November 17, 2022
ISEE, which develops self-driving technology for fully autonomous operations in logistic yards, has announced it raised $40 million in Series B funding round, led by Founders Fund, with participation from Maersk Growth, Eniac Ventures, New Legacy and other existing and new investors. The company has raised $70 million since spinning out from MIT in 2017.
The company focuses on logistics yards, where shipping containers reside as they wait to be transported by a truck to a warehouse or distribution center. Globally, about 500,000 yard trucks perform challenging, repetitive and dangerous work, which can be automated.
“ISEE is focused on logistics yards because of their economic importance and because autonomous driving is ready to perform in logistics yards today,” said Scott Nolan, partner at Founders Fund. “That’s why ISEE is already working with some of the world’s largest companies and why we backed them again.”
“By leveraging advanced cognitive modeling, game theory, and deep learning, we’ve developed proprietary technology that’s a perfect match for the challenges of a logistics yard,” said Yibiao Zhao, co-founder and CEO of ISEE. “Our self-driving technology is the most advanced autonomous yard tractor product on the market.” The company said it has completed more than 10,000 self-driving trailer moves at customer sites, achieving fully autonomous operations in logistics yards.
“Our customers value the fact that we are platform agnostic,” Zhao continued. “No matter what their fleet – diesel or electric – with ISEE technology, we can make their fleet fully autonomous.” ISEE said it can deploy trucks and start “live loads” in just four weeks, without any infrastructure changes or disruption to yard operations.
The company said it plans to use the funding to accelerate operations and business growth to meet demand for its technology.
For more details on ISEE, visit its website here.