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About Teleo
Industries
Robotics & Automation
Industrial & Manufacturing
Company Size
1-10
Company Stage
Series A
Total Funding
$36.3M
Headquarters
Palo Alto, California
Founded
2019
Overview
Teleo retrofits heavy equipment in the mining and construction sectors to create remotely controlled robots, allowing operators to manage machinery from a safe location. This approach enhances safety by keeping operators away from hazardous environments and improves efficiency by enabling control of multiple machines from one spot. Unlike competitors that sell new equipment, Teleo focuses on upgrading existing machinery, which reduces costs for clients. The company's goal is to enhance safety and productivity in these industries through its teleoperation technology.
Simplify's Take
What believers are saying
- Raised $16.2M in Series A to scale deployments and enhance AI capabilities.
- Expanding dealer network in the Midwest, Australia, and Southeast Asia.
- Partnerships with major suppliers like RDO Equipment Co. boost market reach.
What critics are saying
- Competition from established manufacturers developing autonomous solutions threatens market share.
- Rapid AI advancements may outpace Teleo's current capabilities, requiring continuous R&D.
- Regulatory hurdles in different countries could delay technology deployment.
What makes Teleo unique
- Teleo retrofits existing machinery, avoiding high costs of new equipment purchases.
- Operators control multiple machines remotely, enhancing safety and productivity.
- Focus on mining and construction sectors, addressing significant safety challenges.
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Funding
Total Funding
$36.3M
Above
Industry Average
Funded Over
3 Rounds
Y CombinatorIndustry standards
Company News
Teleo will use the funds to scale customer deployments of its autonomous heavy equipment, continue expanding into new industries beyond construction, and enhance the company's AI capabilities PALO ALTO, Calif., Nov. 21, 2024 /PRNewswire/ -- Teleo, a company building autonomous technology for heavy equipment, today 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
TechCrunch has learned that Teleo recently raised $16.2 million in funding through two extensions to its 2022 Series A round.
VIDEO: Teleo announces customer launch of autonomous capabilities for heavy construction equipment.
Teleo autonomous materials hauling will debut on customer job sites starting in DecemberTeleo demonstrates the world's longest point-to-point operation of remote-controlled and semi-autonomous heavy construction equipmentExpanded dealer network covers an additional seven states across the American Midwest and AustraliaRoger Fradin, who has experience serving on boards for Honeywell, L3Harris and others, joins Teleo's board of directorsDALLAS and PALO ALTO, Calif., Oct. 4, 2023 /PRNewswire/ -- Teleo , a company building autonomous technology for heavy construction equipment, today announced at UP.Partners' UP.Summit event that Florida-based Tomahawk Construction will become the first customer to deploy its autonomous capabilities on an active job site. Tomahawk Construction's articulated dump trucks will be able to use autonomous functions to move material to build a residential community in Naples, FL starting in December. In addition, Teleo announced deals with eight new construction customers, including Florida-based Ajax Paving Industries of FL, LLC . Collectively, Teleo's new customers have placed orders for 42 machines. Teleo also announced the addition of Ozark Laser , Murphy Tractor and Position Partners to its global dealer partner network, establishing its dealer footprint across seven states in American Midwest, Australia, New Zealand and Southeast Asia.Teleo today announced at UP.Partners’ UP.Summit event that Florida-based Tomahawk Construction will become the first customer to deploy its autonomous capabilities on an active job site."Construction companies are facing historic labor shortages and incurring significant costs as their machines sit idle," said Vinay Shet, Co-founder and CEO, Teleo
Position Partners has announced an agreement with Teleo, a US-based company building autonomous technology for heavy equipment.
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About Teleo
Industries
Robotics & Automation
Industrial & Manufacturing
Company Size
1-10
Company Stage
Series A
Total Funding
$36.3M
Headquarters
Palo Alto, California
Founded
2019
Teleo is Hiring for 1 Jobs on Simplify!
Find jobs on Simplify and start your career today