Teleo – a company building autonomous technology for heavy equipment – announced it has raised $16.2 million in Series A extension funds in addition to its previously announced Series A funding round. Teleo’s first extension round, totaling $9.2 million, was led by UP.Partners, with participation from other investors, including new investor Trousdale Ventures and return investor F-Prime Capital. And the second extension, totaling $7 million, was also led by UP.Partners, with participation from new investor Triatomic Capital and returning investors F-Prime Capital and Trucks Venture Capital, and others. Since its founding in 2019, Teleo has raised $29.8 million.
The company will primarily use the funds to scale customer deployments and continue its expansion in new industries that use heavy machinery, such as wheel loaders, terminal tractors, excavators, and more. Teleo will also use the funding to enhance its AI capabilities, including advancing autonomous features, integrating large language models (LLMs) to unlock operator efficiency further, and collecting real-world data to continue training AI models.
Teleo also announced it has raised $16.2 million in Series A extension funds in addition to the company’s previously announced Series A funding round.
Teleo also recently announced it received new orders for 34 machines from 9 new customers from new and existing industries. And the company secured customers in the pulp and paper; logging; port logistics; munition clearing; and agriculture industries. The company is also targeting expansion into other industries such as airports; waste and recycling; logistics; warehousing; etc.
Teleo converts any make, model, and vintage of heavy equipment, such as bulldozers, wheel loaders, and excavators, into autonomous and remote-operated robots. The combination of remote and autonomous operations, called Supervised Autonomy, enables one operator to supervise multiple autonomous machines working simultaneously by enabling the operator to perform complex tasks remotely as needed. The operator sits at a central command center that can be stationed locally or thousands of miles away.
Many industries utilize heavy machines to perform repeatable and predictable tasks where Teleo’s technology can help, especially with major labor shortages.
Teleo’s global dealer partner network includes dealers in the United States, Canada, Europe, Australia, North Africa, and the Middle East. The company also demonstrated the world’s longest supervised autonomous operation in history when operators in Dallas controlled machines at a worksite in Finland, over 5,000 miles away.
KEY QUOTES:
“Our strong conviction in Teleo’s solution comes from the incredible impact their technology for remote and autonomous operations of heavy machinery is having for some of the largest operators in the world. In addition to significant productivity gains, Teleo creates a positive effect on the workforce, where skilled labor shortages are endemic to the industry. Teleo’s retrofit technology helps to make equipment operator jobs more accessible and safer, in addition to improving customer profitability by reviving machines that were otherwise sitting idle.”
- Adam Grosser, Chairman and Managing Partner at UP.Partners
“Teleo’s technology has created a groundswell of support and excitement with its customers, distributors, and across the industries it serves. It’s rare to find a technology that delivers on the promise of being truly revolutionary for legacy industries and capable of solving a wide range of challenges, such as labor shortages. Teleo is capturing customers across an array of industries, and the company is positioned well to scale quickly.”
- Sanjay Aggarwal, Venture Partner, F-Prime Capital
“There is a strong value proposition of our technology across many industries that leverage heavy machinery and our focus is to fulfill and scale our solid pipeline of orders. There’s a wider, untapped range of industries where Teleo Supervised Autonomy can provide instant value. We will use these funds to further deploy and scale our technology so we can continue to address historic labor shortages and deliver a positive impact.”
- Vinay Shet, Co-founder and CEO, Teleo
