L.O.T.W. #129 - Kodiak Robotics leverages debt capital to build autonomous transportation solutions
S-4 - "de-SPAC" filing reveals venture loan financing from Horizon Technology Corporation
In 2022, Horizon Technology Finance provided a $30.0 million growth capital credit facility to Kodiak Robotics, a leading developer of autonomous long-haul trucking technology. Kodiak is actively hauling freight for major logistics partners and is backed by top-tier investors like Battery Ventures, Lightspeed, and Bridgestone. The funding was secured to support further scaling of Kodiak’s autonomous driving platform, aimed at improving safety and efficiency in freight transport.
👓At a Glance
Borrower: Kodiak Robotics, Inc.
Lender: Horizon Technology Finance Corporation
Deal Size: $30.0 million
Structure: Senior secured, multi-tranche term loan
Rate: Variable - Prime Rate + 5.50% with a all-in rate floor of 10.25%
Term: ~ 42 months
Use of Proceeds: Refinance existing debt with TriplePoint Capital and for working capital or general corporate purposes
Source: SEC S-4
📷Borrower Snapshot
Sector: Consumer Discretionary
Subsector: Automobile Components
Ownership: Private (S-4 on file)
Commercial Stage: Revenue generating; EBITDA (-) LTM
Business Overview: Kodiak Robotics is a Mountain View, CA - based autonomous trucking company developing self-driving technology for long-haul freight. The company’s core product—the Kodiak Driver—is a modular, AI-powered system designed for integration into Class 8 trucks, enabling safer and more efficient transport across commercial corridors. Kodiak operates active freight routes in Texas and Oklahoma and was the first to publicly deploy driverless semis in revenue-generating operations. Backed by top-tier investors like Battery Ventures, Bridgestone, and Lightspeed, Kodiak is positioning itself as a commercial leader in autonomous logistics. In April 2025, the company announced a plan to go public through a $2.5 billion de-SPAC merger with Ares Acquisition Corp. II, forming Kodiak AI.
⚙️Structure & Terms
Source: Credit Agreement Exhibit to S-4
Commitment: $30.0 million
Loan A - $10.0 million funded at close
Loan B - $10.0 million funded at close
Loan C - $5.0 million funded at close
Loan D - $5.0 million funded at close
Interest-only Period: 24 months
Maturity: April 1, 2026
Rate: Variable - Prime Rate + 5.50% with a all-in rate floor of 10.25%
Good Faith Deposit: $65.0k
Facility Fee: 1% of total commitment, or $300.0k
Prepayment Fee: 3% if prepaid prior to Loan A amortization (24 months), 2% if prepaid in subsequent 12 months, 1% thereafter
Final Payment Fee: 4.0%
Warrants: Not disclosed however, credit agreement references the receipt of a warrant as a condition of close
Covenants:
Standard affirmative and negative covenants
No documented financial covenants