The Academy of Robots, which is developing an Artificial Intelligence controlled driverless delivery vehicle designed to deliver multiple packages to multiple addresses in residential areas, has reached its investment target with some time to spare.
We reported on the company’s efforts to raise £300,000 on 21 June, 2017 on the Crowdcube platorm.
It has now reached £310,060 from 220 investors, with 14 days fundraising left. Just over 15% of the equity is for sale and the company’s pre-money valuation is £1.6m.
The main product, the Kar-Go, is targeted at the $78bn last-mile delivery market and the team, led by William Sachiti (founder and CEO), has been accepted onto Nvidia’s Inception AI Accelerator programme.
The company is currently finalising their first full-size prototype for testing, working alongside Pilgrim, a UK car manufacturer. It is said to be in discussions with several of Europe’s largest FMCG brands to secure the last-mile delivery market, removing the need for humans, and allowing customers to receive deliveries at almost any time, and at a fraction of the traditional cost.
The aim is to develop two street-legal delivery vehicles to test on the road with retailers by the end of 2017. The company plans to raise a Series-A investment round in 2018 for a larger roll-out and paid trials
AI is being used to navigate the vehicle, as well as manage the entire delivery.