Venti Technologies announced earlier this week that it has raised $28 million in a Series A funding round. The Weston, Mass.-based company provides autonomous logistics technologies for global supply chains and other industrial hubs. It said it will use the funding to accelerate its growth and meet increasing demand from customers worldwide.
Venti claimed that its full-scope autonomy solutions require no change to existing infrastructure and work with any vehicle in any logistics or industrial hub. After three years of development in one of the world’s largest container ports, the company added that its fleets can navigate complex environments and heavy traffic, with unmatched precision and can park 45-foot tractor-trailers accurately down to one inch.
The financing round was led by LG Technology Ventures, the Silicon Valley-based venture capital arm of the LG Group, with participation from Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners.
“With this new round of funding, we are well-positioned to broadly deploy our autonomous logistics solutions to power safer and more efficient global supply chains and industrial yards,” said Heidi Wyle, founder and CEO. “Our autonomous vehicles have industrial-grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality.”
MIT alums make up Venti leadership team
Venti was founded in 2018 by a team with strong MIT roots, including Chief Executive Officer Dr. Heidi Wyle, Chief Scientific Officer Dr. Xinxin Du, and MIT electrical engineering and computer science professors Daniela Rus, Director, Computer Science and Artificial Intelligence Laboratory (CSAIL) and MacArthur Fellow, and Saman Amarasinghe.
LG Technology Ventures, established in 2018 in Silicon Valley, is the venture capital investment arm of the Korea based LG Group. Its team consists of experienced investors, entrepreneurs, technologists and industry domain experts. LG Technology Ventures manages over $500 million of fund assets and invests in early-stage start-ups in artificial intelligence, mobility, electrification, advanced materials, climate technologies, life-sciences, next generation display, XR, Web3, mobile and 5G.
“Venti is solving real-world problems for large customers in huge markets with technology that has proven safe, mature and capable of near-term driverless deployment,” said Anshul Agarwal, managing director at LG Technology Ventures. “We are impressed not only by the technology, which is more complete and rapidly able to provide value to end customers, but also by the world-class team.”
Safar Partners is a seed- to growth-stage venture fund investing primarily in technology companies out of MIT, Harvard, and the University of Rochester. Safar invests in platform technologies in the cleantech and advanced materials, AI/IT and robotics, and life sciences/medical device areas.
“Venti represents exactly the kind of opportunity that appeals to Safar: best-in-class technology developed by leading minds from the world's top universities working to develop innovative, implementable solutions that address real world market needs,” said Arunas Chesonis, managing partner at Safar Partners. “We enthusiastically support Venti in scaling its operations and demonstrating its value to a wider cast of partners and customers worldwide.”