Dynamo Dispatch (2026/02/02)

Issue 360 | Waabi, Mytra, RobCo

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

Gatik just landed a $600M, five-year take-or-pay contract that doubles revenue and marks the shift from pilots to full-scale “driver-out” operations. With 10 driverless trucks on public roads today and hundreds planned by year-end, this is the autonomy inflection point: predictable cash flows, commercial proof points, and real competitive pressure that mid-mile trucking is finally here. Below, the supply-chain shifts fueling this moment: critical minerals, physical AI, tariffs, and port dynamics.

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Madelyn, Madison and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Autonomous Trucking Firm Gatik Inks Contracts Worth $600M. Dynamo portfolio company, Gatik, inked a five-year, $600M take-or-pay haul with a major CPG, doubling contracted revenue and shifting from pilots to scaled “driver-out” operations. The company has 10 fully driverless trucks on public roads today, plans to reach ~60 soon and “hundreds” by year-end, and already runs near-24/7 mid-mile routes for Walmart, Kroger, Tyson, and Loblaw. Management says it’s well-funded for “the foreseeable future,” with IPO optionality as scale builds. This is a real revenue milestone for AV trucking — predictable, contracted cash flows and operational scale put pressure on rivals like Aurora and Kodiak and signal that mid-mile autonomy is commercializing, though execution and safety performance will be the gating factors. Completely unrelated, Data Centers Are Driving a US Gas Boom.

US, UK, EU, Australia and More to Meet to Discuss Critical Minerals Alliance. Ministers from ~20 countries will meet in Washington to forge a critical minerals alliance aimed at de-risking from China; Australia just set up a A$1.2B reserve after Beijing tightened rare-earth exports. A key flashpoint is whether the US will guarantee minimum prices. Reports say no, which hit Australian miners, while the EU will also use the summit to push back on new US steel derivative tariffs. The talks are led by US Secretary of State Marco Rubio and mark a second minerals summit in a month. If pricing and investment support materialize, it could accelerate non-China supply chains in rare earths and permanent magnets—areas where the EU is ~85–90% dependent on China. Without a US price backstop, expect slower project finance, persistent volatility, and continued leverage for Beijing over critical inputs from smartphones to fighter jets. Also, The Critical Minerals Race And America’s Recycling Opportunity and Critical Minerals: Licensing, Tariffs, and the New Supply-Chain Risk.

The Physical AI Craze and Other Automation Trends to Watch in 2026. Physical AI is hitting an inflection point in 2026 as humanoids (e.g., Hyundai’s Atlas and pilots at Audi/BMW) move from demos to workcells alongside cobots and arms; 58% of leaders already use physical AI and 80% plan to expand it, though factory-grade reliability and human-like dexterity will pace adoption. In parallel, low-cost AI agents and IoT are surging (think Dot Ai’s battery-free tracking labels and Rockwell’s highly automated Wisconsin plant) driving asset visibility, predictive maintenance and supply orchestration, with ~46% using IoT today and nearly 3 in 4 planning agentic AI. As operations digitize, cyber risk spikes: manufacturing remains the top target, exemplified by JLR’s $260M, five-week outage and Asahi’s shutdown; with 59% adopting AI-augmented defense, leaders should fund integration and security-by-design in tandem to clear tightening compliance bars and harden resilience. For more, check out Into the Omniverse: Physical AI Open Models and Frameworks Advance Robots and Autonomous Systems.

UPS to Cut 30,000 Jobs This Year. UPS will cut 30,000 operational roles in 2026 as it continues a broad restructuring, even as profit improved and guidance inched higher; shares ticked up on the update. Management plans to use voluntary driver buyouts and attrition, close more facilities, expand automation, modernize the air fleet, and further pare back Amazon volumes. That strategy aims to lift margins and reduce platform dependence, but it also introduces risk of service disruption, labor friction, and a sharper competitive response from FedEx and regional carriers.

