Autonomous low-speed vehicle company Carteav has closed equity investment funding of US$6.5m.
The investors include automotive industry investment specialist and chairman of Carteav Zohar Zisapel and an early-stage venture capital fund called Mobilion Ventures, which invests in smart mobility. The investments will be used by Carteav to expand product development initiatives and the company’s presence within the USA.
Carteav delivers safe, autonomous and complete end-to-end solutions. In addition to its self-driving low-speed vehicles, the company also provides a suite of site management solutions which include advanced algorithms for smart fleet scheduling and smart fleet charging. Carteav states that through the use of these solutions transportation can become more efficient, with lower acquisition and costs for customers.
“I am a keen investor in the automobile sector and once was a believer that it would take some time to bring a viable autonomous vehicle to market,” said Zisapel, chairman of Carteav. “Carteav is breaking down the barriers and is bringing a viable autonomous low-speed vehicle (ALSV) to market much sooner than the industry expected. I am very pleased to be part of and invest in an innovative company with strong fundamental technical expertise like Carteav.”
Zisapel added, “Carteav took on the challenge of creating a safe and innovative solution for the autonomous, low-speed vehicle space. Carteav’s ability to accelerate the technology that powers these vehicles positions the company to fully disrupt the LSV sector with its ALSV solution. I look forward to helping the company progress further and continue to drive forward advancements.”
Carteav has previously run a successful ALSV pilot program in Israel and is preparing to bring its products to the US market.
“Carteav’s business is strong, as seen in the widespread interest in our ALSV offerings. We are receiving enthusiastic feedback from potential customers, and we are very optimistic about what 2023 holds for the company,” said Avinoam Barak, CEO, Carteav. “This funding is significant and will enable us to continue to support and onboard the early adopters that are regularly approaching us.”