Tech
Kodiak AI raises $100M at a steep discount, sending its stock tumbling 37%
Kodiak AI’s stock tumbled 37% in after-hours trading Thursday after the self-driving truck startup disclosed it had raised $100 million by selling shares at a steep discount — a sign that investors were willing to back the company but not at its current market price.
The company sold shares at $6.50 each, well below its closing price of $9.10, according to a filing with the Securities and Exchange Commission (SEC). The raise also included warrants — instruments that give investors the right to buy additional shares later at a set price, in this case as low as $6.
The financing came from existing backer Ares Management and several unnamed institutional investors.
The influx of capital comes Kodiak pushes forward on the expensive task of scaling its self-driving trucks business, which covers off-road industrial settings and public highways, with the ultimate goal of eventually spending less than it earns. Kodiak reported revenue of $1.8 million in the first quarter, up from the $1.4 million it logged in same period a year prior. The company’s loss from operations was $37.8 million, twice what it reported in the same period last year.
Those numbers help explain why the discount terms rattled investors. The company is burning cash fast, and the raise — while sizable — does little to change that math in the near term.
Kodiak has made some recent progress on the business front, including a new commercial contract with Roehl Transport, a pilot program to test Kodiak-equipped autonomous trucks at West Fraser Timber Co.’s log-hauling operations in Alberta, Canada, and a collaboration with the military vehicle maker General Dynamics Land Systems to create autonomous ground vehicles for defense applications.
Under the deal with Roehl, which was also announced Thursday, Kodiak-equipped trucks will autonomously haul freight between Dallas and Houston on four round trips per week. The trucks operate autonomously on the entirety of the trip, but Kodiak keeps a human safety operator behind the wheel as a precaution.
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Kodiak founder and CEO Don Burnette said the company is on track to move to driverless trucking on public highways later this year as it ramps up operations.
“We have tons of over-the-road long haul initiatives, and bringing on new partners continues to show momentum,” he said in an interview. “We’re excited about the progress that we’re making as we march toward our driverless launch later this year.”
For now, Kodiak owns the trucks, provides the safety driver, and carries the freight for Roehl along with its other existing on-highway customers, which include Werner, J.B. Hunt, Bridgestone, Martin Brower, and C.R. England. But that arrangement will change once it goes to driverless trucking operations.
“Our intention is to not own the trucks at that point [but to] operate our driver-as-a-service model, where [customers] own and operate the trucks,” Burnette said. He added that this is the system it uses with its off-highway customer Atlas for its driverless deployment in the Permian Basin of Texas.
While Kodiak plans to pull the safety driver by the end of 2026, Burnette said it won’t start driverless operations on public highways until it has finished validating the technology.
“It’s already operating under all of the conditions that we expect to launch driverless, but there’s a lot of validation work that we need to do, and that’s where we bring in our autonomy readiness measure,” Burnette said, describing the initiative — released Thursday — as a zero-to-100 score tracking how much of Kodiak’s internal safety validation is complete. As of April, Kodiak was at 86%, Burnette said.
The company, which was previously called Kodiak Robotics, went public in September via a merger with special-purpose acquisition company Ares Acquisition Corporation II, an affiliate of Ares Management. The deal valued the startup at about $2.5 billion.
At the time, Kodiak raised $275 million in financing. More than $212.5 million came from certain institutional investors, including $145 million in PIPE funding (Private Investment in Public Equity, a method by which investors purchase shares directly from a public company) and about $62.9 million in trust cash from Ares. That trust cash shrank from its initial $562 million as some SPAC investors redeemed their shares — a standard provision that lets SPAC investors recover their money before a merger closes.
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Tech
Truecaller takes its scam intelligence to the open web as it looks beyond caller ID
After more than a decade building a caller ID business serving over 500 million users, Truecaller is now taking the scam intelligence it gathered along the way to the open web, with no app or sign-in required.
The Swedish company on Sunday launched Scam Checker, a new web and Android service that lets users paste in a suspicious phone number, link, or message to find out if it’s fraudulent. To work, the service surfaces related reports from Truecaller’s community, ScamFeed. However, more detailed information about a phone number, including the name associated with it, remains available only through Truecaller’s existing service, which requires a sign-in.
The free-to-access tool will initially be available in India and is set to expand to Latin America, the Middle East and Africa, and Southeast Asia, the company said.
In addition to serving as lead generation for its app, the community reports can give Truecaller a better view of the scams circulating at a given time. This could also help the company with its fraud and risk products sold to enterprises through Truecaller for Business, although Jhunjhunwala said Scam Checker itself is aimed at consumers.
