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Investing.com -- Coco Robotics, a startup operating a fleet of cooler-sized delivery robots on wheels, has secured $80 million in new funding from OpenAI CEO Sam Altman and other investors, according to Bloomberg.
The financing round, which the company plans to announce Wednesday, was led by venture capital firm SNR, with additional backing from Pelion Venture Partners, Offline Ventures, and Max Altman, Sam’s brother. With this latest investment, Coco Robotics, whose corporate name is Cyan Robotics Inc., has raised more than $110 million to date, including a previous round led by Sam Altman. The company did not disclose its valuation.
Founded in 2020, Coco Robotics is among several startups deploying robots for urban deliveries. The Santa Monica, California-based company currently operates approximately 1,300 electric robots across Miami, Chicago, Los Angeles, and Helsinki, according to Bloomberg, citing CEO and co-founder Zach Rash. The company has established partnerships with food delivery services DoorDash (NASDAQ:DASH) Inc. and Uber Technologies Inc . (NYSE:UBER)’s Uber Eats, and is beginning to work directly with merchants.
In March, Coco Robotics announced a partnership with OpenAI. Under this agreement, the startup uses OpenAI’s technology alongside its own software to help its robots navigate around obstacles and make real-time decisions. The company also shares data with OpenAI about delivery trips in urban settings. Rash stated that Sam Altman was not involved in the partnership discussions between OpenAI and Coco Robotics.
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