Toyota AI Ventures Backs Boxbot
June 11, 2018
a startup focused on self-driving delivery vehicles, has raised a $7.5
million round of seed funding.
This new funding round was led by Artiman Ventures, and includes an
investment from Toyota AI Ventures, a subsidiary of the Toyota Research
Institute that invests in early-stage startups in artificial
intelligence, data/cloud, autonomous mobility, and robotics. This is
Toyota AI Ventures’ first investment in the self-driving delivery space.
Pear Ventures, Afore Capital, Ironfire Ventures and The House Fund also
invested in this new round.
Boxbot —co-founded in late 2016 by veteran engineers from Tesla and
Uber— is working to address the last-mile problem in logistics, through
a combination of robotics and autonomous systems. The Boxbot team has
extensive experience working for some of the most prominent companies in
the fields of autonomous systems, robotics, and logistics (including
Tesla, Uber, Amazon, Getaround and Northrop Grumman, among others).
shows that the last-mile is often the single most expensive part of the
delivery process. Global consulting firm McKinsey & Company has
estimated that autonomous vehicles will make 80% of last-mile deliveries
“Over the next few years, self-driving vehicles will transform the
last-mile, making it cheaper to make deliveries and easier to receive
them,” said Brian Wilcove, a partner at Artiman Ventures. “Boxbot has a
unique approach, and deep expertise across the disciplines that will
drive that transformation. We’re excited to join them on this journey.”
With this latest investment, Boxbot has raised a total of $9 million in
funding. The company previously raised $1.5 million in pre-seed funding
from Pear Ventures, Afore Capital, The House Fund, The Graduate
Syndicate and a number of angel investors.