Peloton Technology, based in Mountain View, California, said it had reached an investment agreement with Lockheed Martin to accelerate Peloton’s development and deployment of truck-platooning technology for the U.S. and international trucking industries.
Terms of the agreement were not disclosed other than to say Lockheed Martin joins a $17 million investment round co-led by Denso International America and Intel Capital.
“Our partnership is consistent with Lockheed Martin’s approach of researching and investing in disruptive and cutting-edge technologies,” Adam Miller, new initiatives director for Lockheed Martin Missiles and Fire Control, said in a release.
Lockheed Martin said in a statement it has been a leader in autonomous vehicles for more than three decades, from the pioneering Autonomous Land Vehicle to the Autonomous Mobility Applique System, which is designed to provide driver assistance and automation to military vehicles in convoys through a multiplatform kit of sensors and control systems.
In the Peloton Truck Platooning system, the company said, a direct communication link enables the rear truck to react automatically to acceleration or braking by the front truck nearly instantaneously, enabling more tightly spaced and fuel-efficient operation.