Florida Funders has invested in an Alabama software development company focused on creating a safer autonomous future.
The Tampa-based venture capital firm participated in a $2 million funding round for Autonoma, an early-stage company based in Auburn, Alabama.
Saxon Baum, a partner at Florida Funders, said the investment from Florida Funders’ Fund 3 LLC marks a pivotal move in refining AV technology.
“We’re just excited for them to continue to push their go-to-market function,” Baum told Tampa Bay Inno. “We're investing in the founders, we're investing in the team and we're investing for the equity."
Autonoma offers a synthetic data platform that accurately replicates vehicle dynamics, sensor systems and environmental conditions. The advanced technology tackles a challenge in the AV industry: ensuring the safety of autonomous systems across diverse scenarios.
“We are thrilled to embark on this new partnership with Florida Funders through their investment in Autonoma," Will Bryan, founder and CEO of Autonoma, said in a statement. "Throughout the process, their team has impressed us with exceptional communication and a clear understanding of our vision for a safer autonomous future through virtual testing in diverse applications. As we enter this next phase of growth, Florida Funders brings not just capital but also a wealth of experience, connections and energy."
Florida Funders has already fully deployed its Fund 1 and is close to completing Fund 2, which totals $60 million, according to the company. The firm has now started investing from Fund 3, with Autonoma being the fifth investment from this fund.
Autonomous investments
When looking at newer autonomous industries and verticals, there are usually two types of investments, Baum said.
“You can invest in the retail companies, the companies that are going to market in autonomous vehicles, or you can invest in the picks and shovels infrastructure layer, things that all types of companies that are in the autonomous vehicle space could work with,” he said. “We typically like to look at these ancillary picks that allow us to have exposure to a new market."
Florida Funders wants to continue investing in the AV and electric vehicle space, according to Baum, and already has another company in its second fund in the same industry.
“What excites us most is the team's deep expertise and the remarkable traction they’ve achieved in such a short time,” Chelsea Oppenheim, director of investments at Florida Funders, said in a statement. “Autonoma is not only addressing a critical need in the market but is also positioned to be a key player in the rapidly expanding autonomous vehicle sector.”
