The UCLA spinout was originally known as Cyan Robotics and has added $36m to its funding thanks to investors including Silicon Valley Bank.
Coco, a US-based last-mile delivery robot developer spun out of University of California, Los Angeles, has secured $36m in a series A round co-led by Silicon Valley Bank, Founders Fund and Sam Altman, according to TechCrunch.
Sam Nazarian, Ellen Chen and Mario Del Pero also took part in the round, which reportedly brought Coco’s total funding to around $43m.
Founded in January 2020 as Cyan Robotics, Coco has created a last mile delivery robot that relies on remote drivers rather than an autonomous system.
The company plans to expand its headcount from 120 to more than 1,000 by the end of this year. Money has also been allocated to hardware and geographic expansion.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
