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WI Harper Group | September 16, 2021 | Source: BusinessWire
Embark announced a partnership with Ryder aimed at launching a nationwide network of up to 100 Embark transfer points, where Ryder will provide yard operations, maintenance, and fleet management to support a seamless coast-to-coast autonomous network for Embark fleet partners.
Through the partnership, embark will establish a network of strategically located transfer points—where freight is moved from driverless long-haul trucks to driver-enabled trucks for first- and last-mile delivery. Ryder will operate these transfer point sites providing a comprehensive and consistent set of support services (yard operations, pre-trip inspections, maintenance, etc.) to Embark fleet partners.
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.
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