Platform Science Valuation, Funding & Investors

Platform Science is valued at $575M as of February 2022.

Last Platform Science valuation

$575M

Series C · Feb 2022

Last Platform Science funding round

$125M

Series D · Apr 2024

Cumulative funding Platform Science raised

$323M

across 7 funding rounds

Key investors in Platform Science

  • 8VC
  • Prologis Ventures
  • Schematic Ventures
  • NewRoad Capital Partners
  • Daimler Trucks North America
  • SoftBank Group

Platform Science Overview

About Platform Science

San Diego-based Platform Science is an IoT fleet management platform launched in 2015 for connected trucks and supply chains. Its Virtual Vehicle platform integrates telematics hardware from Qualcomm and Ford, enabling over-the-air updates and app marketplaces. The company equips fleets from operators like Schneider National across North America.


Founded

2015

HQ

United StatesSan Diego, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$575M (Feb 2022)

Platform Science Valuation

Platform Science is currently valued at $575M, based on its Series C in February 2022.

The $115M round was led by SoftBank Group, with participation from Next Play Capital, 8VC, Daimler Trucks North America, Prologis Ventures, Chimera Investment and 1 other investor.

Platform Science valuation by funding round

Platform Science valuation by funding round
DateStageValuation
Feb 2022Series C$575M

Platform Science Funding History

Platform Science has raised a total of $323M across 7 funding rounds.

Platform Science's first fundraising round was a $1M seed round in July 2017. The most recent completed round was a $125M Series D in April 2024.

