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Omnitracs leads $60M funding round for Peloton Technology

Joshua Switkes, founder and CEO of Peloton Technology, says the partnership with Omnitracs will help to expand the opportunities for inter-fleet platooning.

In February, Omnitracs announced a partnership with Peloton Technology to leverage Omnitracs’ integrated dispatch, tracking and routing applications as well as its driver-facing applications to better enable inter and intra-fleet platooning opportunities.

Peloton’s platooning system creates a direct communication link between trucks using Dedicated Short Range Communication (DSRC). The front truck tells the rear truck its engine torque, speed and other parameters. With this communication, the distance for driver perception and reaction is virtually eliminated.

Platooning allows trucks to be 30 to 50 feet apart and create aerodynamics that reduce fuel consumption by 10 percent for the rear vehicle and 4.5 percent for the front truck.

On Wednesday, April 11, Omnitracs announced that it lead a $60 million Series B funding round for Peloton.

The Series B investment from Omnitracs will help fuel Peloton’s growth plans, including the rollout of the world’s first commercial two-truck driver-assistive platooning system later in 2017, and the acceleration of vehicle integration projects with truck OEMs, Tier 1 brake system and connected-vehicle suppliers.

“We are excited to be working with a growing group of leading companies from across the industry as well as forward-looking state and federal regulators to bring pragmatic commercial truck automation solutions to market,” said Josh Switkes, co-founder and CEO of Peloton. “This new round of global strategic investment bolsters Peloton’s position as the leading provider of near-term automated truck technology in North America and soon beyond.”

Peloton says its platooning system helps drivers and trucking fleets address three major industry challenges of safety, fuel savings and operational efficiency.

“We want to expand the possibilities of truck automation on the nation’s highways and set new standards in integrated dispatch, tracking and routing as well as driver-facing applications to maximize and optimize the orchestration of both same-fleet and cross-fleet platooning,” said Omnitracs CEO John Graham.

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Aaron Huff is the Senior Editor of Commercial Carrier Journal. Huff’s career in the transportation industry began at a family-owned trucking company and expanded to CCJ, where for the past 14 years he has specialized in covering business and technology for online and print readers and speaking at industry events. A recipient of numerous regional and national awards, Huff holds a Bachelor’s Degree from Brigham Young University and a Masters Degree from the University of Alabama.