The team was formed in January 2003 as a single-car operation under the banner of KV Racing. In 2004, the Indianapolis-based team expanded to a two-car effort when Jimmy Vasser joined as a driver in addition to co-owning the operation with Kevin Kalkhoven, becoming PKV Racing.
Vasser, the 1996 CART champion, also raced with the team in the Champ Car finale at Long Beach in 2008. The team joined the IndyCar Series in 2008.
Kalkhoven, who was also a co-owner of the Champ Car World Series, is a successful venture capitalist. In 2011, KV Racing Technology announced an alliance with SH Racing for the Indianapolis 500 Mile Race, and it expanded for the 2014 season with James "Sulli" Sullivan joining as a co-owner.