Orlando-based Beep, a self-driving shuttle service provider, has successfully secured a $25 million Series A extension led by ABS Capital. This brings Beep’s total funding to around $50 million.
Beep is a leading provider of autonomous shuttle services and is looking to revolutionise public transportation. This article looks at Beep’s successful funding raise and how it is set to benefit the company.
Overview of Beep and its operations
Beep is the world’s first full-service mobility platform designed specifically for autonomous transportation. It is well-positioned to be the first company to commercialise autonomous shuttles worldwide, making autonomous transportation accessible for everyone.
Joe Moye and Nazeem Muhajarine founded Beep in December 2017. Based in Orlando, Florida, Beep offers a comprehensive set of products and services designed to quickly bring high quality on-road autonomous shuttles into service and operation across multiple geographies.
Beep’s technology augments and automates existing logistics management processes, significantly reducing operational complexities and cost. Autonomous shuttle services offered by Beep enable business partners previously unable to provide transportation services at scale to maximise their opportunities while assuring that they are managing a safe, secure and dependable solution.
In March 2021 Beep raised a $25M Series A extension led by ABS Capital bringing its total funding amount to roughly $50M. This capital will enable Beep to continue developing its turn-key product offering with advanced fleet self-management capabilities and expanding staff worldwide — working with cities around the globe to build intelligent, connected transportation networks that keep people moving safely and efficiently towards their destination.
Background
Orlando-based Beep, developing autonomous shuttles, recently raised a $25M Series A extension led by ABS Capital, bringing its total funding to about $50M. This news was brought to light by Alex Soderstrom, an Orlando Business Journal editor.
This funding will be used to help Beep continue its development of the Autonomous Shuttles. This article looks at Beep and its Autonomous Shuttle development from a background perspective.
Previous rounds of investments
Beep, the Orlando-based company specialising in autonomous shuttle solutions, has raised a fresh round of $25 million in Series A extension. ABS Capital led the round, bringing the total funding to around $50 million. Previous rounds of investments included investments by Toyota AI Ventures and Constellation Technology Ventures along with several other strategic investors.
Beep’s groundbreaking autonomous mobility solutions are being used today to transport passengers across 20 cities nationwide, including Cleveland, Austin and Las Vegas. The new funding will enable Beep to accelerate development of its smart city platform, deploy it at scale by working with partners in multiple industries, create employment opportunities for people who are growing and diversify its investor base.
Series A Extension
Orlando-based Beep, developing autonomous shuttles, has recently completed a Series A extension. ABS Capital led this extension, which brought the total funding to about $50M. This marks a significant milestone for the company as it progresses towards the development and implementation of its autonomous shuttle technology.
Let’s take a look at how this extension could benefit Beep.
Details of the investment
Beep, an Orlando-based provider of autonomous public transportation technology, announced a $25 million Series A Extension led by venture capital firm ABS Capital. This brings Beep’s total funding to approximately $50 million. The funds will further accelerate the deployment and development of Beep’s Autonomous Shuttle Platform throughout the United States.
Beep has created an autonomous shuttle infrastructure which provides fleets and local governments with a complete solution for deploying, managing and operating autonomous shuttles in public transportation environments. The proprietary platform allows companies and municipalities to provide efficient, safe, mobile transportation solutions that require no significant infrastructure investments from the customer.
The platform combines proprietary software, communications networks, vehicles and operations capabilities with best-in-class hardware partners such as Navya’s ARMA shuttle for operation in specific urban environments where all passengers travel at a maximum speed of 15MPH. In addition, by investing in autonomous electric shuttles that come with automated steering and obstacle avoidance systems, Beep is taking steps to reduce emissions from traditional forms of transportation while providing more financial benefits to its customers from increased efficiency gains.
ABS Capital
ABS Capital has recently announced their investment in Orlando-based Beep, which is developing autonomous shuttles, with a $25M Series A extension, bringing the total funding to around $50M.
ABS Capital’s involvement in developing autonomous shuttles is positioning them to be a key player in the future of self-driving technology. Let’s look at what this investment could mean for ABS Capital.
Overview of ABS Capital
ABS Capital is a long-term, growth-oriented venture capital and private equity firm focusing on investing in late stage companies and helping them realise their potential. Founded in 1998 and based in Baltimore, Maryland, the firm has invested over $2.5 billion of investor capital and acquired or sold more than 90 companies.
