US-based autonomous vehicle developer Voyage has completed a $31m series B round featuring InMotion Ventures and Chevron Technology Ventures, investment vehicles for carmaker Jaguar Land Rover and petroleum supplier Chevron.
Investment firm Franklin Templeton led the round, which included venture capital firm Khosla Ventures, and which Voyage said boosted its overall funding to $52m.
Founded in 2017, Voyage has developed a small-scale autonomous taxi capable of travelling at up to 40 kilometres per hour, for use in areas where there are limited transportation options.
The startup, which was spun out of work conducted by students at for-profit education provider Udacity, plans to use the cash to beef up its fleets in the states of California and Florida and complete development of the next iteration of its vehicle.
InMotion Ventures had invested $3m in Voyage in January 2018 as part of a round that was also backed by Khosla Ventures, SV Angel, Initialized Capital, Amino Capital and CRV, and which closed at $20.2m two months later according to a regulatory filing.
Sebastian Peck, managing director of InMotion Ventures, said: “Since investing in the company’s series A in 2018, it has been fantastic to watch the business go from strength to strength.
“The company has made some incredible hires which have been instrumental in enabling the development of Voyage’s state-of-the-art technology.”
Photo courtesy of Voyage.
