Teleo has raised $12 million in Series A funding that will enable robotics firm to scale the deployment of their product and further invest in R&D in its Supervised Autonomy technology.
Teleo is a construction robotics company that retrofits construction and mining heavy equipment to turn them into semi-autonomous robots, which it says directly addresses critical industry challenges around the skilled operator shortage and low productivity. Teleo Supervised Autonomy technology allows a machine operator to control multiple pieces of equipment while sitting at a remote control station.
“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, in a prepared statement.
The funding was led by UP.Partners. F-Prime Capital and K9 Ventures also joined the round, as did Trucks Venture Capital, who led their seed round.
“Teleo was founded by two exceptional individuals, with extensive backgrounds in deep technology and autonomy,” said UP.Partners chairman and managing parter, Adam Grosser, in a statement. “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.”
Teleo’s path to reaching customers includes multiple distribution channels including partnering with heavy equipment distributors. Teleo is partnering with RDO Equipment Co., a large John Deere dealership. Partnering with RDO will let Teleo scale the deployment of their systems while offering their customers service and support.
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Source: Teleo
