Altman-Backed Robot Delivery Startup Raises $80 Million in Funding
Coco Robotics, a startup that operates a fleet of cooler-sized delivery robots on wheels, has raised $80 million in funding from OpenAI Chief Executive Officer Sam Altman and other backers, a sign that automated delivery technology is advancing.
The financing, which Coco Robotics plans to announce Wednesday, was led by venture capital firm SNR, with participation from investors including Pelion Venture Partners, Offline Ventures and one of Altman's brothers, Max. With the new funding, Coco Robotics, whose corporate name is Cyan Robotics Inc., has raised more than $110 million to date, including a prior round that was led by OpenAI's Altman. The company declined to provide a valuation.
Founded in 2020, Coco Robotics is one of a number of startups deploying robots to expedite deliveries in urban spaces. The Santa Monica, California-based company currently operates a fleet of about 1,300 electric robots in Miami, Chicago, Los Angeles and Helsinki, CEO and co-founder Zach Rash told Bloomberg News. The company has partnerships with food delivery services DoorDash Inc. and Uber Technologies Inc. 's Uber Eats and is starting to work directly with merchants, he said.
The startup also announced a tie-up with OpenAI in March. Under the agreement, Coco Robotics is using OpenAI's technology, along with its own software, to help its robots avoid obstacles and make decisions on the fly. It also shares data with OpenAI about delivery trips in urban environments. Altman was not involved in the partnership discussions between OpenAI and Coco Robotics, Rash said.
Coco Robotics will use the new funds to improve the technology that helps power its robots and to scale up its fleet, Rash said. He expects to have at least 10,000 robots in operation by the end of next year. Coco Robotics plans to roll out the robots in major cities in the US and Europe, he added, without naming specific locations.
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