Self-driving delivery vehicles company backed by OpenAI CEO raises $80 mln

Coco Robotics, a Los Angeles-based startup developing self-driving delivery vehicles, has raised $80 million in new funding, the company announced on June 11.

The funding round includes continued backing from angel investors Sam Altman, CEO of OpenAI, and his brother Max Altman. Venture capital firms Pelion, Outlander, and SNR also participated, alongside new investors including Offline, DeepWater, and Ryan Graves, former Senior Vice President of Global Operations at Uber and now CEO of Saltwater.

Founded in 2020 by Brad Squicciarini and Zach Rash, Coco develops zero-emissions delivery robots capable of carrying up to 90 litres of goods. In a statement, the company said it has completed over 500,000 deliveries since launching its service and works with national retail chains such as Subway, Wingstop, and Jack in the Box.

Coco also maintains a partnership with OpenAI, announced in March, which gives the robotics firm access to OpenAI's technologies. In return, OpenAI benefits from real-world data generated by Coco's fleet to help train its AI models.