Beep, a provider of multi-passenger, electric, autonomous mobility solutions with operations in Peachtree Corners, announced recently it received $25 million in funding that will enable it 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.
The Series A-1 funding was led by ABS Capital with supporting participation from industry leaders Intel Capital, Blue Lagoon Capital, TDF Ventures and Hidden Creek Management.
This latest round reflects Beep’s rapid growth to meet autonomous market demand because it:
- Advances Beep’s software platform aimed at achieving Level 4+ autonomous public transit. Level 4 is fully autonomous driving, although a human driver can still request control and the car still has a cockpit. In level 4, the car can handle the majority of driving situations independently.
- Expands on Beep’s proven record of delivering turn-key autonomous urban mobility services.
- Increases company capitalization to-date to approximately $50 million.
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 delivers on a primary goal of enabling mobility-for-all with the services and software they provide.
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,” said 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,” said Krusius.
This latest funding round follows a strategic collaboration announcement in February 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 the City of Peachtree Corners and communities such as Lake Nona in Orlando, Florida and Tradition in Port St. Lucie, Florida, Beep is working with many municipalities and transit authorities to enhance access to main corridors in underserved and urban areas.
