Faction Technology: Raises $4.3M in Seed Funding

Faction Technology Raises $4.3M in Seed Funding

• Faction Technology, a South San Francisco, CA-based maker of light EV driverless fleets, raised $4.3M in seed funding
• The round, which follows an investment from Y Combinator and participation in their Winter 2021 startup batch
• The company intends to use the funds to continue to expand its development efforts
• Faction develops driverless solutions based on light electric vehicles to serve a range of use cases for both business and passenger transportation needs
• With the ability to move cargo or allow for a rider, Faction vehicles are targeted for urban use cases where trips usually fall into the range of 3-5 miles
• The company’s three-wheeled electric vehicles will typically weigh around 1,000 lbs and target over 150 MPGe