Embark the autonomous truck startup goes public

Self- driving cars are the future. Majority of automobile companies are betting big on the autonomous car industry. Baidu has already launched its driverless taxi in China and driverless cars are running in full swing in the american streets. 

 

Embark the autonomous truck driving startup which is also software-as-a service provider has decided to expand its existing portfolio by going public. Embark, the company headquartered in the USA has plans to capture the  autonomous truck market which will hit millions by the year 2024.

 

The startup has merged with Northern Genesis Acquisition Corp II. Embark will receive $614 million all in cash. It will also receive $200 million private investment  fixed at a price of $10 per share. The private investment is backed by top notch investors namely Canada Pension Plan  Investment Board, Knight Shift Transportation, Mubadala Capital and Tiger Global Investment.

 

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The financial deals will be sorted by the second half of 2021 subject to approval by North Genesis stockholders and after completing the clauses by the U.S. Securities and Exchange Commission.  Embark raised $ 70 million in its last investment round that was backed by Tiger Global Management.

 

Its lead investors include Sequoia Capital, Tiger Global Management, DCVC, Velocity and Maven Ventures. Embark was founded in the year 2015 by Alex Rodrigues and Brandon Moak. The autonomous trucks are designed to navigate their way among the foggy lanes, the seamless technology enables them to wipe off the rain droplets from the rear view mirror.

 

The automatic technology is efficient and the self-driving trucks can find their way among the traffic. Trucks can also find a shorter route to cover large distances in a minimum time span. Embark product ecosystem consists of embark universal interface (support OEMs integration), embark driver (advanced sensors that leverage the best of technology to provide automated driving), guardian (provide assistance to the driver during tough times can provide 24/7 monitoring to avoid accidents).

 

Autonomous trucks can be used for better delivery operations, the advanced technology and 24/7 monitoring helps to safeguard the truck against any mishap. HP, Werner Enterprises, Bison Transport, ABInBev are the shipper and the carrier partners of Embark. It can save the cost of moving goods from one place to another. It supports 10,000 miles which is a major achievement . 

 

As reported by TechCrunch, Embark has designed its system to be “platform agnostic” across multiple components and manufacturers. The company says its software can simulate up to 1,200, 60-second scenarios per second, and make adaptive predictions using those scenarios for the behavior of other vehicles on the road.