WI Harper Group | June 23, 2021 | Source: Reuters
Embark, a leading autonomous trucking company, will merge with blank-check firm Northern Genesis Acquisition Corp II at a $5.2 billion valuation. Through the (sustainability-focused) SPAC, Embark is expected to raise $615 million, including a $200 million private investment from: Mubadala Capital, CPP Investments, Sequoia Capital and Tiger Global. The company will list publicly on the NYSE.
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+ and B rounds invested alongside DCVC, Sequoia, and other great investors.
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. Earlier this year, self-driving trucking companies Plus and TuSimple entered U.S. public markets in a bid to tap the red-hot capital market to commercialize their technology and product.
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.
Northern Genesis 2 is a special purpose acquisition company, or SPAC, the team behind which took electric vehicle firm Lion Electric Co public by merging it with a former SPAC. Citi is advising Embark on the deal, while J.P. Morgan Securities is serving as financial and capital markets adviser to Northern Genesis 2. Former Secretary of Transportation and Secretary of Labor Elaine Chao will join Embark’s board, the company said.
| 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.