Academy of Robotics launches £20 million pre-series A fundraise having received £1 million investment from the UK government’s Future Fund
Academy of Robotics, a high-growth British autonomous vehicle and robotic technology company, today announces it has launched its pre-series A fundraising which will be accessible to all individuals. The fundraise will provide an opportunity for professional and retail investors to participate in pioneering autonomous technology that has a proven application in last-mile logistics and to invest in a company which already has a fully-licensed, custom-built autonomous vehicle (AV) on the roads in the UK.
Top iTechnology 5G Technology News:Â Mavenir and Qualcomm Accelerate Next Generation 5G Infrastructure with Expanded Portfolio of Open RAN Solutions
Academy of Robotics developed its first AV, the Kar-go Delivery Bot, using proceeds from an initial crowdfunding round in 2017. The company successfully proved its complete self-driving delivery technology in road trials with the Royal Air Force (RAF) in September 2021. The trials focused on last-mile airbase logistics, supporting RAF personnel by using the Kar-go Delivery Bot to run delivery errands around the UK’s largest airbase at Brize Norton, Oxfordshire.
As part of the company’s current £20 million investment round, Academy of Robotics has already secured a £1 million investment and, in April 2021, it received a further £1 million in match-funding through the UK government’s Future Fund scheme. The scheme (which has now closed for applications) aims to support UK-based companies, subject to at least equal match-funding from private investors.
With the first £2 million secured, the company has now allocated at least £1 million of its total £20 million pre-series A fundraise to retail investors using Crowdcube’s nominee service. Academy of Robotics is the first British autonomous vehicle company to launch a pre-series A fundraise on Crowdcube at this stage of proven development, based on data provided by Beauhurst and Crowdcube.
The pre-series A funding will be used to scale-up production of its electric AV technology, which will facilitate opportunities for retail investors to directly benefit from the company’s growth and accelerated expansion. This includes Academy of Robotics opening a new factory and test-track facility in a rural location in the East of England, which will create at least 100 new jobs by 2023, including skilled work and technological development opportunities.
William Sachiti, CEO and Founder of Academy of Robotics, said: “Having achieved so much since our last fundraise, we are excited to launch our next round, offering the community of individual investors a chance to participate in the high-growth autonomous vehicle and robotic technology space in the UK. As we support the UK competing for its rightful share of the global AV sector, we can, at the same time, alleviate some of society’s challenges, including supply chain pressures and air pollution.
“The UK government’s Future Fund investment has provided us with a valuable funding injection following a challenging couple of years for high-growth technology start-ups, which will allow us to make the critical investments we need to scale to the next level at pace and stay ahead in this highly competitive, fast-moving autonomous vehicle space.”
Kar-go was first manufactured in partnership with a classic-car specialist in West Sussex and in collaboration with a British former F1 car designer. This demonstrates the talent that exists within the British automotive industry and its willingness to combine with British expertise in AI technology.
Minister for Investment Lord Grimstone said: “The UK is a world leader in the development of automated vehicles and we are working closely with industry to ensure we remain one of the best locations in the world for automotive innovation, providing jobs across the country. Today’s announcement demonstrates our commitment to encouraging the growth of high potential British technology companies, and I look forward to seeing Academy of Robotics go from strength to strength as we build back better.”
Top iTechnology IOT News: Advancing IoT Open Standards, EMQ Becomes OASIS Open’s Newest Foundational Sponsor
William Sachiti commented: “The UK has been a great environment to develop our innovative, autonomous robotic technology. The supportive regulatory environment means that with the approval of one body – the DVLA – we can test our vehicles across the UK, which has seen us already successfully trialling Kar-go in diverse, real-life road conditions. The UK’s well-established crowdfunding scene means we have largely developed as a community-funded enterprise, which is so important for responsible innovation in the AV sector rather than face pressures to ‘move fast and break things’.”
Alongside its core focus on last mile logistics, Academy of Robotics recognises other use cases where its vision and robotic technology can solve wider challenges for the UK, if not globally.
The Kar-go Delivery Bots have been certified as roadworthy by the DVLA. Having commenced trials on UK roads (in Hounslow) in November 2020, Academy of Robotics has since expanded its trials to include Surrey and South London. In the first Hounslow road trials, the company used its contact-free self-driving technology to deliver medicines during the pandemic and Academy of Robotics is now working on further developments in medical logistics.
Top iTechnology Cloud News:Â Absolute Software Completes SOC 2 Type 1 Certification for NetMotion Platform
[To share your insights with us, please write to sghosh@martechseries.com]
