Coventry-headquartered Aurrigo has raised £13.8m to help scale up its self-driving technology for the global aviation market.
The London-listed business, which floated on London’s junior AIM market in 2022, specialises in autonomous vehicles designed to improve efficiency in airports.
It has now secured fresh capital through a combination of share placing and subscription.
A placing of new shares available to public investors generated approximately £4m, exceeding initial expectations, while a £9.75m subscription deal saw investment group Next Gen join the register.
“We are delighted to welcome Next Gen as a new strategic investor in Aurrigo and grateful for the support of both our existing and new investors,” said Aurrigo chief executive David Keene.
“The funds raised will provide additional firepower to expand our operations and team, as we focus on the successful launch and go-to-market of our leading solutions.”
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The fundraising follows Aurrigo being selected to take part in the UK government’s £150m Pathfinder initiative, which backs innovation in autonomous driving.
Since its IPO, the business has focused on the aviation market and now has a market cap of £29.55m.
With global air travel recovering strongly post-pandemic, airports are under pressure to cut costs, reduce emissions and improve efficiency..
The company’s autonomous cargo dollies, for example, are said to be able to operate in electric convoys, moving luggage and freight with lower labour costs and greater precision.
Having already partnered with major names in aviation and logistics, the firm will now use the fresh funding to expand internationally and scale its team.
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