WI Harper Group | September 16, 2021 | Source: BusinessWire
Embark announced a joint initiative with HP Inc. to combine electric and autonomous truck technology and create a more sustainable distribution network. The two companies launched an electric truck drayage pilot in the Los Angeles area, where local loads are hauled to and from Embark’s highway-adjacent transfer points using BYD 8TT electric trucks operated by human drivers, while the longer middle segment of the haul is completed autonomously by trucks equipped with the Embark Driver software.
Adopting both long-haul autonomous trucks and EV drayage enables HP to remove up to 50,000 tons of carbon dioxide (CO2) and other pollutants from its distribution network over the next ten years, according to preliminary research by Embark.
Founded in 2016, San Francisco-based Embark helps carriers enable self-driving trucks within their fleet through its software. Embark, which calls itself the oldest self-driving truck firm in the United States, said the proceeds were expected to fund its business through 2024.
Embark was co-founded by Alex Rodrigues, who started building robots at age 11, and Brandon Moak, who Rodrigues first met and collaborated with while studying mechatronics engineering at the University of Waterloo. They built Canada’s first self-driving vehicle – an autonomous golf cart named “Marvin”- out of Rodrigues’ garage.
Since 2016, Embark has raised over $117M in funding, including WI Harper’s participation in its Series A round in November 2016, and the subsequent Series A+ & B rounds invested alongside DCVC, Sequoia, and other great investors. In June, Embark announced that it will merge with blank-check firm Northern Genesis Acquisition Corp II at a $5.2 billion valuation and will list publicly on the NYSE.
| About WI Harper Group
WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies globally. With offices in San Francisco, Beijing, and Taipei, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.
We look for innovative companies and visionary founders in healthcare, technology and sustainability fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently honing on bioinformatics and digital biology, our technology team is focused blockchain, big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.
