Singapore-based autonomous logistics firm, Venti Technologies, has raised $28.8 million in a Series A funding round. Led by LG Technology Ventures, the venture capital arm of the LG Group, the round also saw participation from Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners.
The funds will be used to drive Venti Technologies’ growth and meet the growing demand for its autonomous logistics solutions in the global supply chain and industrial yards.
Founded in 2018, Venti Technologies develops highly flexible and industrial-grade precision technology that enables rapid deployment and best-in-class safety and operational efficiency for customers.
Its full-scope autonomy solutions require no change to existing infrastructure and work with any vehicle in any logistics or industrial hub. The company has spent three years developing fleets that can navigate complex environments and heavy traffic with unmatched precision.
According to Venti Technologies Founder and CEO Heidi Wyle, the funding will enable the firm to deploy its autonomous logistics solutions more broadly to power safer and more efficient global supply chains and industrial yards.
The firm is already successfully using its autonomous vehicles in everyday operating environments and has the potential to revolutionize goods transportation, Wyle added.
The world’s global supply chain and industrial hubs, such as ports, airports, factories, warehouses, and depots, face various challenges, including driver shortages, supply disruptions, and safety concerns.
Venti Technologies’ autonomous logistics solutions address these issues and have proven safe, mature, and capable of near-term driverless deployment, said Anshul Agarwal, managing director at LG Technology Ventures.
Safar Partners also sees significant potential in Venti Technologies, with Managing Partner Arunas Chesonis describing the firm as an opportunity to invest in best-in-class technology developed by leading minds from the world’s top universities.
Safar Partners invests in seed- to growth-stage technology companies in the cleantech and advanced materials, AI/IT and robotics, and life sciences/medical device areas.
LG Technology Ventures was established in 2018 in Silicon Valley and manages over $500 million of fund assets. The firm invests in early-stage start-ups in various sectors, including artificial intelligence, mobility, electrification, advanced materials, climate technologies, life-sciences, next generation display, XR, Web3, mobile, and 5G.
