Crozet-based Perrone Robotics has received a $10 million equity investment from business incubator and investment group CapStone Holdings.
Perrone Robotics develops autonomous vehicle software and a retrofit kit called TONY.
In a news release, the company said it will use some of the investment to establish an advanced autonomous vehicle testing facility at the American Center for Mobility in Michigan, which will enable “high-speed and continuous testing of autonomous transit vans, shuttles and other vehicles equipped with Perrone’s TONY product.”
“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,” Perrone Robotics founder and CEO Paul Perrone said in the release.
Perrone said their retrofit kit approach has “touched a nerve” and that the investment and the opening of a test facility at ACM, “will bring a hardened and proven commercial product fully to market.”
In 2019, Perrone Robotics, in a partnership with JAUNT and Albemarle County, ran a pilot autonomous shuttle program in Crozet.
At the end of 2020, the company announced the deployment of an all-electric, fully autonomous, paratransit vehicle to the Jacksonville Transit Authority in Florida.
“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,” CapStone’s Keith J. Stone said in the release. “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.”