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ADASTEC, a software developer for autonomous buses, opens through SeedBlink a funding round for Romanian individual investors
The private equity deal is valued at $150 million
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Buses equipped with ADASTEC technology are 5x more cost-effective to operate than standard buses.
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With an estimated annual growth of 8%, the global bus market is predicted to reach $72 billion by 2028, providing excellent opportunities for ADASTEC.
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ADASTEC has concluded five deployment agreements to introduce their buses in the United States, Norway, France, Romania and Turkey.
ADASTEC, an AI-MobilityTech startup, has launched a capital raising round on SeedBlink, a prominent investment platform for European tech start-ups, allowing individual investors, including Romanian, to join the revolutionizing public transportation sector. The funding will be utilized to broaden market coverage, strengthen their time-to-market advantage, and accelerate development and deployment of their autonomous electric buses worldwide. This ADASTEC opportunity marks SeedBlink's first private equity-backed deal for investors and is valued at $150 million.
ADASTEC's breakthrough technology offers market-first implementations of autonomous electric buses in the United States and the European Union. These buses are not only paving the way for sustainable transportation but are also 5 times more cost-effective to operate than standard buses, revolutionizing the public transportation sector.
SeedBlink, the investment platform facilitating this funding round, offers companies and investors the benefits of a growing pan-European platform. This partnership enables Romanian individual investors to make direct investments into promising tech startups, which were previously exclusively open to institutional investors and venture capital funds, diversifying their portfolios and fuelling innovation.
"We’re happy for facilitating this funding round for ADASTEC and providing Romanian individual investors with the opportunity to participate in their transformative vision. By joining the round, investors can play a crucial role in advancing sustainable transportation and becoming part of ADASTEC's global expansion. We believe in the potential of ADASTEC's innovative technology and its wide range of business possibilities, as well as their journey towards revolutionizing the public transportation sector", said Andrei Dudoiu, Managing Partner at SeedBlink.
With an experienced team of 5 co-founders and a workforce of 75 employees, including 60 engineers, ADASTEC is well-positioned for high-growth. The projected breakeven point is expected to be reached in 2026.
The company has already secured three OEM (Original Equipment Manufacturing) agreements with prominent bus manufacturers for automated bus production: Karsan in the EU, Custom Denning in Australia, and VMC in the USA. Furthermore, ADASTEC has successfully deployed their buses in the United States, Norway, France, Romania, and Turkiye through five deployment agreements. With a robust pipeline of $32 million, including $7 million already under contract in France, Israel, Turkiye, Germany, and Australia, ADASTEC is poised for rapid global expansion.
“The global bus market is predicted to grow at an 8% CAGR to $72 billion by 2028, up from $47 billion in 2022. ADASTEC aims to leverage this growth potential and establish itself as a market leader in autonomous electric buses”, said Dr. Ali Peker, CEO of ADASTEC.
ADASTEC's autonomous electric buses are equipped with an advanced array of sensors, cameras, and the company's proprietary automated software stack, flowride.ai. This technology enables the buses to detect objects, brake, accelerate, change lanes, and perform conventional driving maneuvers seamlessly. The buses are further supported by vehicle-to-infrastructure (V2I) technology at intersections along the route, enhancing bus guidance and passenger safety.
ADASTEC's buses have undergone rigorous testing and validation activities, including simulations, scenario tests, and extensive route testing, to ensure their reliability and performance. These activities were aimed at ensuring the safety and efficiency of the buses in various operating conditions and compliance with the highest industry standards.
About ADASTEC
ADASTEC, founded in 2018, is the most advanced company in the full-size bus automation market, as well as the only one with signed manufacturer agreements to supply a complete factory-fitted solution. For full-size buses, ADASTEC provides the SAE Level-4 Automated Driving Software Platform, flowride.ai.
About SeedBlink
SeedBlink is an equity management and tech-specialized venture investment platform that enables private investors to fund European tech startups and scale-ups alongside established institutional investors.
SeedBlink Crowd SA is registered in the Register of the Romanian Financial Supervisory Authority (ASF), under number PJR28FSFPR/400001 as of 03.11.2022 with an EU passport as per European Securities and Market Authority (ESMA) register of crowdfunding services providers. Contact at email: press@seedblink.com.