Friday, August 12, 2022

EasyMile raises $66M for its autonomous shuttles

French startup EasyMile has closed a Series B of €55 million ($66 million). The company is known for its Ez10 autonomous passenger shuttles.

The funding is being led by Searchlight Capital Partners — the investor that just earlier this week appointed former FCC chairman Ajit Pai as its newest partner — with McWin and NextStage AM also participating. Previous investors rail industry heavyweight Alstom, Bpifrance and auto giant Continental also participated. Searchlight is also an investor in Get Your Guide and Univision.

EasyMile claims to be the world leader in autonomous shuttles with 60% of the global market using its vehicles. It says that its vehicles have racked up 800,000 kilometers in over 300 locations in 30 countries. But as a mark of how small and nascent that market is today, EasyMile also says that it has just 180 vehicles deployed worldwide.

EasyMile said it will use the funds to scale its business, by securing and building out commercial deployments in closed-campus environments. It will also continue to invest in its longer term strategy, to deploy its vehicles and technology in public transportation networks, although the company said believes its focus on more immediate use cases is what has helped it grow and attract new investment.

“We have stayed focused on what we can deliver in a reasonable timeframe and partnered with leaders in niche markets that are addressable now,” said EasyMile Founder and CEO Gilbert Gagnaire in a statement. “

The participation of all of EasyMile’s earlier investors in the round is a strong vote of confidence in our expansion plan, and we are very happy to welcome Searchlight, McWin and NextStage and look forward to accelerating our growth thanks to their expertise.”

EasyMile is not disclosing its valuation.

“We are excited to be investing in EasyMile at this critical juncture in the firm’s trajectory,” said Ralf Ackermann, a partner at Searchlight Capital, in a statement. “Having observed its robust, quality-driven approach and industry-leading technology, we are confident that it is well positioned to scale commercially and are delighted to be part of the journey.”

Latest news
Related news