To work, Truecaller’s Scam Checker checks the link the user submits, expanding shortened URLs and following redirects to the final destination. It then checks these against its proprietary risk database and other fraud signals. Users can also paste a suspicious message, allowing the service to pick out a phone number or link and surface related reports from the Truecaller community.

The launch comes as scams have grown well beyond phone calls to text messages, messaging apps, and web links. In a 2025 GSMA survey of Indian adults (PDF), 46% of those who reported being scammed said they were approached through messaging apps, while 37% via SMS and 32% through voice calls.
Truecaller estimates that people make about 14 million web searches a month to check suspicious links and phone numbers, based on its analysis of search volumes and traffic to existing verification services. That behavior helped shape Scam Checker, CEO Rishit Jhunjhunwala told TechCrunch.
“When you need it, you’re usually somewhere else. The link shows up on WhatsApp. Your mum gets a message about a traffic fine. A friend forwards you a screenshot and asks, ‘Is this real?’” Jhunjhunwala said. “What people do in that moment is search.”
Truecaller’s community is becoming a crucial piece of its scam-detection effort. The company told TechCrunch that about 20,000 scam reports are live on ScamFeed, its crowdsourced feed where users can post and discuss scams, in India, with around 1,300 new reports added each week. Between September 14 and 20, the company also said it evaluated 12.9 billion messages globally and flagged 20.3 million as fraudulent.
In the near future, Truecaller says it plans to broaden the types of scams Scam Checker can detect and add screenshot uploads for further analysis.
The company’s push beyond caller ID comes as its core business faces new pressures in India, its largest market with more than 350 million users. Telecom operators are rolling out the federal government-backed Calling Name Presentation service, while Apple and Google have added their own caller identification and spam-protection features. Last week, India’s telecom regulator also ordered caller-ID apps to share user-submitted spam reports with telecom operators, a move Truecaller criticized as a “one-way exchange.”
As a result, Truecaller’s focus is evolving beyond caller ID.
“Caller ID was the first problem we solved, and it’s still how most people find us,” he said. “But scams moved to a more multi-channel approach with links and messages, and increasingly to voice and video. Our protection has to follow the scammer.”
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Tech
Anthropic’s CEO is about to have dinner with President Trump
Anthropic CEO Dario Amodei seems to be everywhere this weekend: He was lampooned on the season premiere of Saturday Night Live, and tonight, he’s set to have dinner with President Donald Trump at the White House.
Axios first broke the news of Amodei’s dinner plans, which were subsequently confirmed by other publications.
This will be the first one-on-one meeting between the two men, who recently found themselves on opposite sides of the AI safety debate. Amodei released a plan to slow AI development (or at least proceed with more caution), while Trump has insisted, without evidence, that the AI backlash is a Democratic hoax; he also wants to rebrand the technology as “super intelligence.”
Even before the current back-and-forth, Amodei and Anthropic have to had a fraught relationship with Trump’s administration. Earlier this year, the Pentagon designated Anthropic a supply-chain risk in response to the company’s attempt to put guardrails around the use of its technology (Anthropic has been fighting the designation in court), although other administration officials have been friendlier.
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Tech
Can Muse overcome Meta’s trust issues?
Meta’s new AI agent Muse took the spotlight at the company’s annual Connect event, where CEO Mark Zuckerberg made it clear that Facebook’s parent company plans to push AI features everywhere.
On the latest episode of TechCrunch’s Equity podcast, Kirsten Korosec, Sean O’Kane, and I discussed Meta’s AI announcements seemed to steal the spotlight during a week of new model launches from OpenAI and Anthropic.
With other big AI companies focused on coding and enterprise tools, it was a little surprising to see Meta move in the opposite direction, with a consumer focus and a cute, Tamagotchi-style AI device that Meta insists is for adults only. But as Kirsten noted, this could be playing to Meta’s strengths.
Sean tried Muse for himself, and while he was pleased that the agent actually found him some unclaimed money, he described the feature as more “a party-trick type thing,” rather than something that will drive ongoing usage. Plus, there’s the question of whether users can trust Meta’s AI with sensitive information.
“Meta’s business is to sell you ads,” Sean said. “And yes, they’ll make the argument that the more they know about you, the more accurate and interesting the ads will be — wake me up when we get to that fever dream.”
Keep reading for a preview of our full conversation, edited for length and clarity.
Kirsten Korosec: So how do you put Muse, which is this new personal AI agent that’s just been released by Meta and [is] clearly a bet on consumer — how does that fit into what you just described, at least with other frontier AI model companies seeing opportunity and business within enterprise? Because Meta Connect, which is their big annual event, just happened, and they are all-in on Muse, that is very clear.