Platform Science funding rounds

Platform Science funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2024Series D8VC (lead); NewRoad Capital Partners (lead); Prologis Ventures (lead); Cummins; Daimler Trucks North America; PACCAR; BDT & MSD Partners; C.R. England; RyderVentures; Manhattan Venture Partners (MVP); Activant Capital; Schneider National$125M-Platform Science develops a connected vehicle platform, Virtual Vehicle, for commercial trucks, enabling fleets to manage vehicles, improve efficiency, and integrate applications natively on vehicles in collaboration with OEMs like Daimler Truck North America, Navistar, and PACCAR. The platform has generated over a trillion data points across 6 billion miles logged and 15 billion API calls annually. In April 2024, Platform Science raised $125 million in a growth capital round, also described as Series D, led by 8VC, NewRoad Capital Partners, and Prologis Ventures, with participation from Activant Capital, BDT & MSD Partners, Manhattan Venture Partners, and strategic investors C.R. England, Cummins, PACCAR, RyderVentures, and Schneider National. The funding aims to accelerate OEM partnerships, innovation in trucking solutions, on-vehicle applications, and AI models for predictive maintenance, supply chain optimization, and fuel efficiency. This round brings total funding to approximately $293-322 million across 8-9 rounds since 2017. The previous Series C in 2022 raised $115 million led by SoftBank Vision Fund 2 at a $575 million valuation. The company positions itself as the de facto standard for connecting vehicles to logistics ecosystems, akin to smartphone app platforms for transportation. Post-round developments include a September 2024 announcement to acquire Trimble's Global Transportation Telematics Business Units, which generated ~$300 million revenue and ~$30 million operating income on a trailing twelve-month basis, though these metrics pertain to Trimble's units, not Platform Science.
Feb 2022Series CSoftBank Group (lead); Next Play Capital; 8VC; Daimler Trucks North America; Prologis Ventures; Chimera Investment; Four More Capital$115M$575MPlatform Science is a San Diego-based connected vehicle platform that provides a technology infrastructure for enterprises to develop, deploy, and manage mobile devices and applications on commercial vehicles. The company's platform helps commercial vehicle fleets manage electronic logging devices, messaging programs, workflow solutions, and third-party applications. A key innovation is Platform Science's Virtual Vehicle, an open OEM platform developed with Daimler Truck North America that enables fleets to access telematics, software solutions, real-time vehicle data, and third-party applications directly from their vehicles. Platform Science closed a Series C funding round in February 2022 that raised $115 million led by SoftBank Vision Fund 2, with participation from new investor Chimera and existing investors 8VC, Daimler, Prologis, NextPlay, and Four More Capital. The round valued the company at $575 million post-money. As part of the investment, David Boriss, Director at SoftBank Investment Advisers, joined Platform Science's Board of Directors. The company intended to use the funds to expand its customer base, accelerate the launch of additional OEM partners, and increase the number of on-vehicle applications and service partners. Platform Science had achieved notable market traction by the time of the Series C, with adoption from multiple large fleet operators including Werner Enterprises, Schneider National, Western Express, and U.S. Xpress, and had integrated with other commercial vehicle technology leaders such as Drivewyze, Samsung, and Great Dane. The company had raised a total of $194.47 million since its founding in 2017 through the Series C close.
May 2020Series BPrologis Ventures (lead); Theo Osborne; NewRoad Capital Partners; 8VC; Daimler Trucks North America; Cambridge Capital; Schematic Ventures; 9Yards Capital$54M-Platform Science is a San Diego-based company providing an edge application platform for the transportation industry, focusing on fleet management and software solutions for commercial vehicles. The Series B funding round on May 26, 2020, raised $54 million led by Prologis Ventures, with participation from investors including 8VC, 9Yards Capital, Cambridge Capital, Daimler Trucks North America, NewRoad Capital Partners, Schematic Ventures, and Theo Osborne. The round aimed to scale operations and enhance product offerings. Platform Science's Virtual Vehicle platform connects vehicles to logistics ecosystems, developed in collaboration with OEMs like Daimler Truck North America, Navistar, and PACCAR. It serves as a flexible, open software platform native to vehicles, enabling developer applications similar to smartphones. The company has been recognized by Fast Company as one of the World's Most Innovative Companies and ranked highly in FreightTech 25 Awards by FreightWaves. Subsequent rounds include a Series C in 2022 and Series D in April 2024 raising $125 million from investors like 8VC, NewRoad Capital Partners, Prologis Ventures, and strategic partners such as C.R. England, Cummins, Daimler Truck, PACCAR, Ryder Ventures, and Schneider. Total funding raised across rounds exceeds $293 million to $425 million depending on sources, with ongoing focus on accelerating innovation and OEM partnerships.
Apr 2019Series ASchematic Ventures$13M--
Jul 2018Series ANewRoad Capital Partners (lead); 8VC; Prologis Ventures; Schematic Ventures$10M-Platform Science raised $10 million in a Series A round on July 18, 2018, led by NewRoad Capital Partners with participation from 8VC and others, to expand the team and accelerate product development. The company develops hardware solutions, software solutions, and IoT infrastructure for the transportation industry. Platform Science is headquartered in San Diego, California, and was founded in 2015. NewRoad Capital Partners, a growth equity firm focused on supply chain, logistics, and technology-enabled services, invested in Platform Science as part of its portfolio. Platform Science has continued raising capital in subsequent rounds, including a Series D of $125 million in April 2024 with participation from 8VC, NewRoad Capital Partners, and Prologis Ventures, totaling over $293 million raised across multiple rounds.
Dec 2017Series A8VC (lead); Prologis Ventures; Schematic Ventures$4M-Platform Science raised $4 million in a Series A round on December 21, 2017, led by 8VC, with participation from Prologis Ventures and Schematic Ventures. The funding supported initial product offerings and market presence in connected vehicle solutions for trucking fleets. This followed a $1.4 million convertible note in July 2017, also led by 8VC. Platform Science develops a platform enabling fleets to manage commercial vehicles' mobile devices and applications. The company partners with OEMs and supply chain leaders to innovate in transportation technology. Subsequent rounds included a $10 million Series A extension in July 2018 led by NewRoad Capital Partners, building toward over $300 million raised by 2024.
Jul 2017Seed8VC (lead); Prologis Ventures$1M--

Who has invested in Platform Science?

20 investors have backed Platform Science across its funding rounds, including 8VC, Prologis Ventures, Schematic Ventures, NewRoad Capital Partners, Daimler Trucks North America and SoftBank Group.

Lead investors include 8VC, NewRoad Capital Partners, Prologis Ventures and SoftBank Group.


