Orlando-based Beep Inc. has announced the completion of its $25 million series A extension, led by ABS Capital, bringing the company’s total funding to approximately $50 million. Beep is an autonomous shuttle company working to revolutionize transportation worldwide through innovative solutions. This additional funding will help Beep to expand their reach and continue developing the technology that will shape tomorrow’s mobility solutions.
Beep was founded in 2017 to provide safe, accessible public transport for commuter and passenger services in communities of all sizes. In addition to its shuttles, Beep provides services such as fleet automation and operational efficiency for autonomous vehicles.
The additional funding from ABS Capital will allow Beep to increase their R&D investments into robotics, autonomous navigation, artificial intelligence, fleet operations and management systems needed for large-scale deployments of self-driving shuttles in cities worldwide. This investment builds upon seed investments from Compound and RPM Ventures earlier this year which helped fund the growth of Beep’s platform suite.
The additional capital will be used to hire additional talent in research & development, product development and marketing & sales, while lowering costs associated with testing at scale in preparation for upcoming commercial rollouts in early 2020.
Overview of Beep
Beep is an Orlando-based company developing autonomous shuttles for use in cities. Recently, the company raised a $25M Series A extension, led by ABS Capital. This brings the total funding for Beep to about $50M.
This article aims to provide an overview of the company and its funding.
What is Beep?
Beep is an advanced mobility technology provider headquartered in Orlando, Florida. It specializes in developing autonomous shuttles for smart cities and other transportation-as-a-service solutions. The company’s autonomous shuttle solution is built on robust operating systems, artificial intelligence (AI) and multi-server capabilities. In addition, by focusing on safety and reliability, the company works with its clients to develop future-ready transportation solutions that meet their needs.
Beep has secured $25M in Series A funding from ABS Capital, a leading investor focusing on early-stage investments targeting technology companies. The funding will accelerate the company’s growth and continue developing Beep’s intelligent mobility platform including its autonomous smart shuttle technology. As a result, beep clients can expect enhancements such as expanded operational efficiency and a continued commitment to evolving existing features at no cost.
What services does Beep offer?
Beep is an Orlando, Florida based company dedicated to developing autonomous shuttle systems to deliver efficient and safe mobility services to communities. The company has raised $50M in Series A funding from various investors, including ABS Capital, alongside other notable investors such as Flourish Ventures and Vision + Climate Fund.
Beep’s services allow custom shuttles to run in cities. These autonomous shuttles also carry passengers and goods between urban centers reducing the need for cars and freeing up roads for other uses. Beep provides a revolutionary solution to transportation challenges faced by many cities worldwide.
By providing flexible Autonomous Mobility As A Service (AMass) solutions tailored uniquely to each situation, Beep has delivered safer rides while reducing wait times compared to traditional bus systems. Beep’s platform supports robust operations including ridership tracking, vehicle maintenance, trip route optimization, dispatch scheduling and more. Additionally, Beep has implemented various operational performance metrics such as on-time performance that help measure the efficiency of operations.
Background of Series A Extension
Orlando-based autonomous shuttle startup Beep is raising a new $25 million Series A extension, led by ABS Capital. This is on top of the total funding of $50M, and is in line with the company’s aim to revolutionise the shuttle market with their driverless transportation solutions.
This article will provide more details on the background of such a large Series A extension and what makes Beep such a desirable investment for ABS Capital.
What is a Series A Extension?
A Series A Extension is a financing round typically occurring when a venture capital firm provides additional capital to an established company to further their development. Generally, the investor will conduct due diligence on the company and determine if the additional funds can help the business reach a new level of growth. This new funding round is referred to as a Series A extension, as it follows a prior successful Series A funding round.
During this financing round, venture capital firms will typically look for greater returns from the cumulative investments made over time. This usually means offering more favorable terms in exchange for higher returns on success or investing more money via equity shares at lower prices than previously issued shares were sold. In exchange for this investment, existing investors may receive stock options or take advisory board seats with boards granted through an agreement.
