Lockheed Martin has invested in Peloton Technology, a California-based developer of truck platooning technology. Peloton says the investment will help accelerate the development and deployment of its technology for the U.S. and international trucking industries.
‘We are excited to be working with Lockheed Martin, a recognized leader in automated vehicles and safety-critical systems,’ comments Peloton CEO Josh Switkes. ‘Lockheed Martin understands and supports our mission of increasing safety and fuel savings across the industry.’
According to Peloton, its truck platooning system is a vehicle automation technology that electronically couples pairs of trucks through a combination of vehicle-to-vehicle communications, radar-based active braking systems and proprietary vehicle-control algorithms. The company says the system improves safety and allows trucks to travel at closer distances, which improves aerodynamics and reduces fuel use.
Lockheed Martin joins a $17 million investment round co-led by DENSO International America and Intel Capital.
“Lockheed Martin is committed to partnering with Peloton and excited to be working with such a strong team of strategic investors,” says Lockheed Martin's Adam Miller. “Our partnership is consistent with Lockheed Martin's approach of researching and investing in disruptive and cutting-edge technologies.”
By partnering with Peloton, Lockheed Martin joins an investment group that includes Fortune Global 500 companies in technology and transportation, as well as several venture capital funds. For example, Volvo Group Venture Capital, a subsidiary of the Volvo Group, announced an investment in Peloton in April.