## Platform Science Secures $125 Million to Expand OEM Partnerships
Platform Science, a company specializing in connected vehicle solutions, has secured $125 million in funding to bolster its presence in the commercial trucking sector. This significant milestone marks a major step forward in the company's growth journey.
The funding round saw participation from both existing and new investors. Existing investors 8VC, NewRoad Capital Partners, and Prologis Ventures PLD were joined by new backers Activant Capital, Manhattan Ventures Partners, and BDT & MSD Partners. Notably, strategic allies of Platform Science, including C.R. England, Cummins CMI, and Paccar PCAR, also participated in the round, further solidifying the company's position within the industry.
This latest investment builds upon Platform Science's previous success, including its Series C raise in 2022, led by SoftBank Vision Fund 2 for $115 million. Since 2017, the company has raised a total of $309 million.
"This funding has the potential to help us accelerate the launch of additional OEM partners and it will enable us to accelerate the number of on-vehicle applications and service partners we add to the vehicle ecosystem," said Jack Kennedy, CEO of Platform Science.
Platform Science's Virtual Vehicle platform, developed in collaboration with DTNA, Navistar, Paccar, and other OEMs, has been instrumental in its success. Virtual Vehicle provides direct access to real-time vehicle data for various stakeholders, including enterprise fleets, telematics service providers (TSPs), third-party developers, shippers, fleet managers, and OEMs. By integrating telematics hardware during production, Virtual Vehicle eliminates the need for costly aftermarket installations.
"We see OEMs who partner with Platform Science becoming more and more creative as they leverage our platform and tools to become software developers providing value-added applications and services to the vehicles they design and manufacture," Kennedy told FreightWaves.
With the new investment and participation of its OEM partners, Platform Science will have the potential to leverage the vast pool of data to build AI models. These models will be used to "capture more and more nuance to fine-tune predictive maintenance, supply chain optimization, traffic flow management, fuel and power consumption and an endless number of other use cases," Kennedy explained.
Platform Science's recent partnerships with LTL provider Averitt and truckload transportation company Cheema Freightlines further demonstrate its commitment to growth and innovation within the commercial trucking sector.