Total amount raised
$322.7 Millions
Latest funding date
04/01/2024
Location
Platform Science has successfully raised significant funding over multiple rounds, positioning itself as a key player in the telematics and fleet management industry. The company offers a comprehensive suite of solutions, including Virtual Vehicle, PS Fleet Solutions, and Instinct Fleet Solutions.
Keep reading to explore the intricacies of Platform Science's fundraising journey and the investors backing this innovative platform.
What Is Platform Science?
Platform Science, based in San Diego, CA, specializes in telematics and fleet management solutions. The company focuses on making transportation smart through integrated driver apps and insightful back-office tools.
Unfortunately, the founding year and the names of the founders are not available from the provided sources. Additionally, the number of employees is not specified.
Platform Science offers a range of solutions and products for fleet management, including telematics, compliance, productivity, safety, video intelligence, and various driver and back-office applications.
How Much Funding Has Platform Science Raised?
- Series A (Dec 21, 2017)
- Amount Raised: $4M
- Date: December 2017
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation and develop initial products.
- Convertible Note (Jul 6, 2017)
- Amount Raised: $1.4M
- Date: July 2017
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for product development.
- Series A (Jul 18, 2018)
- Amount Raised: $10M
- Date: July 2018
- Lead Investors: NewRoad Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Convertible Note (Apr 11, 2019)
- Amount Raised: $13.3M
- Date: April 2019
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product enhancements.
- Series B (May 26, 2020)
- Amount Raised: $54M
- Date: May 2020
- Lead Investors: Prologis Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series C (Feb 3, 2022)
- Amount Raised: $115M
- Date: February 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $575M
- Motivation Behind the Round: To further develop the Virtual Vehicle platform and expand market reach.
- Series D (Apr 9, 2024)
- Amount Raised: $125M
- Date: April 2024
- Lead Investors: 8VC, NewRoad Capital Partners, Prologis Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate innovation in the commercial transportation sector and expand OEM partnerships.
Total Amount Raised: $322.7M. Current Valuation: Not publicly disclosed.
Key Investors
The major investors in Platform Science include:
- 8VC
- Details: 8VC is a venture capital firm that invests in early-stage technology companies. They focus on building transformative technology platforms.
- Investment Focus Areas: Technology, healthcare, logistics, financial services
- Notable Investments: Palantir, Wish, Guardant Health
- NewRoad Capital Partners
- Details: NewRoad Capital Partners is a private equity firm that invests in growth-oriented companies. They aim to support businesses in achieving their next phase of growth.
- Investment Focus Areas: Supply chain and logistics, retail, business services
- Notable Investments: Kenco, Platform Science, Movista
- Prologis Ventures
- Details: Prologis Ventures is the venture capital arm of Prologis, focusing on investments in logistics and supply chain technologies. They aim to drive innovation in the logistics industry.
- Investment Focus Areas: Real estate, logistics, supply chain technology
- Notable Investments: Locus Robotics, Freightos, ClearMetal
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused venture capital funds in the world. They invest in companies that are driving the next stage of the information revolution.
- Investment Focus Areas: Technology, artificial intelligence, robotics
- Notable Investments: Uber, WeWork, Arm Holdings
- Activant Capital
- Details: Activant Capital is a growth equity firm that invests in technology companies. They focus on businesses that are transforming commerce infrastructure.
- Investment Focus Areas: Commerce infrastructure, fintech, supply chain
- Notable Investments: Deliverr, Bolt, Better.com
What's Next for Platform Science?
Platform Science stands at the cusp of significant growth, driven by its innovative Virtual Vehicle® platform. The integration of software directly into vehicles opens vast opportunities for developing applications that enhance driver and fleet experiences. With over a trillion data points generated annually, the potential for leveraging this data to build AI models for predictive maintenance and supply chain optimization is immense.
Future fundraising appears promising, given the strong backing from both existing and new investors. This financial support will likely continue as the company expands its OEM partnerships and develops new applications. However, challenges such as competition, seamless integration with various vehicle models, and maintaining data security will need to be navigated carefully.
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