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UK urban logistics company PORT raised €14.5 million in equity and debt to develop its AI Driver and autonomous delivery vehicles, and is preparing a robotic delivery system with Royal Mail.
PORT has raised €14.5 million in equity and debt financing led by EBRD and Balnord, according to Tech.eu. The round brings the UK urban logistics company's total funding to €29 million.
PORT operates about 3,500 electric bikes and 24 microhubs across London, Manchester and Birmingham, serving more than 50,000 couriers. Some bikes carry NVIDIA-powered cameras and lidar sensors, and the data they collect is processed at PORT's hubs to train its AI Driver for autonomous delivery vehicles.
The company will use the funding to develop its AI Driver and autonomous delivery vehicles and to expand its autonomous logistics capabilities. It is also preparing a robotic delivery system with Royal Mail and plans to hire more staff for its research, development and AI teams.
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