Automated Mobility Firm Beep Secures $25M in Funding

Beep, the Florida-based provider of multi-passenger, electric, autonomous mobility solutions, received $25 million in Series A-1 funding, the company announced Tuesday (March 23).

This latest infusion of cash will enable Beep to further develop its software while advancing its flagship public transit autonomous mobility service focused on first and last-mile transportation networks, the company said.

The round was led by ABS Capital and supported by Intel Capital, Blue Lagoon Capital, TDF Ventures and Hidden Creek Management.

Founded in 2018, Beep said it has safely advanced the testing of driverless shuttles for the public and private sectors while working with the National Highway Traffic Administration and its autonomous vehicle test program.

Over the last two years, Beep has deployed and tested on more than 20 public road routes across multiple states.

“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,” said Joe Moye, Beep CEO.

Last month, PYMNTS reported the U.S. House Transportation and Infrastructure subcommittee held a hearing on the road ahead for automated vehicles. Most of the participants highlighted the need to adopt new rules for autonomous vehicles (AV), with differences in the most important area to regulate.

Read more: Autonomous Vehicle Advocates Press White House for Coordinated, National Rules

Ariel Wolf, general counsel of the Autonomous Vehicle Industry Association, which includes as members Ford, Waymo, Lyft, Volvo and Uber, said new rules are needed to remove barriers to the deployment of AV technology.

Driverless vehicles are safer than human-operated vehicles, he said. They will reduce the number of fatalities in U.S. roads.

But to achieve these goals, Wolf said, the industry must increase consumer trust in autonomous vehicles, and a national movement is needed to do that.