Self-driving truck startup Gatik raises $200M after PepsiCo deal

Gatik Secures Significant Funding

Gatik, a startup specializing in autonomous box trucks, announced a $200 million funding round. This investment occurred two months after the company finalized a multiyear commercial agreement with PepsiCo. The round was led by Qatar Investment Authority and Koch Disruptive Technologies, with additional participation from Millennium Management, ARK Invest, and Intact Private Capital.

Transition to Commercial Operations

This $200 million funding is Gatik's largest to date and signals a new phase for the company. Gatik is transitioning from conducting pilot programs to managing commercial driverless operations with multiple customers in several cities. The company has raised approximately $500 million since its public launch in 2019.

Focus on Middle-Mile Delivery

Gatik has established itself in the autonomous vehicle industry by focusing on short-haul, middle-mile delivery. The company operates a fleet of driverless box trucks, manufactured by Isuzu Motors, for delivering goods for suppliers. Its routes range from fixed trips under 10 miles to dynamic routes covering up to 400 miles with multiple stops.

Operational Milestones and Expansion

Last year, Gatik achieved a milestone by removing the safety driver from its commercial routes. The company now operates dozens of fully driverless trucks commercially in various markets and conditions. Gatik's customer base includes Loblaws, Kroger, Tyson Foods, and Walmart, its first disclosed customer six years ago. The new funding will support plans for more driverless trucks, customers, and cities, potentially expanding beyond North America.