Trump Administration Takes Another Stake in Rare Earth Sector. The Trump administration agreed to fund USA Rare Earth with up to $1.6B via the CHIPS program to back a Texas mine and an Oklahoma magnet plant, taking equity and warrants in return. The move fits a broader push for federal stakes in strategic supply chains amid China’s export curbs, while drawing ethics scrutiny over Cantor Fitzgerald’s role in a separate private raise linked to the commerce secretary’s family; Commerce says Cantor wasn’t involved in the government deal. Together, the public backstop and fresh private capital accelerate onshoring and de-risk a critical supply chain—while still bringing dilution, long build timelines, and political/oversight risk that could shape execution and valuation. Related, US Government Investing $1.6B in Mining Company USA Rare Earth.

AI’s Chip Frenzy Starts to Squeeze Apple’s Once-Unshakable Supply Chain. AI’s data-center binge is eroding Apple’s buyer power. Nvidia has overtaken Apple as TSMC’s top customer, Cook flagged chip constraints and soaring memory costs, and suppliers are pushing back on pricing. DRAM could quadruple and NAND more than triple vs. 2023, with TechInsights estimating roughly a $57 memory hit to the next base iPhone’s bill of materials as AI customers prepay, lock long-term supply, and soak up engineering attention. With iPhone prices expected to stay flat, the squeeze likely shows up in Apple’s margins—nudging tactics like storage upsells and alternate sourcing while resetting its once-dominant leverage across the semiconductor stack. Completely unrelated, Global Logistics 2026: Times of Tension and Transition.

Trade Deficit Soared 94% in November and Was Higher Than a Year Ago, Despite Tariff Efforts. The US trade deficit nearly doubled month over month in November to $56.8B, reversing October’s trough, as the gap with the EU widened even while the China goods deficit ticked down. Year to date, the shortfall hit about $840B (~4% above 2024), signaling that 2025–26 tariff efforts—later softened via a 15% EU framework—haven’t reduced overall imbalances. This raises questions about tariff efficacy and points to potential pressure on prices, FX, and routing decisions, as companies reassess sourcing and timing (e.g., front-loading) ahead of further policy shifts. Also, What Tariffs Has Trump Announced and Why? and Has America Hit “Peak Tariff”?

The $75,000 Bond and Truckers Left Holding The Bag. Freight’s $75,000 broker bond is getting wiped out by failures and fraud, leaving small carriers unpaid as double brokering and cargo theft surge. Policy pressure is mounting—FMCSA’s 2026 rule closes BMC-85 loopholes, while SCOTUS’s Montgomery v. C.H. Robinson could limit broker liability—against insurance minimums that haven’t kept pace with costs. This shifts risk further down the chain, driving tighter underwriting, faster consolidation, and higher compliance costs; carriers that don’t vet counterparties or use credit protection (non-recourse factoring/trade credit insurance) will keep absorbing avoidable losses. For more, check out Cargo Theft Losses Surge in 2025: Key Trends to Watch.

US Ports May See Muted Spring After 2025 Surge. NRF/Hackett see a brief January bump from Lunar New Year, then a muted spring for US ports with year-over-year declines through April and the first YoY gain not arriving until May. The softness follows heavy frontloading around tariffs and strike fears, leaving inventories elevated, while shifting trade policies continue to cloud 2026 demand; even so, LA/Long Beach capped strong 2025s and are pressing ahead with infrastructure upgrades. Expect a slower import cadence and choppier reliability into spring—good for shippers to negotiate rates and recalibrate inventories, but a headwind for ports, carriers, and drayage planning until post–CNY demand and policy clarity firm up.

Maritime Regulator’s New Head Targets Global Risks to Shipping. New FMC chair Laura DiBella is shifting the regulator beyond commercial pain points to geopolitical risks—maritime chokepoints (e.g., Malacca), shadow fleets tied to Russia/Iran, foreign-flagging—while coordinating with State and DHS given limited overseas authority. The ~100-person, $40M agency will still press domestic issues (data sharing, chassis, carrier practices) using its 2022-boosted powers to investigate, fine, and restrict port access. Expect geopolitics to be baked into shipping oversight—raising compliance and routing risk for carriers/shippers and potentially increasing costs across US trade lanes. Related, Maritime in Minutes - January 2026 in Review.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Next-Generation Exploration: Mineral exploration is a major bottleneck for critical minerals supply due to extremely high costs and low success rates, but next-generation AI-driven exploration platforms that combine geological modeling, multi-sensor fusion, and autonomous surveying could dramatically improve discovery efficiency and help scale domestic supply chains. Read more here.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

Twogee Biotech Raises €2.16M in Seed Funding. Twogee Biotech develops custom enzyme and strain solutions that convert residual biomass into sustainable second-generation raw materials for the chemical industry. The funding will support commercialization of its enzyme platform, expansion of its strain portfolio, and scaling of industrial partnerships focused on circular production. The seed round was led by High-Tech Gründerfonds and Bayern Kapital, with participation from AgriFoodTech Venture Alliance and Heinz Entsorgung.

