Beep, a provider of multi-passenger, electric, self-driving mobility solutions, has announced a $25 million Series A-1 funding round led by ABS Capital, with participation from Intel Capital, Blue Lagoon Capital, TDF Ventures, and Hidden Creek Management. Beep will be able to use the funds to further develop its autonomous software platform while also advancing its flagship public transit autonomous mobility service, which focuses on first and last-mile transportation networks. Orlandobased 25m series abs 50msoderstrom Orlando.
Beep, which was founded in 2018, has safely advanced the testing of autonomous shuttles for the public and private sectors while collaborating with the National Highway Traffic Administration and its autonomous vehicle test programme. Beep’s safety-first approach has allowed them to deploy and test over 20 public road routes across multiple states in the last two years. 25m series abs capital 50msoderstrom Orlando.
“We are thrilled to welcome ABS Capital and TDF Ventures to the Beep family as we work with our Series A investment partners, Intel Capital and Blue Lagoon Capital, to bring the vision of autonomous mobility to life. Our mission is to improve road safety for everyone while also improving the environment and providing mobility for all in our public and private communities. This new funding will allow us to further develop the solutions needed to complete this mission.” – Joe Moye, CEO of Beep. Orlandobased series abs capital 50msoderstrom Orlando.
ABS Capital is a venture capital firm that invests in leading software and technology-enabled services companies. Jennifer Krusius will join Beep’s Board of Directors as a result of ABS Capital’s investment. ABS Chairman and Partner Phil Clough will also serve as an observer on the Beep Board. “Beep has only been around for three years, but it is already a market leader in the autonomous shuttle category. The Company has an opportunity to expand its existing services and leverage its operational experience and data to create unique software solutions with material upside potential. ABS Capital was intrigued by Beep’s recent partnerships and expansion plans. We are thrilled to be a part of Beep’s rapid expansion.” ABS Capital’s Jennifer Krusius. Beep 25m abs capital 50msoderstrom Orlando.
This latest funding round follows an announcement in February 2022 of a strategic collaboration with Intel’s Mobileye and BENTELER to develop and deploy automotive-grade, fully electric, autonomous people movers for public and private communities across North America by 2024, focusing on first and last-mile use cases. Benteler EV Systems’ purpose-built autonomous mover will be powered by Mobileye’s industry-leading self-driving system, Mobileye DriveTM, and supported by Beep’s proven deployment and operations systems, technology, and services.
Beep provides the next generation of mobility services through the use of driverless, electric, multi-passenger vehicles. Beep connects people, places, and services in first- and last-mile mobility networks by specializing in the planning, deployment, and management of advanced autonomous shuttles for both private and public communities. Beep also uses data and learnings from its public road deployments to create vehicle-independent, edge solutions that improve the safety, access, artificial intelligence, and driverless operating capabilities of autonomous platforms. Beep’s services and software help to achieve a primary goal of enabling mobility for all.
About ABS Capital
ABS Capital invests in B2B software and tech-enabled services companies that have strong technology and data foundations and want to scale with the right partners. For more than 30 years, we have been passionate about business development. We have invested more than $2.5 billion in approximately 130 companies across eight funds during that time. With data-driven business strategies, market research and analytics, and rolling up our sleeves to support talented management teams, we bring our investing, operational, infrastructure, technology, and business development skills to amplify the success of growing businesses.