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Foley & Lardner LLP represented TDK Ventures as the lead investor in the Series A financing for driverless-technology developer Faction Technology (Faction). Co-investors included Ducera Partners, Trucks Venture Capital, and Fifty Years. Faction will use this latest round of funding to target customer expansion.

Founded in February 2020, Faction commercializes supervised autonomous vehicles leveraging teleoperation technologies. Its driverless vehicles incorporate the affordability and maneuverability of motorcycles with the speed and performance of cars to create small-scale delivery vehicles that will clear the way for smarter cities and a more sustainable tomorrow.

Faction has assembled an experienced team previously responsible for the launch of driverless vehicles ranging from light EVs to full-size semi-trucks. Its team is comprised of engineers experienced in AI, vehicle systems, vehicle safety, big data, sensors, hardware, V2V communication, logistics, and more.

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 next-generation transportation, robotics and industrial, mixed reality, and the broader 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.

The Foley team was led by partner Louis Lehot and included partner Lyman Thai and associates Ashley Lee and Wesley Choi. Foley’s Venture & Growth Capital attorneys understand the complex and diverse needs of both venture funds and their portfolio companies and offer a broad range of services at each stage of development. The attorneys have insight into the unique needs of high-growth companies operating in the technology, life science, smart manufacturing, and clean energy sectors.

Author Louis Lehot

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