The next 24 months will be a critical time for Beep Inc.
The Orlando-based self-driving shuttle operator on March 22 announced it raised $25 million from investors. That money will fund further development of Beep's autonomous vehicle software platform that will enable the shuttles to be operated entirely remotely, CEO Joe Moye told Orlando Inno.
Meanwhile, Beep's growth generates jobs. The firm employs roughly 80 people, with an expectation to have 100 employees by the middle of the year, Moye added.
Intel, others invest in Beep
Currently, Beep shuttles drive themselves but have an attendant on board. However, the company is working toward reaching automotive engineer association SAE International’s definition of Level 4 driving automation. Level 4 means the shuttles can drive themselves with no human driver intervention under certain conditions. It’s just shy of Level 5, the highest level of autonomy, which is fully autonomous vehicle operation in any conditions.
In addition to software developments, the funds will fuel expansion of Beep's network of driverless shuttle routes. Beep in 2019 launched its first shuttle route, a one-mile route in Lake Nona. In less than three years since, Beep deployed more than 20 routes across the U.S.
Beep also is in discussions with the city of Orlando to deploy autonomous vehicles in downtown Orlando.
Baltimore, Maryland-based ABS Capital led the round, with participation from other investors including Intel Capital, the venture capital arm of Santa Clara, California-based tech giant Intel Corp.; Sunrise, Florida-based Blue Lagoon Capital; Chevy Chase, Maryland-based TDF Ventures and Hidden Creek Management.
This fundraising round represented ABS Capital's first investment into Beep. The company's growth and high-profile partnerships caught ABS Capital's interest, venture partner Jennifer Krusius said in a prepared statement. "Beep has only existed for three years and is already a leader in the autonomous shuttle category. The company has an opportunity to grow its existing services and use its operational experience and data to build unique software solutions that provide material upside opportunities."
The fundraising deal brings Beep's capitalization to roughly $50 million, according to the company.
Growth speeds up
Beep already is off to a hot start in 2022 after a strong year in 2021.
Beep last year closed a $20 million investment round and opened its new Lake Nona headquarters/command center. Plus, the firm was named a 2022 Orlando Inno Fire Awards honoree.
Of course, Beep stands to expand its presence even further. In February, Beep announced it's teaming up with Mobileye, an Israeli subsidiary of Intel Corp., and German manufacturer Benteler to build and deploy “autonomous movers,” which essentially are self-driving shuttles, across the U.S. in 2024. As part of this endeavor, Beep and Benteler will establish a manufacturing facility in the U.S. to produce the vehicles.
Meanwhile, the fast-growing autonomous vehicle sector draws large chunks of investment capital. Last year, $12 billion was invested in the space, up 50% from 2020, according to business analytics firm CB Insights.
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