Billdr Raises $3.2M in Seed Funding. Billdr develops an AI-native operating system tailored for small and mid-sized general contractors, integrating tools for estimating, scheduling, procurement, and financial management. The new funding will support the consolidation of construction back-office operations into a unified platform and the rollout of advanced AI features. The seed round was led by White Star Capital with participation from One Way Ventures, Desjardins Capital, asterX, and Formantera Capital.

Carbonaide Raises €3.7M in Series A Funding. Carbonaide develops a CO₂-curing technology that mineralizes carbon dioxide into concrete, enabling the production of carbon-negative concrete products at industrial scale. The funds will accelerate international expansion and support R&D to broaden applications across the construction sector. The €3.7M round was led by Vantaan Energia, Redstone, and Ihantola Invest, with new participation from Zero Carbon Future Group, Helkama Kiinteistöt, and Ikorni Invest.

Recupere Metals Raises €5M in Seed Funding. Recupere Metals develops technology to convert 100% recycled copper scrap directly into electrical-grade wire without mining or smelting, enabling a domestic, low-carbon copper supply for Europe. The company will use the funding to move from lab validation into early industrial deployment, scale production, run customer pilots, and deliver its first industrial volumes. The seed round was led by SISTAFUND, with participation from Norrsken Evolve, Endgame Capital, Ring Capital, Triple Impact Ventures, Ventures Together, Earth Capital, and business angels.

Vimag Labs Raises $5M in Series A Funding. Vimag Labs develops a patented magnet-free electric motor platform, called Virtual Magnet, that integrates advanced power electronics and proprietary control algorithms. The funds will support commercialization efforts, expansion of engineering and manufacturing capabilities, and go-to-market strategies across automotive, defense, and industrial sectors. The Series A round was led by Accel, with participation from Chakra Growth Fund and Thinkuvate.

DexMat Raises Over $5M in Seed Funding. DexMat develops Galvorn, a lightweight, carbon-based conductive material positioned as a high-performance alternative to copper in wire, cable, and other critical applications. The seed funding will support early commercial customers, expand technical and commercial teams, and scale pilot production to meet increasing demand. The round was led by non sibi ventures, with participation from Governance Partners, Tailwind Futures, BetterWay, Capital Factory, and other investors.

Brickanta Raises $8M in Seed Funding. Brickanta builds an AI-native platform that automates cost estimation and procurement workflows for the construction industry using real project data and documentation. The seed funding will be used to scale the platform across Europe, grow the team, and accelerate product development. The round was led by Northzone, with participation from global athletes and angel investors affiliated with OpenAI, Google, Meta, and others.

Datatruck Raises $12M in Series A Funding. Datatruck offers an AI-native transportation management system (TMS) built specifically for carriers, with real-time financial visibility and automation tools such as document processing and AI-driven load booking. The funding will accelerate platform development, expand integrations, and scale customer support as adoption grows across the trucking industry. The Series A round was led by Avenue Growth.

XFuel Raises $20M in Series A Funding. XFuel develops low-carbon drop-in fuels using its proprietary Chemical Liquid Refining (CLR) process, which converts waste hydrocarbon liquids into ultra-clean fuels for shipping and other hard-to-abate sectors. The funding will support deployment of its first commercial-scale facilities and advance collaborations at global ports. The Series A round was backed by Wagner Carbon, Audacy, Future Planet Capital, Light Ray Ventures, and Overlap Holdings, with strategic participation from NYK Line and Stolt Ventures.

JJG Aero Raises $30M in Series B Funding. JJG Aero manufactures high-precision machined components and in-house finished parts for aircraft systems and engines, serving major aerospace OEMs and Tier-1 suppliers. The funding will be used to expand capacity at a new facility in North Bangalore, deepen vertical integration, and pursue strategic growth initiatives. The Series B round was led by Norwest, following a $12M Series A in 2024 led by CX Partners.

