details: 8VC is a venture capital firm that invests in early-stage and growth-stage companies. They focus on leveraging technology to solve complex problems.
- Investment Focus Areas: Technology, logistics, healthcare, financial services
- Notable Investments: Palantir, Wish, Guardant Health
- NewRoad Capital Partners
- Details: NewRoad Capital Partners is a private equity firm that invests in growth-oriented companies. They aim to support businesses in achieving their next phase of growth.
- Investment Focus Areas: Supply chain, logistics, technology-enabled services
- Notable Investments: Movista, SupplyPike, K-MAC Enterprises
- Prologis Ventures
- Details: Prologis Ventures is the venture capital arm of Prologis, a global leader in logistics real estate. They invest in technologies that enhance supply chain efficiency.
- Investment Focus Areas: Logistics, real estate, supply chain technology
- Notable Investments: Locus Robotics, Freightos, ClearMetal
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world. They invest in transformative technologies and companies.
- Investment Focus Areas: Technology, artificial intelligence, robotics
- Notable Investments: Not publicly disclosed
- Activant Capital
- Details: Activant Capital is a growth equity firm that invests in technology companies. They focus on businesses that are driving innovation and growth.
- Investment Focus Areas: Technology, e-commerce, supply chain
- Notable Investments: Deliverr, Bolt, Better.com
What's Next for Platform Science?
Platform Science stands at the cusp of significant growth, driven by its innovative Virtual Vehicle® platform. The integration of software as a native component in vehicles and the expansion of OEM partnerships present vast opportunities. With over a trillion data points generated annually, the potential for leveraging this data to build AI models for predictive maintenance and supply chain optimization is immense.
Future fundraising appears promising, given the strong backing from both new and existing investors. This financial support will likely continue, enabling Platform Science to accelerate innovation and expand its market reach. However, challenges such as seamless software integration across various vehicle models and maintaining a competitive edge in a rapidly evolving landscape remain.
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