An Orlando-based business that less than two years ago launched operations has attracted the investment dollars of Intel Corp., the world’s seventh-biggest tech company.
Intel Capital and Sunrise, Florida-based Blue Lagoon Capital led Beep Inc.’s latest — and biggest— venture capital raise. The autonomous shuttle operator landed roughly $20 million in a Series A investment round, Orlando Business Journal reported May 4. This capital funds Beep as it rolls out more routes and services in Florida and beyond, which local jobs to be created as a result.
'Track record of success'
Before the investment, Beep leadership already was familiar with Intel Capital, the venture capital arm of Santa Clara, California-based tech giant Intel (Nasdaq: INTC), CEO Joe Moye told OBJ. Intel Capital led multiple investment rounds for tech company Virtustream, where Moye was president of the software unit before being named Beep CEO in 2019. The connections to Virtustream run deep for Beep, as Chief Financial Officer Brian Curran and Chief Technology Officer Clayton Tino both served in leadership positions at Virtustream.
"There was some track record of success for working together," Moye said.
Intel Capital previously displayed interest in autonomous technologies, including a 2016 commitment to $250 million in autonomous vehicle investments. Intel Capital was interested in Beep’s ability to act as a “bridge” in the deployment of self-driving vehicle networks in cities, campuses and more, Intel Capital Managing Director Mark Lydon said in a prepared statement.
“They are doing the necessary work of putting concept into action, and they have the technology capabilities to chart new territory.”
Of course, Intel Capital was not the only investment group to laser in on Beep. Beep’s focus on autonomous technology, as well as the engineering and software to manage it, gives the company an advantage, Blue Lagoon Partner Kevin Reid said in a prepared statement. “Beep’s solutions provide the continuous level of oversight necessary to close the gap that currently exists with today’s autonomous vehicle platforms.”
Intel Capital and Blue Lagoon Capital executives could not be reached for further comment.
It is a significant investment deal for Orlando’s startup sector. The deal, worth $23.3 million according to the U.S. Securities & Exchange Commission, is the third-biggest in metro Orlando this year, according to data from the SEC, Pitchbook and National Venture Capital Association.
More routes, more jobs
Beep plans and manages transportation routes for electric, autonomous shuttles. The company, which began with a 1-mile route in Lake Nona, is expanding across Florida and the U.S.
The firm in April launched a fifth route on its Lake Nona service network, connecting Nemours Children’s Hospital to Lake Nona Town Center Boxi Park venue that features food trucks, live music, a beach volleyball court and more. Plus, Beep last year launched in downtown Tampa and Mattamy Homes’ Tradition community in Port St. Lucie.
Meanwhile, the company in May deployed the first self-driving shuttles at Yellowstone National Park, with the first passenger pickup coming June 9. New shuttle deployments in Georgia and Texas are also in the works, Moye said.
As the company’s footprint grows, so does its workforce. Beep now employs more than 70 people, up from 20 before the pandemic. Beep expects to reach 100 employees by early 2022, Moye said. Most of its workers are based in Lake Nona, where Beep operates its headquarters and global command center.
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