Embark

History

2021: Going public

On November 11, 2021, driver-free truck software maker Embark went public on the Nasdaq under the ticker symbol EMBK. The San Francisco-based company went public through a merger with SPAC-based Northern Genesis Acquisition.

Embark Trucks became the second major company in the unmanned technology market to go public. Earlier, Aurora Innovation completed its own merger with SPAC with a valuation of $13 billion. Thanks to the SPAC deal, Embark's total funding reached $317 million. Previously, large funds such as Sequoia Capital, Tiger Global and Y Combinator invested in it, but as a result, IPOs withdrew from the company's capital.

Manufacturer of software for trucks without drivers Embark Trucks entered the Nasdaq exchange at a valuation of $5 billion

The company employs more than 200 employees and collaborates with Anheuser-Busch InBev and Werner Enterprises to test its software (software). In May 2021, the American company HP Inc. announced that it would transport printers from Los Angeles to Phoenix, Arizona, using Embark's cargo transportation technology.

When we started doing this in 2016, it was all academic research projects. Today, the company is a tangible, commercial company and now Embark produces software for autonomous driving of trucks carrying cargo, "said Embark Chief Executive Officer Alex Rodriguez.

For November 2021, 26-year-old Alex Rodriguez is one of the first and youngest leaders of an autonomous driving company that appeals to public investors with the promise that cars will soon be able to drive on their own. The company has yet to make any revenue, according to the securities filing. Embark predicts sales of $867 million in 2022 and $2.77 billion in 2024. DCVC owns a 17% stake in Embark, which amounts to about $630 million, according to company documents^[1] $5^[2]