Academy of Robotics launches £20 million pre-series A fundraise having received £1 million investment from the UK government's Future Fund LONDON, March 1, 2022 /PRNewswire/ -- Academy of Robotics, a high-growth British autonomous vehicle and robotic technology company, today announces it has la
Academy of Robotics launches £20 million pre-series A fundraise having received £1 million investment from the UK government's Future Fund
LONDON, March 1, 2022 /PRNewswire/ -- 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.
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."
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.
For further details visit www.academyofrobotics.co.uk/investors.
Notes to editors:
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The SMMT predicts that Connected and Autonomous Vehicles could create over 420,000 new jobs with 20,000 new jobs created in the automotive sector and notes that "To realise this potential, however, the conditions must be right, and sustained support from government will be vital".
According to the World Economic Forum, emissions from delivery traffic will increase by 32% and congestion will rise by over 21% unless serious action is taken to tackle this.
About the Future Fund
The Future Fund was established to support the UK's innovative businesses currently affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. The Future Fund, now closed to new applications, provides eligible companies with convertible loans, on the condition that private investors at least match the government's commitment. The convertible loans are designed to convert into equity at the next qualifying funding round. The Future Fund is developed by the government and delivered by the British Business Bank.
About Academy of Robotics
Academy of Robotics is a technology company which specialises in R&D to create technology to perform or simplify complex tasks. Combining the best techniques from machine learning and mechatronics, Academy of Robotics builds powerful self-adapting machines and task specific artificially intelligent software.
The team of leading engineers, scientists, and researchers were the first company to build and deploy a custom-built self-driving car and operating system on the roads in the UK. The project is known as Kar-go.
CEO, serial entrepreneur, William Sachiti set up the company in 2017 together with Dr. Elio Tuci as well as lead engineer Dr Aparajit Narayan when they met at Aberystwyth University, the home of the team who developed the intelligent vision system for the autonomous Mars rover. Prior to enrolling at Aberystwyth, William Sachiti had already successfully exited two businesses to major brands, including Secret Escapes. William was named "Disruptor of the Year" in the Great British Entrepreneur Awards this year.
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