Platform Science Investors

Investors in Platform Science by funding rounds participated
InvestorHQRoundsRoleFirst check
8VCUnited StatesSan Francisco, CA6LeadJul 2017
Prologis VenturesUnited StatesSan Francisco, CA6LeadJul 2017
Schematic VenturesUnited StatesSan Francisco, CA4ParticipantDec 2017
NewRoad Capital PartnersUnited StatesRogers, AR3LeadJul 2018
Daimler Trucks North AmericaUnited StatesPortland, OR3ParticipantMay 2020
Next Play CapitalUnited StatesSan Francisco, CA1ParticipantFeb 2022
CumminsUnited StatesUnited States1ParticipantApr 2024
Theo OsborneUnited StatesSan Francisco, CA1ParticipantMay 2020
SoftBank GroupJapanTokyo1LeadFeb 2022
PACCARUnited StatesSeattle, WA1ParticipantApr 2024
Cambridge CapitalSouth AfricaCape Town1ParticipantMay 2020
BDT & MSD PartnersUnited StatesChicago, IL1ParticipantApr 2024
C.R. EnglandUnited StatesSalt Lake City, UT1ParticipantApr 2024

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Acquisitions by Platform Science

Platform Science has acquired 1 company to date.

Last acquisition by Platform Science was on September 15th 2024. Platform Science acquired Trimble (global transportation telematics unit) for undisclosed valuation.


Latest Acquisitions by Platform Science

Trimble (global transportation telematics unit)
Description
-
HQ CountryUnited States
HQ City
-
Deal Date15 Sep 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Platform Science Competitors

Platform Science competitors include listed companies like Wuxi Boton Technology and NextNav, and private ones like FLASH, Ridecell, Gatik and Glydways.

Public and private companies comparable to Platform Science
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FLASHUnited StatesAustin, TXPrivate--$1B-
Wuxi Boton TechnologyChinaChinaPublicly listed$516M$55M$1.3B-
RidecellUnited StatesSan Francisco, CAPrivate--$253M-
GatikUnited StatesSan Francisco, CAPrivate--$700M-
GlydwaysUnited StatesSan Francisco, CAPrivate--$700M-
NextNavUnited StatesUnited StatesPublicly listed$5M($169M)$2.5B540.7x

Platform Science Public Comps

Platform Science is still privately-owned, but its public comps include TomTom, Yuil Robotics, INIT SE, Intelligo Technology, Gemtek Technology, CE Info Systems, Ependion, New Trend International Logis-Tech, IVU Traffic Technologies and People & Technology.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TomTom$639M$18M0.5x0.5x18.5x6.6x
Yuil Robotics$27M($16M)21.9x-(35.8x)-
INIT SE$380M$60M1.5x1.3x9.3x8.7x
Intelligo Technology$50M$20M8.4x8.4x20.8x-
Gemtek Technology$518M$17M0.9x-26.8x-
CE Info Systems$49M$20M9.6x8.7x23.3x23.5x
Ependion$228M$64M2.4x2.1x8.6x10.2x
New Trend International Logis-Tech$352M$42M1.4x-11.9x-

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Common questions about Platform Science

When was Platform Science founded?Platform Science was founded in 2015.
Where is Platform Science headquartered?Platform Science is headquartered in San Diego, CA, United States.
Is Platform Science publicly listed?No, Platform Science is a private, VC-backed company.
What is Platform Science's valuation?Platform Science was last valued at $575M in its Series C in February 2022.
How much funding has Platform Science raised?Platform Science has raised $323M across 7 funding rounds.
What was Platform Science's last funding round?Platform Science's last funding round was a $125M Series D in April 2024, led by 8VC, NewRoad Capital Partners and Prologis Ventures.
Who are Platform Science's investors?Platform Science's investors include 8VC, Prologis Ventures, Schematic Ventures, NewRoad Capital Partners, Daimler Trucks North America, Next Play Capital, Cummins, Theo Osborne, SoftBank Group, PACCAR and 10 others.
Which companies are comparable to Platform Science?Companies comparable to Platform Science include FLASH, Wuxi Boton Technology, Ridecell, Gatik, Glydways and NextNav.
How many companies has Platform Science acquired?Platform Science has acquired 1 company, including Trimble (global transportation telematics unit).

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