PORT raises €14.5 million to develop autonomous delivery technology
The urban logistics company is preparing a robotic delivery system with Royal Mail and plans to expand its research and AI teams.
Urban logistics company PORT has secured €14.5 million in equity and debt financing to advance its AI Driver technology and autonomous delivery vehicles. The European Bank for Reconstruction and Development (EBRD) and Balnord led the round, which included both returning and new investors.
The financing takes PORT's total funding to €29 million, after earlier pre-seed and seed rounds provided €14.5 million. The company said it would also use the investment to expand its autonomous logistics capabilities and accelerate recruitment in research and development and AI.
PORT is preparing a further stage of development with Royal Mail, with the partnership focused on introducing a robotic delivery system. The project will draw on its existing infrastructure and work on autonomous vehicles.
Founded in 2020 and headed by founder and CEO Kamil Suda, PORT offers e-bike subscriptions for delivery couriers in the UK. It says its platform serves more than 50,000 couriers, with approximately 3,500 e-bikes and 24 microhubs in London, Manchester and Birmingham.
The company is training its AI models with data gathered by its e-bike fleet. Some bikes carry NVIDIA-powered cameras and lidar sensors to record delivery conditions in London. Data is uploaded and processed when the bikes return to the hubs, supporting development of the AI Driver intended for PORT's autonomous vehicles.
