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SoftBank-backed Stack AV Launches Autonomous Truck Business to Streamline Supply Chain Management
Artificial Intelligence (AI) technology is expected to significantly revolutionize the automotive industry in the coming years, and Stack AV is well positioned to lead in the truck business. Backed by veteran investors from the SoftBank Group Corp (Tokyo: 9984), Stack AV announced the launch of its autonomous truck business to introduce self-driving vehicles. The company highlighted that the new business venture will leverage its self-driving technology in a bid to enhance safety in the trucking business. As a result, Stack AV will enhance efficiency in supply chain management which has been a challenge to most investors.
“As consumer consumption patterns evolve, businesses increasingly need AI-driven, intelligent, and reliable supply chains,” said Bryan Salesky, Founder and CEO of Stack AV. “With our proprietary technology and expertise as well as the commitment from our long-term partner in SoftBank, we are confident we will revolutionize the trucking and freight industries by driving improvements in efficiency and safety and alleviating supply chain constraints for our customers, helping them reach their goals and advance their missions.”
Notably, SoftBank will provide Stack AV with undisclosed capital, deep expertise in the artificial intelligence (AI) industry, and resources to help accelerate the growth and adoption of its autonomous trucking business. Based in Pittsburgh, Pennsylvania, Stack AV will be led by President Peter Rander, and Chief Technology Officer Brett Browning, alongside Salesky.
“As global commerce continues to become increasingly interconnected, now more than ever businesses have a dire need for more reliable and efficient supply chains, especially in the trucking and freight industries. Leveraging our advanced AI-powered autonomous driving systems, we will improve supply chains for our customers and optimize transportation routes and energy efficiency,” Rander noted.
Stack AV and Market Outlook
Stack AV has listed dozens of new job opportunities, most revolving around technical software engineers and operation specialists, in a bid to help build and scale its trucking business. Currently, the company employs about 150 people with some operating remotely from 15 states. Furthermore, the company is entering a competitive industry with other key players like privately held Kodiak Robotics and publicly traded Aurora Innovation Inc. (NASDAQ: AUR).
Although Stack AV did not disclose the capital injected by SoftBank, Bloomberg analyst believes the company received more than $1 billion. Moreover, the company has hired experienced technical employees and has listed other positions with similar attributes amid heightened demand for AI engineers.
Notably, more tech companies around the world are willing to pay more to AI developers in a bid to remain on a competitive edge. It is worth noting that the Stack AV top executives have been involved with another autonomous vehicle startup dubbed Argo AI, which failed after key investors led by Ford and VW pulled out.
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SoftBank-backed Stack AV Launches Autonomous Truck Business to Streamline Supply Chain Management