Beep Secures $20M Series-A Investment from Intel Capital and Blue Lagoon Capital

Investment Accelerates Beep's Strategy in Multi-Passenger Autonomous Mobility Services

- Strong momentum creating, developing, and deploying autonomous mobility solutions in geo-fenced urban environments

- Proven experience on public roads enables Beep to offer turn-key managed autonomous mobility services, including managing the largest and most tenured autonomous shuttle network in the U.S.

News provided by

Beep, Inc.

May 26, 2021, 08:57 ET

ORLANDO, Fla., May 26, 2021 /PRNewswire/ -- Beep, a provider of multi-passenger, electric, autonomous mobility solutions, announced today that it has recently closed the company's Series-A round with Intel Capital and Blue Lagoon Capital. The funding will enable Beep to continue the expansion of its autonomous fleet deployments across North America and leverage its learnings to advance passenger mobility service for cities, business districts and campuses at scale. Beep utilizes a combination of machine learning, contextual traffic data and the company's existing centralized command center data to provide vital oversight in managing high-risk scenarios for autonomous vehicles in complex geo-fenced environments.

Beep will join Intel Capital's portfolio of innovative companies that are transforming the future of transportation leveraging the firm's network to accelerate Beep's growth. Blue Lagoon Capital's experience and track record in successfully building and scaling enterprises in many areas of technology, further positions Beep for long term success.

"Beep's autonomous mobility solutions provide an important bridge in launching, overseeing and managing autonomous service deployment for communities, campuses and cities across the U.S. and beyond. They are doing the necessary work of putting concept into action, and they have the technology capabilities to chart new territory." – Mark Lydon, Managing Director, Intel Capital

"Beep's long-term strategy to create new autonomous mobility technologies, coupled with its team's strength in advanced platform engineering and software design, gives them a unique advantage when it comes to advancing mobility in various use cases. Beep's solutions provide the continuous level of oversight necessary to close the gap that currently exists with today's autonomous vehicle platforms." – Kevin Reid, General Partner, Blue Lagoon Capital

"We are thrilled to welcome Intel Capital and Blue Lagoon Capital into the Beep family as we continue to bring the vision of autonomous mobility to life. Our mission is to improve safety on the roads for everyone while positively impacting the environment and delivering mobility-for-all in our public and private communities. This latest round of funding will help us meet our goal of advancing the use of driverless platforms meant to enhance the quality of life in many areas of society." – Joe Moye, CEO, Beep

Beep: Making Autonomous Mobility a Reality Today…and Tomorrow
In addition to established partnerships with communities such as Lake Nona in Orlando, Florida and Tradition in Port St. Lucie, Florida, Beep is working with many municipalities and transit authorities to enhance access to main corridors in underserved and urban areas.

About Beep
Beep delivers the next generation of mobility services utilizing driverless, electric, multi-passenger vehicles. By specializing in planning, deploying and managing advanced autonomous shuttles for both private and public communities, Beep safely connects people, places and services in first-mile, last-mile mobility networks. Beep also leverages the data and learnings from its public road deployments to produce vehicle agnostic, edge solutions meant to enhance safety, access, artificial-intelligence and driverless operating capabilities of autonomous platforms. Beep delivers on a primary goal of enabling mobility-for-all with the services and software they provide. For more information visit: www.ridebeep.com

About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, datacenter and cloud, 5G, next-generation compute and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.9 billion in more than 1,582 companies worldwide, and 692 portfolio companies have gone public or participated in a merger. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.

About Blue Lagoon Capital
Blue Lagoon's series of investments find, nurture and develop next generation technology companies before the specific sub-sectors in which they operate become the investment buzz words of the day. Blue Lagoon finds that the best early-stage technology investing results come from not chasing hype-cycles and generalized investment themes. The company's investments are deeply rooted in finding that uniquely valuable micro-trend within an emerging macro-trend that is not yet in a hype cycle, thus creating an efficient entry point as investors/operators. From there, Blue Lagoon develops defendable intellectual property that can be readily commercialized, and strive to exit when hype-cycles catch up as markets mature. www.blu.biz

Contact: Beep Corporate Communications
310.374.6177
[email protected]

SOURCE Beep, Inc.