One example was Orlando-based Beep’s recent use of funds raised in their $25 million Series A Extension led by ABS Capital. This extension brought Beep’s total funding to about $50 million and allowed them to further develop their autonomous shuttle technology. The extension saw existing investors increase their interest in Beep. New investors provided additional equity stakes, allowing them to hit major milestones and continue strong development and research into autonomous shuttles for commercial use.
What led to Beep’s Series A Extension?
Orlando-based Beep, developing autonomous shuttles, recently closed a $25M Series A extension, bringing its total funding to about $50M. This extension was led by ABS Capital, which has become a leader in investments in transportation and mobility tech companies.
Beep was founded in 2018 and secured deals with Hernando County and Kissimmee Osceola County governments shortly after to expand its services. Since then Beep has made sales agreements to provide autonomous shuttles to the general public through projects such as an Autonomous Shuttle Pilot Program in Jacksonville, FL. As it has made progress towards providing the public with solutions for transportation and integrated mobility solutions to improve accessibility of communities they expanded their operations into California and Arizona.
As they have continued to grow their client base their operations costs have also increased. This led Beep to seek additional funding through more formal sources like venture capital investors such as ABS Capital so that investors could financially support expansion costs, allowing for more sustainable long-term growth prospects for the company.
Use of Funds
Orlando-based company, Beep, developer of autonomous shuttles, has just closed a $25M Series A extension led by ABS Capital, bringing its total funding to about $50M.
With this funding, Beep plans to focus on the continued development of its autonomous shuttles and accelerate its growth plans.
In this article, we will look into Beep’s use of funds and how it plans to use this influx of capital.
What will Beep use the funds for?
Beep, an autonomous shuttle company based in Orlando Florida, recently closed a $25 million Series A funding round led by ABS Capital. This brings the total amount of funding to approximately $50 million. These funds will be used to further the development of Beep’s autonomous shuttle services and its notary electronic logging device (ELD) and telematics platform designed for low-speed vehicles.
The funds will also hire employees and expand Beep’s operations across the United States. The company has already launched small-scale service with digital proofs of concept in various cities around the country and is planning to launch several larger pilot projects within the next year. In addition, Beep plans to develop a fleet management system that works with existing fleets of low speed shuttles and vehicles.
Beep’s platform is designed to keep information secure while maximizing efficiency and safety, providing real-time data analysis via advances in artificial intelligence (AI) technology. The long-term goal of Beep is to create an integrated transportation solution whereby autonomous shuttles can communicate with other forms of transportation such as buses, subway trains or rail systems, providing greater access for commuters using this new technology.
With this additional funding, Beep hopes it can continue moving towards its goals of providing safe and efficient transportation solutions for cities across the US.
What are the potential impacts of Beep’s use of funds?
By raising $25M in Series A funding, Beep is positioning itself to continue developing autonomous shuttles that could immensely impact the transportation industry. The potential impacts of such technology include improved safety and convenience, reduced traffic congestion, and more efficient use of resources like fuel. These benefits could positively influence the public transportation sector and lead to better mobility solutions for individuals who rely on public transit.
In addition to these potential impacts, Beep’s use of funds will enable them to expand their operations and strengthen their ties with partners and investors. This could open up new opportunities for collaboration with other companies and organizations, create more job opportunities within the industry, attract more venture capital investments in the region, and stimulate economic growth in Orlando-area communities. Furthermore, this influx of capital can also be used to implement state-of-the-art technologies, invest in education programs for drivers/operators on safe driving practices/technology utilizations strategies across different cities and states as well as bridge widening opportunities between small companies aiming to become a recognizable brand through targeted advertising campaigns.
Conclusion
Beep’s recent $25M Series A extension was a huge step forward for the company, bringing their total funding to around $50M. This round of funding will be instrumental in helping Beep scale up as they continue to develop autonomous shuttle technology.
The funds will fuel innovation in key areas, such as R&D, operations and business development. This additional capital will also allow them to expand their pool of leading partners, who will help unlock new markets for their technology.
The investment clearly demonstrates the immense potential that Beep has in the autonomous vehicle sector and we can expect further growth from them in the coming years.
