Both founded by Turkish entrepreneurs, the Pittsburg-based venture capital fund (VC Fund) ScaleX Ventures announced on December 8 that it made an investment into Locomation.
Releasing a comment on the investment, ScaleX Ventures stated they aim to create a unicorn with Locomation that will have repercussion in a short period of time. With the agreement, ScaleX Ventures became the first Turkish fund to invest in autonomous trucking.
The investment roadshow was also attended by more than 10 institutional investors. Some of them were globally-renowned companies such as SaaS Ventures, Homebrew, AV8 Ventures, Plug & Play.
Being the world’s first trucking technology platform to combine AI-driven autonomy with driver augmentation, Locomation attracted a seed capital worth of USD 5.5 million in 2018.