Beep, a provider of multi-passenger, electric, autonomous mobility solutions, has closed the company’s Series A investment round with Intel Capital and Blue Lagoon Capital, raising $20 million.
The funding will enable Beep to continue the expansion of its autonomous fleet deployments across North America and leverage its learnings to advance passenger mobility service for cities, business districts and campuses at scale.
Beep utilizes a combination of machine learning, contextual traffic data and the company’s existing centralized command center data to provide vital oversight in managing high-risk scenarios for autonomous vehicles in complex geo-fenced environments.
Beep will join Intel Capital’s portfolio of innovative companies that are transforming the future of transportation leveraging the firm’s network to accelerate Beep’s growth.
Blue Lagoon Capital’s experience and track record in successfully building and scaling enterprises in many areas of technology, further positions Beep for long term success.
Mark Lydon, managing director, Intel Capital, says: “Beep’s autonomous mobility solutions provide an important bridge in launching, overseeing and managing autonomous service deployment for communities, campuses and cities across the US and beyond.
“They are doing the necessary work of putting concept into action, and they have the technology capabilities to chart new territory.”
Kevin Reid, general partner, Blue Lagoon Capital, says: “Beep’s long-term strategy to create new autonomous mobility technologies, coupled with its team’s strength in advanced platform engineering and software design, gives them a unique advantage when it comes to advancing mobility in various use cases.
“Beep’s solutions provide the continuous level of oversight necessary to close the gap that currently exists with today’s autonomous vehicle platforms.”
Joe Moye, CEO, Beep, says: “We are thrilled to welcome Intel Capital and Blue Lagoon Capital into the Beep family as we continue to bring the vision of autonomous mobility to life.
“Our mission is to improve safety on the roads for everyone while positively impacting the environment and delivering mobility-for-all in our public and private communities.
“This latest round of funding will help us meet our goal of advancing the use of driverless platforms meant to enhance the quality of life in many areas of society.”
In addition to established partnerships with communities such as Lake Nona in Orlando, Florida and Tradition in Port St Lucie, Florida, Beep is working with many municipalities and transit authorities to enhance access to main corridors in underserved and urban areas.