Robotic last-mile delivery service Kiwibot has secured a US$10m financing partnership with asset financing group Kineo Finance.
This partnership is intended to support Kiwibot’s manufacturing and scaling needs, robotic fleet and Delivery as a Service (DaaS) solutions. Removing the working capital barrier is expected to accelerate Kiwibot’s growth in the DaaS industry. Kineo Finance provides asset financing for startups while limiting dilution, so they can focus on growing their business.
Kiwibot’s on-demand delivery service is already available via apps like Grubhub and Sodexo’s Everyday. The robots’ driving capabilities are enabled by GPS technology, advanced camera sensors and artificial intelligence (AI), allowing them to generate optimal routes, avoid obstacles and provide a cost-effective service. Kiwibot reduces food delivery costs by up to 65%.
Felipe Chávez, CEO and co-founder of Kiwibot, said, “This partnership will take our operations to the next level. We’ll be closer to becoming the standard solution for smart cities that leverage sustainable technology to enhance people’s quality of life. We’re pleased to be backed by companies who believe in building accessible and convenient robotics services. We envision a world where technology, logistics and delivery are available for everyone. Kiwibot’s near future looks bright, and we are ready to offer our exceptional delivery services globally.”
Charles Sellman, president at Kineo Finance, commented, “Kiwibot’s solution is in high demand in the US and has become indispensable for people leading fast-paced lives. This partnership is the financial push they need to propel their startup into wider markets. At Kineo, our goal is to encourage automation and digitalization initiatives in various industries to drive the adoption of high-tech companies’ equipment. Kiwibot’s growth in the DaaS sector meant it was a logical choice for us to support its robotic deliveries helping businesses today – and for the future.”
Read more automation updates from the parcel and postal technology industry here.
