Embark raises $15 million, signs deal with Peterbilt

Embark Trucks has announced a $15 million round of fundraising and a collaboration with Peterbilt Motors. The funding was a collective effort spearheaded by Data Collective, reported TechCrunch.

Other participants in the funding round include YC Continuity, SV Angel and Maven Ventures. Matt Ocko, Data Collective’s managing partner, noted to TechCrunch that what it found most impressive is that Embark is “producing top-notch, real-world driving results far more quickly and on far less capital than anyone else.”

Embark was initially backed by Maven Ventures and launched officially on Feb. 25.

Embark’s self-driving technology is based on a neural net-based deep learning approach to autonomous driving. The newly raised funding will be used for the new hires in engineering and to purchase test trucks. The funding raises Embark’s valuation to $75 million.

 On the same day Embark confirmed the funding, it also announced a collaborative effort in the works with Peterbilt, a heavy equipment manufacturer based in Denton, Texas. Embark built its first truck on a Peterbilt 579 model.

Peterbilt will build the new batch of test trucks at its Denton factory. No specific vehicle specs have been released, although TechCrunch reported that it is believed the truck will be based on the Model 579 with custom specs to meet Embark’s technology.

Embark’s self-driving trucks will require a driver to handle entering and exiting the highway and areas of congestion.