Perrone Robotics, a provider of fully autonomous vehicle systems, has secured $10 million in funding. The backer was CapStone Holdings.
BONITA SPRINGS, FL – CapStone Holdings, a business incubator and investment group, is pleased to announce a $10 million equity investment in Perrone Robotics Inc., a leading provider of fully autonomous vehicle systems.
Perrone delivers mobility excellence through the world’s first and only patented general purpose robotics operating system and autonomous vehicle retrofit kit (TONY™). TONY embeds inside any vehicle for any job, to provide a complete “artificial driver” solution that brings full autonomy in a safety certifiable framework for the right vehicle platform. Perrone’s solution helps commercial, municipal, and governmental customers increase transportation efficiencies, enhance safety, and accelerate zero-emission electric vehicle deployment.
Perrone Robotics will utilize a portion of the investment to establish an advanced autonomous vehicle testing facility at the American Center for Mobility (ACM) in Southeast Michigan. ACM is a collaborative effort of government, industry and academic organizations focused on accelerating the mobility industry through testing, research, standards development and educational programming. The new test facility will enable advanced, high-speed, and continuous testing of autonomous transit vans, shuttles, and other vehicles equipped with Perrone’s TONY product.
CapStone’s engagement with Perrone Robotics highlights its ongoing strategic investments in proven enterprises well-positioned for substantial growth. CapStone serves growing, innovative companies in technology, real estate and healthcare with private capital, executive guidance and creativity. In their evaluation of Perrone, CapStone’s leadership utilized their direct knowledge of working with companies offering adaptive digital technology for legacy systems and global fleet services. Some research estimates that the autonomous vehicle services market will experience a 60 percent annual growth rate, reaching $202 billion by 2030.
“With our 25 years in global fleet management technology, we are very excited to offer our full backing and support for Paul and his proven team at Perrone Robotics. We see the company as the clear leader now separating themselves in the autonomous mobility space. They continue to demonstrate incredible speed from concept to actual integration,” said Keith J. Stone of CapStone Holdings, Inc.
Perrone Robotics developed one of the earliest driverless vehicles in the space using its patented full-stack software platform called “MAX.” Among the company’s current offerings is a vehicle agnostic drop-in retrofit kit used in roadworthy all-electric transit vans, neighborhood electric vehicles, and tractor-trailers for logistics. Dubbed TONY, (TO Navigate You), the kit is capable of Level 4/5 autonomy.
“CapStone Holdings’ investment allows us to scale and capture the extraordinary pipeline of opportunity and interest our technology has garnered over the past few years,” said Perrone Robotics Inc. Founder and Chief Executive Officer (CEO) Paul Perrone. “Our general-purpose retrofit kit approach, proven in over 30 different vehicles to date and tailored for geographically fenced applications, has touched a nerve. Customers see real value in the Perrone Robotics path to deployable and production-grade autonomy in vehicles most suited for their operational environment. This investment, along with the opening of a test facility at ACM, will bring a hardened and proven commercial product fully to market.”
“The state of Michigan has proudly supported and invested in the American Center for Mobility to further cement Michigan as the global epicenter of the automotive industry both today and in the autonomous and electrified future,” said Trevor Pawl, Senior Vice President and Chief Mobility Officer of the State’s Office of Future Mobility & Electrification (OFME). “CapStone Holdings is an investment leader for next-generation technologies. Their investment in Perrone Robotics – combined with a focus on Michigan – will continue to position ACM, the state of Michigan, and the country at the forefront of new mobility technology and industry sector growth.”
Perrone Robotics recently announced the deployment of an all-electric, fully autonomous, paratransit vehicle to the Jacksonville Transit Authority capable of speeds of up to 65 mph. The company also announced a partnership with an international fleet orchestration platform provider that automates dispatching, routing, and ride-matching for autonomous fleets.
“Perrone Robotics is a significant addition to our technology campus and smart mobility test center. The company is uniquely positioned to accelerate next-generation transportation technology and instant applications for autonomous vehicles,” said ACM CEO and President Reuben Sarkar. “As more high-tech companies like Perrone Robotics continue to be drawn to ACM to expand research and to test their applications, the mobility ecosystem and the value to the region becomes richer as a result.”
A leading test center for developing and testing self-driving vehicles, the ACM provides a full Intelligent Transportation System, myriad of real-world environments with the ability to test under a range of driving environments and infrastructure that includes a 2.5-mile highway loop, a 700-foot curved tunnel, two double overpasses, intersections and roundabouts.
CapStone Holdings, Inc. is a family office-structured holding company that maintains a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engages in focused philanthropic efforts. www.capstoneholdingsinc.com.
Perrone Robotics, Inc. is a leader in fully autonomous systems. The company’s vehicle independent retrofit kit TONY® (short for “TO Navigate You”), enables the safe and efficient autonomous transit of people and goods in geo-fenced and localized operations. TONY leverages Perrone Robotics’ full stack autonomous vehicle software platform called MAX® and is designed for immediate deployment of autonomous vehicles on campuses, residential communities, work sites, and downtown transit applications. The company also offers a portfolio of existing turnkey autonomous shuttles and vehicles pre-integrated with the TONY retrofit kit. www.perronerobotics.com or on Twitter @perronerobotics.
About American Center for Mobility
American Center for Mobility is a collaborative effort comprised of government, industry, and academic organizations. ACM is focused on accelerating the mobility industry through research, testing, standards development, and educational workforce programming. Located in Southeast Michigan on over 500-acres at the historic Willow Run site, ACM offers a global smart mobility test center providing a safe platform for the integration and testing of emerging vehicle and mobility technologies, environments for showcasing vehicle technologies and convening industry activities, and an innovation technology campus for the co-location of mobility companies. For more information, visit acmwillowrun.org.