December 20, 2021
Faction Technology, which is developing driverless technologies for lightweight vehicles systems aimed for delivery tasks, has announced an investment from TDK Ventures, a subsidiary of TDK Corporation. Terms of the investment were not disclosed. Faction vehicles combine autonomy with remote human teleoperation, which allows driverless vehicle systems to be productized without waiting for 100% autonomous technology, the company said.
“Scaling driverless vehicle systems requires engineering from the chassis up,” said Ain McKendrick, CEO of Faction. “We’re excited to partner with TDK Ventures to advance our vision of next-generation transportation and leverage their broader corporate portfolio of technologies to accelerate our innovation on future vehicles.”
The investment from TDK Ventures follows a $4.3 million seed round, led by Trucks Venture Capital and Fifty Years. This followed Faction’s participation in Y Combinator’s Winter 2021 startup batch.
“Faction’s technology architecture is designed with driverless systems in mind, which allows them to incorporate new technology radically faster than legacy vehicle platforms,” said Andrew Maywah, investment director at TDK Ventures. “TDK Ventures is excited to support and collaborate with Faction to accelerate the future of transportation.”
The company said it is actively partnering with manufacturers of light electric vehicles to scale operational driverless fleets, and has demonstrated both prototype and pre-production vehicle systems. The Faction vehicles are designed for urban use cases where trips fall into the range of less than five miles. The company added that right-sizing driverless vehicles for the majority of short trips provides a significant boost in efficiency, reduces carbon emissions and offers significant cost savings over existing transportation solutions.”
For more details on the company and its technology, visit the Faction website here.