Teleo
Assembly Line
Teleo Raises $16.2 Million in Series A Extension Funds Led by UP.Partners
Teleo, a company building autonomous technology for heavy equipment, announced it has raised $16.2 million in Series A extension funds in addition to the company’s previously announced Series A funding round. 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 funds to enhance its AI capabilities, including advancing autonomous features; integrating large language models (LLMs) to further unlock operator efficiency; and collecting real-world data to continue training AI models. 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, among others. The second extension, totaling $7 million, was also led by UP.Partners, with participation from new investor Triatomic Capital, as well as returning investors F-Prime Capital and Trucks Venture Capital, among others. Since inception in 2019, Teleo has raised $29.8 million.
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, allows one operator to supervise multiple autonomous machines working simultaneously by enabling the operator to remotely perform complex tasks as needed. The operator sits at a central command center that can be stationed locally or thousands of miles away. There are many industries that use heavy machines to perform repeatable and predictable tasks where Teleo’s technology can help, especially amid historic labor shortages. For example, the Associated General Contractors of America estimates that 91% of construction firms are having a hard time finding workers to hire, driving up costs and project delays.
Teleo and Storm Equipment Introduce America's Only Remote-Operated and Autonomous Industrial Snow Plow
Teleo, a company building autonomous technology for heavy construction equipment, and Storm Equipment, one of the largest distributors of commercial snow plow equipment, introduced the only remote-operated and autonomous industrial snow plow commercially offered in the United States. With support from Teleo dealer RDO Equipment Co., the companies worked to retrofit a John Deere 332G skid steer loader with Storm Equipment’s Metal Pless snow plow blade and Teleo Supervised Autonomy, Teleo’s technology that enables remote and autonomous operations. The machine is designed for mass snow clearing in large open areas such as industrial parking lots. Customers can order the retrofit of any make and model of heavy equipment for remote-operated and autonomous operations from Teleo, along with an autonomous-ready snow plow blade properly sized for each machine type from Storm Equipment.
Announcing Teleo's Series A
Our Series A is led by UP.Partners, with new investors F-Prime Capital and K9 Ventures joining the round. We’re grateful Trucks Venture Capital, who led Teleo’s seed round, has participated again
The biggest challenge facing heavy civil and mining contractors today is shortage of skilled labor. Finding and retaining operators to run heavy equipment, like dozers, excavators, trucks, wheel loaders, and more, is increasingly difficult. To address this problem, Teleo is developing autonomous technology that retrofits contractors’ existing heavy equipment and turns the machines into semi-autonomous robots. Teleo lets construction and mining contractors run their heavy equipment without an operator in the cabin. Instead, Teleo Supervised Autonomy technology enables the operator to control multiple pieces of equipment while sitting at a remote control station — which significantly enhances both safety and productivity.