Applied EV Raises $30.7M in Series B Funding. Applied Electric Vehicles (AEV) develops autonomous electric vehicles for industrial and logistics applications, including its cab-less, configurable Blanc Robot platform. The funding will support manufacturing scale-up, commercialization, and expanded deployment of AEV’s Generation 6 autonomous EVs across logistics, mining, and industrial sectors. The $30.7 million equity investment from Australia’s National Reconstruction Fund Corporation (NRFC) leads the company’s $40 M Series B round, with participation from Barrenjoey and Japan Post Capital.

Cyclic Materials Raises $75M in Series C Funding. Cyclic Materials has developed proprietary magnet-removal technology to recover rare-earth elements from end-of-life products such as hard drives and electric vehicles. The new capital will accelerate its infrastructure buildout across North America and Europe and support R&D at its Center of Excellence in Kingston, Ontario. The Series C round was led in part by Canada Growth Fund, which contributed $25M.

Northwood Space Raises $100M in Series B Funding. Northwood Space develops modern ground-based satellite communications infrastructure, including smaller phased-array antenna systems designed to support or replace legacy dish-based ground stations. The new capital will be used to expand production capacity, scale its ground station network, and meet growing commercial and government demand, alongside a newly awarded $49.8M US Space Force contract to upgrade the Satellite Control Network. The round was led by Washington Harbour Partners and co-led by Andreessen Horowitz, with participation from undisclosed additional investors.

RobCo Raises $100M in Series C Funding. RobCo develops an AI-driven Autonomous Manufacturing Platform that integrates modular industrial hardware with a Physical AI software stack to automate complex industrial workflows. The new funds will be used to advance its Physical AI roadmap, expand US deployments, and scale operations across key markets. The Series C round was co-led by Lightspeed Venture Partners and Lingotto Innovation, with participation from Sequoia Capital, Greenfield Partners, Kindred Capital, Leitmotif, and The Friedkin Group.

Vention Raises $110M in Series D Funding. Vention offers an AI-powered industrial automation platform that enables fast deployment of robotic cells using its proprietary Physical AI and Zero-Shot Automation technology. The funds will accelerate R&D, scale global operations, and expand the company’s presence in Europe to meet rising enterprise demand. The Series D round was led by Investissement Québec with participation from NVentures, Desjardins Capital, and returning investor Fidelity Investments Canada ULC.

Mytra Raises $120M in Series C Funding. Mytra develops a software-defined automation platform that transforms material handling and storage into programmable functions for supply chains. The funds will be used to accelerate deployment at enterprise customer sites and expand the company’s team to support scaling operations. The Series C round was led by Avenir Growth with participation from Kivu Ventures, Liquid 2, D. E. Shaw, Offline Ventures, and strategic investors Lineage and RyderVentures.

VulcanForms Raises $220M in Series D Funding. VulcanForms operates a fully integrated digital metal manufacturing platform that combines additive manufacturing, precision machining, automation, and AI-driven software to produce high-performance metal components. The new funding will support capacity expansion, technology development, and the scaling of secure, domestic production facilities in the US. The oversubscribed Series D round was led by Eclipse and 1789 Capital, with participation from Washington Harbour, Fontinalis, IEQ Capital, and others.

Waabi Raises $750M in Series C Funding. Waabi develops a Physical AI Platform that powers both autonomous trucks and robotaxis through a shared, end-to-end AI model integrated with a neural simulator. The funds will accelerate commercial deployment in autonomous trucking, support expansion into robotaxis, and advance the Waabi Driver’s capabilities across transportation sectors. The $750M Series C was co-led by Khosla Ventures and G2 Venture Partners, with participation from Uber, NVIDIA’s NVentures, Volvo Group Venture Capital, Porsche SE, and others, including milestone-based commitments from Uber that bring the total to $1B.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Open Application at Ceto in Newcastle-upon-Tyne, United Kingdom.

Group Financial Accountant at Manna in Dublin, Ireland.

Senior Product Manager at Plus One Robotics in San Antonio, Texas.