Autonomous Vehicle Developer Carteav Closes $6.5m in Capital Funding

Funding sets the stage for Carteav’s US introduction and growth into 2023 and beyond

Rishon LeTsiyon, ISRAEL


Rishon LeZion, Israel, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Carteav, a leader in autonomous low-speed vehicles for transporting people and goods, today announced that it has closed equity investment funding of $6.5 million. Investors include Zohar Zisapel, a leader in automotive industry investments and chairman of the company, and Mobilion Ventures, the early-stage venture capital fund that invests in smart mobility. Carteav will use this infusion of capital to expand its product development initiatives and deepen its presence in the US.

Carteav delivers a revolutionary safe, autonomous, complete end-to-end solution. In addition to self-driving low-speed vehicles, Carteav also provides a comprehensive site management solution – including an advanced algorithm for smart fleet scheduling and smart fleet charging, a unique mapping system that learns the parameters of managed areas in under 24 hours and a reservation app with a feature-rich dashboard. The result is more efficient transportation, significantly lower acquisition and user costs for customers, and a key differentiating factor for organizations deploying the solution.

“I am a keen investor in the automobile sector and once was a believer that it would take some time to bring a viable autonomous vehicle to market. Carteav is breaking down the barriers and is bringing a viable autonomous low speed vehicle (ALSV) to market much sooner than the industry expected. I am very pleased to be part of and invest in an innovative company with strong fundamental technical expertise like Carteav,” said Zohar Zisapel, chairman of Carteav. “Carteav took on the challenge of creating a safe and innovative solution for the autonomous, low-speed vehicle space. Carteav’s ability to accelerate the technology that powers these vehicles positions the company to fully disrupt the LSV sector with its ALSV solution. I look forward to helping the company progress further and continue to drive forward advancements.”

Carteav has run a successful ALSV pilot program in Israel as it prepares to bring its offerings to the US market. Carteav plans to participate in CES in January 2023 and at the 2023 PGA Show as it builds momentum in becoming the global leader for autonomous transportation in managed areas, such as retirement communities, hospitals, factories, universities, colleges, golf courses, residential apartments, and other applications.

“Carteav’s business is strong, as seen in the widespread interest in our ALSV offerings. We are receiving enthusiastic feedback from potential customers, and we are very optimistic about what 2023 holds for the company,” said Avinoam Barak, CEO of Carteav. “This funding is significant and will enable us to continue to support and onboard the early adopters that are regularly approaching us. We look forward to bringing our vehicles to the US and provide the ‘wow factor’ to potential clients and properties.”

 

About Carteav

At Carteav, our mission is to create and distribute autonomous low-speed vehicles (ALSVs) that inspire mass-market adoption on a global scale. With our unique approach, challenging problems such as unmanageable complexity, high cost, and regulatory issues can all be overcome. Carteav is an end-to-end solution for autonomous vehicles in geo-fenced areas. Learn more at https://carteav.com/product/

 

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