Topics

Latest

AI

Amazon

Article image

Image Credits:Kodiak Robotics

Apps

Biotech & Health

clime

Kodiak Robotics big rig truck

Image Credits:Kodiak Robotics

Cloud Computing

Commerce

Crypto

Enterprise

EVs

Fintech

fund-raise

gizmo

back

Google

Government & Policy

Hardware

Instagram

Layoffs

Media & Entertainment

Meta

Microsoft

Privacy

Robotics

security department

societal

infinite

Startups

TikTok

Transportation

Venture

More from TechCrunch

Events

Startup Battlefield

StrictlyVC

newssheet

Podcasts

Videos

Partner Content

TechCrunch Brand Studio

Crunchboard

get hold of Us

Self - drive truck startupKodiak Roboticsplans to go public via a merger with special design acquisition fellowship Ares Acquisition Corporation II .

The transaction rate Kodiak , which has raised around $ 243 million to date , at about $ 2.5 billion pre - money . novel and existing Kodiak institutional investors , like Soros Fund Management , ARK Investments , and are , have fund or committed over $ 110 million in financing to support the transaction , as well as about $ 551 million of Johnny Cash held in reliance .

The muckle is expected to close up in the second one-half of 2025 .

fit public via SPAC is an interesting move at a sentence when the self - driving motortruck space has know some major hits , including mellow - profile instrumentalist likeEmbarkandTuSimpleshutting down . SPACs have also lost much of their luster from theheyday of 2021 , especially for capital - intensive companies like AV and EV startups .

Kodiak does have something rifle for it , at least . It is revenue - give , albeit that taxation is likely minimum . Kodiak , which says it has drive 2.6 million mile autonomously , eventually desire to commercialize long - haul hauling operation . In the short - terminal figure , the party has pursued off - route self-sufficiency as a quicker path to grocery .

In January , Kodiak delivered itsfirst two autonomous trucksto client Atlas Energy Solutions , mark its first commercial launching . Atlas has committed to buying an initial order of 100 hand truck to aid its operations delivering frac sand in West Texas ’ distant Permian Basin .

That bit of revenue validates Kodiak ’s applied science more than pre - revenue startups , which have made up the bulk of SPAC mergers over the preceding few year , and it could start the doorway to PIPE investments . That say , the path to profitability is a long one , and the majuscule motivation of liberty are monolithic .

Join us at TechCrunch Sessions: AI

Exhibit at TechCrunch Sessions: AI

TechCrunch reached out to Kodiak to get wind more about how long their current runway is but did not receive an immediate response .

Kodiak ’s public food market launching fare during a disruptive menstruation in the public markets , in large part due to President Trump ’s duty and the result trade war . It also comes as one of Kodiak ’s principal competitors , Aurora Innovation , is slate to begin amply driverless commercial trucking operationsthis month .

Kodiak CEODon Burnetteco - founded the company in 2018 after years of experience in self-directed driving . He previously worked on ego - driving tech at Google before leaving in other 2016 to help launch Otto , an AV startup founded alongsideAnthony Levandowski , Lior Ron , and Claire Delaunay . Otto was get by Uber , but things run quickly as Waymo sued Uber , incriminate Levandowski of barter secret theft . Uber finally settled with Waymo , and Levandowski was later reprehensively charged and plead shamed . He was doom to 18 months in prison house but pardoned by President Trump before serving meter .

Burnette , who had already left Otto before the Levandowski dramatic event , wangle to avoid the side effect and follow up on his chief goal — his thesis was thattrucking would be the killer appfor autonomy .

“ We believe recruit the public markets will speed our strategy to expand our survive mate relationships , provide our technology to a all-inclusive client base , and give up enhanced solution across the commercial trucking and public sector industries , ” Burnette say in a argument .