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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.
BeyondMath Raises $8.5 Million to Revolutionize Physics-Based Engineering with Groundbreaking AI-Powered Simulation Platform
BeyondMath, a leader in advanced engineering simulation, announced it has secured $8.5 million in seed funding led by UP.Partners, with significant participation from Insight Partners and InMotion Ventures, the investment arm of JLR. This funding supports BeyondMath’s ambitious mission to reshape engineering practices globally with its AI-driven multiphysics simulation platform, which accelerates engineering iterations by a factor of 1,000 compared to current solutions.
To help achieve this mission, BeyondMath is among the first to adopt an NVIDIA DGX H200 system to enhance the capabilities of its platform. DGX H200 systems provide advanced AI supercomputing, allowing BeyondMath to train its physics solver at industrial scales and helping it deliver even more groundbreaking solutions to its customers.
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.