SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–#autonomousvehicles—Faction Technology, Inc. – Faction today announced an investment from TDK Ventures, Inc., a subsidiary of TDK Corporation (TSE:6762). Faction is taking a unique approach to both driverless technology and lightweight vehicle systems that can dramatically impact how we move goods and people. Faction vehicles combine autonomy with remote human teleoperation which allows driverless vehicle systems to be productized without waiting for 100% autonomous technology.
“Scaling driverless vehicle systems requires engineering from the chassis up,” said Faction CEO, Ain McKendrick. “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 at TDK Ventures said, “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.
For more information visit www.faction.us.
Faction Technology, Inc. is a Silicon Valley startup that develops driverless solutions based on light electric vehicles. Founded in February 2020, Faction is on a mission to revolutionize micro-logistics and vehicle-on-demand. The company believes the future of sustainable transportation is to develop driverless vehicles that are safe, cost-effective, and right-sized to serve a range of use cases for both business and passenger transportation needs. For more information visit www.faction.us
About TDK Corporation
TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately “Attracting Tomorrow.” It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK’s comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2021, TDK posted total sales of USD 13.3 billion and employed about 129,000 people worldwide.
About TDK Ventures
TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or [email protected].
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this press release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.
Ain McKendrick, CEO