Anthony Ha: That was definitely very head spinning for me, because it certainly feels like what we’ve been talking about has been this shift towards enterprise — not exclusively, but certainly that’s where the money, the attention is going.
Maybe some of that is because of the relative position of these different companies — OpenAI and Anthropic are in the lead in a lot of ways, but also, they’re planning to go public either this year, or next year in the case of OpenAI. And so there’s this feeling of, “I think we’ve got to actually make money now.” Not to say that they’re not making money [already], but because the costs are so high and the valuations are so high, they have to make money on this scale that’s essentially unprecedented. And I think they’re seeing enterprise as the way to do that.
And I wonder if Meta, for a variety of reasons, sees a different opportunity. There’s a part of me that’s like, “Wait, did they not get the memo?” But I think more charitably, you could say, “Well, if that’s where OpenAI and Anthropic are going, then maybe there is more of an opportunity for Meta to make the more consumer-friendly [version and] continue advancing AI on the consumer side.”
Kirsten: I mean, we can complain about or criticize or critique Meta all day long, but they’re very good and have [an] established track record of embedding themselves in everyday people’s lives. I mean, there’s a reason why Facebook has so many users — Instagram, WhatsApp. And I’ve never really thought of them as an enterprise product anyway. So I think it’s smart for them to continue to push on the consumer piece.
Sean, you’ve already tried Muse, which has already been out for a couple weeks. And I’m wondering if you see what your impression is, and if you see it being successful in the bid to become part of every part of your life.
Sean O’Kane: I mean, not really. I understand why some people think that is going to be the case. I’m sure a lot of people understand this, but this is roughly Meta’s kind ground-up version of an on-your iPhone, or on your Android, app of OpenClaw, which we talked about a couple months ago, which Meta went out and basically bought and integrated those folks’ work. It was the first big explosion of like, “Holy smokes, these agents can do all this stuff for me while I’m out and about, and I can just text with it and let it control my whole computer.” There’s a lot of the same elements of that at play. And having it in your hand, on an app that works like a relatively good chatbot as the interface, it does seem pretty powerful.
One of the first things that I did with it was — because it makes a bunch of suggestions for you, as to things that it can do, and one of them was, “I’ll scan to see if you have any unclaimed funds,” this thing that I think no one ever really thinks about and often is going to completely miss, because there’s just not a lot of unclaimed property funds out there in your name. Surprise, surprise, there were some for me.
It helped me make some money on my first day, and that was pretty cool. I wouldn’t have done that if I hadn’t been prompted by this thing to do it. And there’s a check on its way to me in the mail. Fantastic. [But] that ends pretty quickly, right? That was a one-time shot, but it’s not a thing that’s repeatable. That’s more like a party trick-type thing.
Kirsten: I mean, you just killed your own argument. I don’t see how that wouldn’t become wildly popular.
Sean: The more sustainable version of that, and the thing that Meta’s talked up a lot over the last couple of days, is taking that idea and applying it to your real, true everyday financials, like giving it your information for your credit card, your Gmail account, all this other stuff, do things that we’ve seen other companies do, like Rocket Money or whatever, where it’ll go cancel subscriptions that you’re not using or identify double charges, things that frankly the credit card company should be doing already.
And at that point you just run into that trust wall with Meta. I think one of the reasons that I was willing to explore this and was curious to stick with it a little bit — even through to today — is that somewhat shockingly, when I downloaded it, I just assumed that it would like really instantly prompt me and like plug me right into Threads, Instagram, Facebook, which I don’t really use ever, and pull up that context immediately.
But it didn’t. And it was working with me like I was a stranger at first, which made me more willing to use it, because I didn’t feel like Meta had everything on me already. But you can see, as you start to use it, it really tries to grab you and pull those things into the system, so that it can learn all this stuff about you.
I don’t know that I will ever trust Meta the same way. I think it’s an interesting timing for me, having just upgraded my iPhone and getting onto the new iOS with the new Siri that actually works and can do some controls on your phone in a way that is surprising and helpful, that it’s never been able to do. [I’ve been] thinking about how much I’ve been using that over the last week and how much more how much more willing I would be to have the Siri version of Muse take that information, because I just trust Apple more with that really sensitive information and not only trust it with the information from a cybersecurity perspective, but from the fact that its business is not to sell me a bunch of crappy ads.
Meta’s business is to sell you ads. And yes, they’ll make the argument that the more they know about you, the more accurate and interesting the ads will be — wake me up when we get to that fever dream.
And beyond the one-time money lever that I got, which was great, I don’t feel like I’ve found anything else that’s really all that useful — other than the fact that it is, to Anthony’s point, really tailored at keeping it sort of consumer-y in your interactions with it, with which I do think helps it and is why people are talking about it so much.
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