June 8, 2022
Teleo, a construction robotics company that retrofits existing construction and mining heavy equipment to turn them into semi-autonomous robots, has announced raising $12 million in Series A funding. The funding will be used to scale the deployment of their product and further invest in research and development in Teleo Supervised Autonomy technology, to address critical industry challenges around the skilled operator shortage and low productivity.
The company’s technology allows contractors to operate existing heavy equipment without an operator in the cab, letting a single operator control multiple pieces of equipment from a remote desk. The company said this increases productivity, safety, and operator satisfaction for the construction and mining industries.
“With this Series A funding, we plan to double down on hardening and deploying technology that lets our customers operate their existing fleets of heavy equipment semi-autonomously,” said Vinay Shet, co-founder and CEO of Teleo.
The funding round was led by UP.Partners, with participation from F-Prime Capital, K9 Ventures and Trucks Venture Capital, which led the seed round with several angel investors.
“Teleo was founded by two exceptional individuals, with extensive backgrounds in deep technology and autonomy,” said Adam Grosser, chairman and a managing partner of UP.Partners. “We believe their approach to bringing human supervised autonomy to the heavy equipment market is incredibly insightful and important. Teleo’s technology positively impacts the ROI of operation, while both upskilling the operator community, and increasing safety levels.”
In addition to the funding news, Telo said it is partnering with RDO Equipment Co., a construction equipment and technology supplier that is also one of John Deere’s largest dealerships. Partnering with RDO will let Teleo scale the deployment of their systems while also offering customers service and support, the company said..
For more details on Teleo and its technology, visit its website here.