Starship Technologies plans to use the funds to support research and development initiatives. Here are the top-line bullets you need to know.
Starship Technologies, a manufacturer of autonomous delivery robots, has raised $56.4M from the European Investment Bank.
How’s the company performing?
- California-based Starship Technologies manufactures and operates fleets of electric, autonomous delivery robots.
- Since its launch in 2014, the company has processed more than 2.5M commercial deliveries. It currently completes 10K deliveries a day, on average.
- Campus deployments account for around 70% of the company’s business.
- The company’s self-driving delivery vehicles are used by major grocery chains such as Coop, Budgens, and Tesco.
- Starship Technologies operates across university and industrial campuses as well as several cities in the EU, the US, and the UK.
Source: Starship Technologies
Why does the market matter?
- The global market for autonomous delivery robots is expected to reach a value of $55B by 2026, growing at a CAGR of 20.4%, according to Facts and Factors.
- Rising e-commerce adoption has contributed to market growth.
- The rising demand for contactless transactions and deliveries amid Covid-19 has given this market a boost as well.
