Automobile startup Faction Technology announces funding from TDK Ventures

Automobile startup Faction Technology announces funding from TDK Ventures

Published: 22-12-2021 14:45:55 | By: Bob Koigi | hits: 1930 | Tags:

Faction Technology Inc. has announced an investment from TDK Ventures, Inc., a subsidiary of TDK Corporation.

Faction is taking a unique approach to both driverless technology and lightweight vehicle systems that can dramatically impact how goods and people are moved. Faction vehicles combine autonomy with remote human teleoperation which allows driverless vehicle systems to be productized without waiting for 100% autonomous technology.

Ain McKendrick, CEO, Faction: “Scaling driverless vehicle systems requires engineering from the chassis up. We’re excited to partner with TDK Ventures to advance our vision of next generation transportation and leverage their broader corporate portfolio of technologies to accelerate our innovation on future vehicles.”

TDK Ventures’ investment follows a $4.3M seed round led by Trucks Venture Capital and Fifty Years after Faction participated in Y Combinator’s Winter 2021 startup batch.

Andrew Maywah, Investment Director, TDK Ventures; "Faction’s technology architecture is designed with driverless systems in mind, which allows them to incorporate new technology radically faster than legacy vehicle platforms. TDK Ventures is excited to support and collaborate with Faction to accelerate the future of transportation."

Faction is actively partnering with manufacturers of light electric vehicles to scale operational driverless fleets and has demonstrated both prototype and pre-production vehicle systems. Faction vehicles are designed for urban use cases where trips usually fall into the range of less than five miles. Right-sizing driverless vehicles for the majority of short trips provides a significant boost in efficiency, reduces carbon emissions and offers significant cost savings over existing transportation solutions.