Teleo Secures $12 Million Series A to Turn Construction and Mining Equipment into Semi-Autonomous Robots
08 Jun, 2022, 09:00 ET
PALO ALTO, Calif., June 8, 2022 /PRNewswire/ -- Teleo is a construction robotics company that retrofits construction and mining heavy equipment to turn them into semi-autonomous robots. Today, they announced they have raised $12M in Series A funding led by UP.Partners. F-Prime Capital and K9 Ventures also joined the round, as did Trucks Venture Capital, who led their seed round, along with several angel investors. This funding will enable Teleo to scale the deployment of their product and further invest in R&D in Teleo Supervised Autonomy technology. This will directly address critical industry challenges around the skilled operator shortage and low productivity.
"With this Series A funding, we plan to double down on hardening and deploying technology that lets our customers operate their existing fleets of heavy equipment semi-autonomously," said Vinay Shet, Co-Founder and CEO of Teleo. Teleo lets construction and mining contractors run their heavy equipment without an operator in the cabin. Instead, with Teleo Supervised Autonomy technology, the operator can control multiple pieces of equipment while sitting at a remote control station. This significantly enhances safety and productivity.
"Teleo was founded by two exceptional individuals, with extensive backgrounds in deep technology and autonomy. We believe their approach to bringing human supervised autonomy to the heavy equipment market is incredibly insightful and important. Teleo's technology positively impacts the ROI of operation, while both upskilling the operator community, and increasing safety levels," said Adam Grosser, Chairman and Managing Partners of UP.Partners.
Teleo's path to reaching customers includes multiple distribution channels including partnering with heavy equipment distributors. Along with the Series A funding, Teleo is officially partnering with RDO Equipment Co., a construction equipment and technology supplier and one of John Deere's largest dealerships. Contractors across the United States rely on the service and support provided by RDO to meet their heavy equipment and technology needs. Partnering with RDO will let Teleo scale the deployment of their systems while offering their customers superior service and support.
This week, Teleo is one of the featured companies at UP.Partners' annual UP.Summit conference, the definitive gathering of the multi-dimensional mobility community, where they demonstrated their (literally) groundbreaking technology to press, fellow mobility tech leaders, as well as the general public at UP.Summit's Community Day event.
For :30 second video footage of Teleo's Supervised Autonomy technology in action, please visit: Teleo - Supervised Autonomy Video
Teleo is revolutionizing heavy equipment operations by turning construction and mining equipment into semi-autonomous robots. Their Teleo Supervised Autonomy technology lets contractors operate existing heavy equipment without an operator in the cab, letting a single operator control multiple pieces of equipment from a remote desk. This increases productivity, safety, and operator satisfaction — critical challenges in the construction and mining industries. Teleo is backed by UP.Partners, F-Prime Capital, K9 Ventures, YCombinator and a host of industry luminaries.
Transportation is the underlying fabric of society. UP.Partners invests in the pioneering entrepreneurs who are creating the key enabling technologies that help move people and goods cleaner, faster, safer, and more efficiently in a multi-dimensional world. UP.Partners with some of the world's most innovative investors and companies including Alaska Airlines, ARK Invest, and Woven Capital, the investment arm of Toyota subsidiary Woven Planet Group. UP.Summit convenes the mobility community's brightest minds each year to help humanity go UP. Together, the UP community is transforming the moving world. For more information, visit UP.Partners or follow on Twitter @UpPartnersVC or LinkedIn.
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