Coco Robotics, a Los Angeles-based startup revolutionizing last-mile delivery with its zero-emission robots, has announced a significant $80 million funding round. This latest injection of capital will fuel the company's ambitious plans to scale its fleet, enhance its artificial intelligence system, and forge new enterprise partnerships.
Investors Backing the Future of Delivery
The funding round saw participation from notable investors, including returning backers Sam Altman and Max Altman, alongside VC firms such as Pelion Venture Partners and Offline Ventures. This brings Coco Robotics' total funding to over $120 million, demonstrating strong confidence in the company's vision and technology.
Coco's Robotic Revolution: 500,000 Deliveries and Counting
Since their debut in 2020, Coco's robots have completed over 500,000 deliveries, showcasing their reliability and efficiency. These robots, capable of carrying 90 liters of groceries or goods, operate in major US cities like Los Angeles, Chicago, and Miami. Coco has partnered with established names in the food industry, including Subway, Wingstop, Jack in the Box, DoorDash and Uber Eats, integrating seamlessly into existing delivery ecosystems.
AI-Powered Efficiency and Real-World Data
Coco's partnership with OpenAI, announced earlier this year, highlights the company's commitment to AI innovation. By leveraging OpenAI's technology, Coco is able to enhance its robotic operations. In return, OpenAI gains access to the valuable real-world data collected by the robots, further refining its AI models.
Scaling for the Future
Zach Rash, CEO and co-founder of Coco Robotics, emphasized the company's focus on building a sustainable business model with strong unit economics. The new funding will accelerate the deployment of Coco's autonomous robots, with a target of adding 10,000 vehicles to its fleet by 2026, positioning Coco as the largest autonomous delivery service.
This expansion will focus on tasks traditionally less profitable for human drivers – short trips and small orders – optimizing the overall efficiency of urban logistics.