SCOOP: San Diego's Next Software Unicorn? Platform Science Raises $125M From Top VCs and Strategics
San Diego-based logistics-tech startup grows valuation with latest investment.
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A technology startup helping modernize the trucking industry is on pace to become San Diego’s next unicorn with its latest raise of $125 million in fresh venture capital funding.
The business has experienced continued growth as commercial trucking giants such as Schneider National and publicly-traded Werner Enterprises, and other blue-chip firms adopt its “telematic fleet management” software.
Platform Science raised a $125 million in growth funding from venture capital firms Activant Capital, BDT & MSD Partners, and Manhattan Venture Partners. Strategic investors such as C.R. England, Daimler Truck, Cummins, and existing backers also participated.
Jack Kennedy, its co-founder and chief executive officer, spoke at Interlock Capital’s investor summit last April. In particular, he shared that he got the idea for Platform Science shortly after leaving Qualcomm in 2015, where he led its Enterprise Services business unit, now known as Omnitracs.
“Our investors have largely been strategic,” Kennedy told the 200-person crowd. “We always say, our investor Cap Table comes to work everyday.”
Founded in 2015, Platform Science is an IoT fleet management system for enterprises to streamline their transportation processes. It specializes in capturing and analyzing data via their connected vehicle platform — helping manage compliance, improve the driver experience, and increase productivity.
Platform Science is predominately used by commercial trucking companies, but aims to serve lighter vehicles as well, according to Kennedy. The company brought in roughly $100 million in annual revenues in 2023, and plans to expand to Europe.
The funding will go toward product development, including improved on-vehicle applications as well as expanded efforts with existing OEM partners including Daimler Truck North America, Navistar and publicly-traded Paccar.