Autonomous vehicles are becoming increasingly common in ports, factories and other areas where they can ease concerns about driver shortages, safety issues and supply chain disruptions.
Boston-based Venti Technologies has been testing its autonomous vehicles for three years in one of the world’s largest container ports, where its technology has accurately parked 45-foot tractor-trailers within an inch of its target.
Venti announced Tuesday that it raised $28.8 million to scale its team and its research and development efforts. This Series A financing follows an $8 million seed round from July 2021, bringing the company’s total funds raised to $36.8 million.
Venti’s autonomous vehicles are currently operating at the second-largest port in the world. Co-founder and CEO Heidi Wyle said the company aims to launch dozens of self-driving vehicles at that port by the end of the year.
Venti currently employs 80 people, primarily in Boston and Singapore. The company has five employees in Boston, including Wyle who told Built In that she expects the company’s Boston presence to grow significantly with this new funding.
Wyle, who earned her Ph.D. from MIT, co-founded Venti in 2018 with MIT Professor Daniela Rus, MIT Professor Saman Amarasinghe and Xinxin Due, Venti’s chief scientific officer.
Venti’s Series A round was led by LG Technology Ventures and included participation from Safar Partners, UOB Venture Management, Alpha JWC and LDV Partners.
“With this new round of funding, we are well-positioned to broadly deploy our autonomous logistics solutions to power safer and more efficient global supply chains and industrial yards,” Wyle said in a statement. “Our autonomous vehicles have industrial-grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality.”
Venti is not the only autonomous vehicle company focusing on shipping container yards. A similar Boston startup, ISEE, raised $40 million in November 2022. Outrider, a Colorado-based autonomous yard truck company, raised $73 million in January.