ABS Capital is specifically interested in investing in high growth, rapidly expanding companies with strong management teams and innovative business models. The team prefers to invest into businesses which are technology-enabled or have disruptive elements, as well as consumer facing operations such as digital media websites, consumer products businesses and venture building opportunities. ABS also has an additional focus on healthcare services companies.
ABS Capital invests across multiple stages from start up seed investments to pre IPO investments from their three distinct investment teams; the Early Stage Ventures Team (smaller Seed & Series A deals), the Mid Market Growth Equity Team (larger Series B & C round) and their Expansion Phase investment team (Series D rounds). This includes the recently closed Series A extension for Beep that brings its total funding to about $50 million by leading the autonomous shuttle company’s development in Orlando.
Investment strategy
ABS Capital is committed to working with established companies in the lower middle markets, investing in growing businesses with $5 million to $15 million in revenues and strong management teams that can realise their objectives. ABS Capital applies its deep knowledge of customer needs and emerging trends to identify areas of opportunity for managers, such as Beep, who have the vision to seize them.
ABS Capital invests primarily in growth-oriented companies in the business services and healthcare services sectors; however, they occasionally identify other growth areas with which they are comfortable and knowledgeable. These investments are made through syndications of venture capital investors or direct purchases at a market rate. Their goal is to enable current management teams to benefit from additional capital while retaining potential upside associated with ownership not diluted by venture investment funds.
The Series A extension led by ABS Capital allows Beep autonomy to acquire additional capital while preserving the founder’s ownership stake. The infusion of additional capital allows Beep to accelerate research, development and product innovation that will ultimately bring autonomous shuttles to scale.
Orlando-based Beep, which is developing autonomous shuttles, raises a $25M Series A extension led by ABS Capital, bringing its total funding to about $50M (Alex Soderstrom/Orlando Business Journal)
The recent investment in Orlando-based Beep, which is developing autonomous shuttles, is a testament to the confidence of ABS Capital in the innovative technology behind the venture. The funding of $25M marks a major milestone for the company, bringing their total funding to about $50M. ABS Capital recognises the potential of autonomous shuttles in creating a safe, efficient, and reliable public transportation system.
In this article, we will delve into the potential impact of this investment.
Benefits to Beep
Beep joining forces with ABS Capital has numerous benefits to both parties. It provides Beep with the resources to expand their operations and continue developing autonomous shuttles while allowing them greater market access. Additionally, shareholders and stakeholders benefit from increased visibility and wider distribution of Beep’s products.
The $25 million Series A extension will allow Beep to engage in various initiatives to help it stay ahead of other companies in its space. This includes strengthening its product line, building out additional features related to autonomous shuttles, expanding into new markets, and bettering its customer experience. The capital also allows it to invest in research and development efforts, aiming for more comprehensive autonomy solutions that increase efficiency and scalability while improving collaborative decision-making capabilities.
For ABS Capital, this investment is a key source of revenue opportunity provided by Beep’s rapidly growing market presence due to its differentiated products in a dynamic industry sector. Further, the venture firm benefits from ownership privileges and an equity stake in what is expected to be a major player in the world of autonomous shuttles.
Lastly, this non-dilutive capital infusion will help boost investor confidence in what is anticipated to be an immensely successful venture for both parties involved.
Impact on the local economy
Investing in Beep will be a great boon to Orlando’s local economy and growing mobility sector. The hefty $25M Series A extension established a significant level of interest and confidence in the innovative autonomous vehicle technology that Beep has been developing. This shows the City of Orlando’s commitment to upgrading its technology infrastructure while creating new job opportunities for its residents.
The influx of capital will allow Beep to continue investing in key areas like engineering and research. In addition, the company can ramp up prototyping for its shuttles, expand their sales tactics and explore possible partnerships with other tech companies throughout the region. As Beep grows and strengthens, it will have a positive ripple effect on the local economy since it will need to hire more personnel, purchase more resources from suppliers within Orlando, thus increasing taxable revenue for the city.
Beep’s success would also open potential opportunities for other autonomous vehicle companies in Orlando looking to get funded and expand their operations. The eventual application of such technology could carry multiple improvements that would make mobility solutions simpler, faster, cheaper and safer for everyone—from commuters using public transport systems to road safety professionals overseeing large-scale traffic management projects—all while providing economic benefits. Furthermore this investment could result in greater strategic collaboration with area research centres academics who specialise in artificial intelligence (AI) or robotics which at long term could lead to major technological advancements beneficial not only locally but globally as well.
tags = Orlando-based Beep, Beep Inc, Beep’s autonomous vehicle, self-driving shuttle, beep card, orlandobased beep abs 50msoderstrom businessjournal
