Mar 22, 2022, 09:00 ET
Latest Round Reflects Beep's Rapid Growth to Meet Autonomous Market Demand
- Advances Beep's software platform aimed at achieving Level 4+ autonomous public transit
- Expands on Beep's proven record of delivering turn-key autonomous urban mobility services
- Increases company capitalization to-date to approximately $50 million
LAKE NONA, Fla., March 22, 2022 /PRNewswire/ -- Beep, a provider of multi-passenger, electric, autonomous mobility solutions, announced today $25 million of Series A-1 funding, led by ABS Capital, with supporting participation from Intel Capital, Blue Lagoon Capital, TDF Ventures and Hidden Creek Management. The funding will enable Beep to further develop its autonomous software platform while also advancing its flagship public transit autonomous mobility service focused on first and last-mile transportation networks.
Founded in 2018, Beep has safely advanced the testing of autonomous shuttles for the public and private sectors while working closely with the National Highway Traffic Administration and its autonomous vehicle test program. Over the last two years, Beep's safety-centric approach has enabled them to deploy and test over 20 public road routes across multiple states.
"We are thrilled to welcome ABS Capital and TDF Ventures into the Beep family as we continue to bring the vision of autonomous mobility to life with our Series A investment partners, Intel Capital and Blue Lagoon Capital. 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 new capital will enable us to further develop the solutions required to achieve this mission. " – Joe Moye, Beep CEO
ABS Capital is a growth equity firm that invests in leading software and tech-enabled services businesses. As a result of the investment by ABS Capital, Jennifer Krusius will serve on Beep's Board of Directors. ABS Chairman and Partner Phil Clough will also join the Beep Board as an observer.
"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. ABS Capital was drawn to Beep's recent partnerships and growth initiatives. We are excited to be a part of Beep's rapid growth." – Jennifer Krusius, ABS Capital
This latest funding round follows a strategic collaboration announcement in February 2022 with Intel's Mobileye and BENTELER to develop and deploy automotive-grade, fully electric, autonomous people movers for public and private communities by 2024 across North America aimed at first and last-mile use cases. The purpose-built autonomous mover from Benteler EV Systems will be underpinned by Mobileye's industry-leading self-driving system, Mobileye Drive™, and supported by Beep's proven deployment and operations systems, technology and services.
In addition to established partnerships with communities such as Lake Nona in Orlando, Florida, Tradition in Port St. Lucie, Florida and the City of Peachtree Corners, Georgia, Beep is working with many municipalities and transit authorities to enhance access to main corridors in underserved and urban areas. Most recently, Beep and the Vision 2 Reality (V2R) Team were awarded the country's largest-ever public sector autonomous shuttle project with the Jacksonville Transportation Authority's Ultimate Urban Circulator Project. The first phase of the project will implement a fleet of autonomous shuttles in downtown Jacksonville.
Beep delivers the next generation of mobility services utilizing driverless, electric, multi-passenger vehicles. By specializing in planning, deploying and managing advanced autonomous shuttles for both private and public communities, Beep safely connects people, places and services in first-mile, last-mile mobility networks. Beep also leverages the data and learnings from its public road deployments to produce vehicle agnostic, edge solutions meant to enhance safety, access, artificial-intelligence and driverless operating capabilities of autonomous platforms. Beep delivers on a primary goal of enabling mobility-for-all with the services and software they provide. For more information visit: www.ridebeep.com
About ABS Capital
ABS Capital provides growth equity capital to B2B software and tech-enabled services businesses with strong technology and data underpinnings looking to scale with the right partners. Building businesses has been our passion for more than 30 years. Over that time, we have invested more than $2.5 billion in approximately 130 companies across eight funds. We bring our investing, operational, infrastructure, technology, and business development skills to amplify the success of growing businesses with data-driven business strategies, market research and analytics, and rolling up our sleeves to support talented management teams. ABS Capital: building emerging growth businesses into industry leaders. For more information, visit www.abscapital.com.
About Intel Capital
Over three decades, Intel Capital has invested more than US $20 billion in the future of compute by backing standout, early-stage startups across four key areas of the tech ecosystem; Cloud, Silicon, Devices, and Frontier. Intel Capital-backed companies have produced more than US $150 billion in market value for exited companies in the last 10 years. For more information, visit www.intelcapital.com or follow @Intelcapital.
About Blue Lagoon Capital
Blue Lagoon finds that the best early-stage technology investing results come from not chasing hype-cycles and generalized investment themes, but rather from finding and developing very specific and commercially prosecutable software and services that meet early, yet demonstrable, market needs: www.blu.biz
About TDF Ventures
TDF Ventures is an early-stage venture capital firm with offices in Washington, DC and Silicon Valley. We focus on startups that serve enterprise markets within infrastructure, software, and services (IaaS, SaaS, XaaS). We are currently investing out of a $150M Fund V. Current areas of focus include infrastructure software, logistics tech, AI/ML, business process automation, cybersecurity, and climate tech. For more information and to see how we are empowering entrepreneurs to create what didn't exist before, visit : www.tdfventures.com.
Contact: Beep Corporate Communications
SOURCE Beep, Inc.
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