Coco Robotics raised $80 million in financing, the company said Wednesday. The delivery robotics firm will put the funding toward scaling its fleet, growing enterprise partnerships and advancing its artificial intelligence system, the company said.
Coco has completed 500,000 zero-emission deliveries across U.S. cities such as Los Angeles, Chicago and Miami by working with DoorDash and Uber Eats.
DoorDash partnered with Coco in April to offer delivery from 600 merchants across Los Angeles and Chicago. The agreement includes completing more than 100,000 deliveries in Los Angeles using Coco’s bots during a pilot phase. Last August, Uber Eats partnered with Coco for deliveries in Los Angeles before expanding the service to Miami in April.
The funding included returning investors like Sam and Max Altman, Pelion, Outlander and SNR. New participants were Offline, DeepWater and Ryan Graves, the CEO at Saltwater and a former senior vice president at Uber.
The investment will support Coco’s ongoing deployment of its autonomous bots, which typically are best suited for small orders and short trips that would be too costly and less cost-effective for a delivery driver to complete. The company said it is on track to add 10,000 vehicles to its fleet by 2026 to become the largest autonomous delivery service.
"We've been very intentional about building technology and a business model based on unit economics that work today — not five years down the road," Zach Rash, CEO and co-founder of Coco Robotics, said in a statement. "We're now at the forefront of applying AI to solve real, everyday problems in urban logistics, and this funding helps us move faster — from advancing our AI platform to expanding our fleet globally.
