US-based automated safety technology company Peloton Technology has added aerospace company Lockheed Martin to its series A investors, increasing the size of the round to $17m.
Car components manufacturer Denso International America and semiconductor technology producer Intel’s investment vehicle, Intel Capital, co-led the round’s $16m first tranche in April this year.
Auto parts supplier Magna International, and Castrol InnoVentures, Volvo Group Venture Capital and UPS Strategic Enterprise Fund, the respective corporate venturing arms of lubricants producer Castrol, automotive manufacturer Volvo, and logistics company UPS, also participated in that tranche.
Sand Hill Angels, Band of Angels and Birchmere Ventures also contributed funds in April, having previously taken part in Peloton’s $1.5m seed round in 2013 alongside UPS Strategic Enterprise Fund and Castrol InnoVentures.
Peloton’s technology enables lorries to be wirelessly connected to each other in pairs of vehicles. The technology controls the vehicles’ acceleration and braking by using a radar-based system while drivers retain full steering control.
Trucks can be put into platoons which are both safer and more fuel-efficient due to a reduction in aerodynamic drag.
Adam Miller, director of New Initiatives at Lockheed Martin Missiles and Fire Control, said: “Lockheed Martin is committed to partnering with Peloton and excited to be working with such a strong team of strategic investors.
“Our partnership is consistent with Lockheed Martin’s approach of researching and investing in disruptive and cutting-edge technologies.”