Venti’s financing round was led by LG Technology Ventures.
Singapore-based logistics solutions provider Venti Technologies announced on Tuesday that it secured $28.8 million in a Series A financing round. Venti plans to use the funds to accelerate the growth of the company and meet increasing demand from customers across the globe.
“With this new round of funding, we are well-positioned to broadly deploy our autonomous logistics solutions to power safer and more efficient global supply chains and industrial yards,” said Heidi Wyle, founder and chief executive officer of the company.
“Our autonomous vehicles have industrial grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality,” she added.
LG Technology Ventures, the venture capital arm of the LG Group established in 2018, led the financing round. Safar Partners, UOB Venture Management, and Venti’s existing investors Alpha JWC and LDV Partners also participated.
Venti Technology was founded in 2018 by a team that consists of alumni of the Massachusetts Institute of Technology, including Wyle. The company claims to be a world leader in autonomous logistics for the global supply chain and industrial hubs: ports, airports, warehouses, factories, and depots.
According to a Reuters report, Venti will deploy dozens of entirely self-driving vehicles this year. For the last three years, the company has been developing its self-driving for vehicles in Singapore and is already generating revenue, the report added.