Venti Technologies, a self-driving startup, has raised $28.8 million in Series A funding to accelerate the growth of its autonomous vehicle (AV) business for logistics and supply chain industry customers.
LG Technology Ventures, the venture capital arm of LG Group, and UOB Venture Management, the venture capital arm of Singapore’s United Overseas Bank, were among the investors in the VC funding round.
Venti has been developing self-driving vehicles for the past three years at one of the world’s largest container ports in Singapore, and the company is already generating revenue.
Venti CEO Heidi Wyle said the company will deploy dozens of entirely self-driving vehicles this year. Venti’s focus will be on AVs for ports, airports, warehouses, factories, and depots, environments with few pedestrians that are easier to automate.
Venti was founded in 2018 by several Massachusetts Institute of Technology (MIT) alumni, including Wyle. According to her, the company’s technology can park 45-foot (13.72 m) trucks with trailers accurately down to one inch (2.54 cm).