Gatik, the autonomous vehicle startup specialising in self-driving box trucks, has successfully raised $200 million. This funding round follows a multi-year commercial agreement with PepsiCo, which was established two months prior.
The latest funding, which is the company's largest to date, was led by Qatar Investment Authority and Koch Disruptive Technologies. Additional participation came from Millennium Management, ARK Invest, and Intact Private Capital. The Santa Clara, California-based company has now accumulated around $500 million in funding since its emergence in 2019.
Gatik has established itself in the 'middle-mile' delivery sector, using driverless box trucks for short-haul deliveries. The company has commercial customers including Loblaw, Walmart, and PepsiCo. Its partnership with PepsiCo involves 41 driverless box trucks transporting Frito-Lay products in Dallas, Phoenix, and Northwest Arkansas.
According to Gatik co-founder and CEO Gautam Narang, the company has secured commercial deals amounting to $600 million in contracted revenue. The new $200 million investment is intended to accelerate Gatik's expansion, which will include hiring more engineers and operational staff, and entering new markets or expanding within existing ones.