LG Technology Ventures backed $28.8 M Series A funding raised by Venti Technologies
A $28.8 million Series A financing has been secured by Singapore-based company Venti Technologies, which specializes in autonomous logistics for international supply chains and industrial hubs.
In addition to existing investors Alpha JWC and LDV Partners, Safar Partners, UOB Venture Management, and LG Technology Ventures, the venture capital arm of the LG Group with a base in Silicon Valley, participated in the funding round, according to a statement from Venti Technologies.
The funding, per the statement, will be employed to quicken Venti Technologies’ expansion and satisfy rising client demand across the globe.
“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,” said Heidi Wyle, Founder, and Chief Executive Officer of Venti Technologies.
“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,” he added.
For the global supply chain and industrial hubs like ports, airports, warehouses, factories, and depots, Venti Technologies is a world leader in autonomous logistics.
The company, which was established in 2018 by a group with deep MIT roots, is paving the way for future methods of transporting goods.
Rapid deployment, best-in-class safety, and operational efficiency are made possible for customers by its highly flexible and industrial-grade precision technology.
It has been noted that each year trillions of dollars’ worth of goods move through industrial and supply chain hubs around the world, including ports, airports, factories, warehouses, and depots.
These hubs deal with serious issues like a lack of drivers, supply disruptions, and safety issues.
Full-scope autonomy solutions from Venti Technologies are compatible with any vehicle in any logistical or industrial hub and don’t call for any modifications to the current infrastructure.
The company’s fleets can navigate challenging environments and dense traffic with unparalleled precision after three years of development in one of the biggest container ports in the world. They are also capable of parking 45-foot tractor-trailers precisely to within one inch.
“Venti Technologies is solving real-world problems for large customers in huge markets with technology that has proven safe, mature, and capable of near-term driverless deployment,” said Anshul Agarwal, Managing Director at LG Technology Ventures.
“We are impressed not only by the technology, which is more complete and rapidly able to provide value to end customers but also by the world-class team,” he added.
