CLEVON
ūüöĆ

CLEVON

Disclaimer All research on startup and the whole investment memo has been done for personal use of Akim Arhipov.

Mission

‚ÄúSolve challenges of last-mile delivery through autonomous delivery technology‚ÄĚ

PitchDeck for more details:

Clevon Investor Deck January 2023.pptx.pdf7483.8KB

Solution

CLEVON is a developer of last mile autonomous and tele-operated electric delivery vehicles. The company develops and manufactures a new generation of autonomous driverless motor vehicles in order to maximise efficiency and environmental friendliness of parcel deliveries to end-users. The company is focused on the development of its core product, the driverless autonomous vehicle CLEVON1 which, if required, can be remotely controlled and handled by a teleoperator. .

It is the first autonomous robot carrier in Europe to offer autonomous delivery services on public roads, starting last year with DPD (part of LaPoste) and most recently working with customers including DHL Express, Colruyt Group in Belgium and IKI stores (part of German REWE Group) in Lithuania. The benefits of CLEVON last mile delivery vehicles and its autonomous and remote driving software platform include significantly reduced operating expenses for last mile delivery, zero emissions and scalability. CLEVON vehicles can be rapidly deployed with value added technology that allows for wireless charging, are easy to maintain, and can be operated remotely from different geographic locations. Track record:

  • 5 years of R&D with 3rd generation vehicle
  • 2+ years on European public roads
  • No infrastructure investments (plug & play)
  • No geographic limitations for teleoperators
  • 90% less labor needed
  • Safe and lightweight vehicle - under 500kg/1100lb

Headquartered in Tallinn, Estonia. Last year it also established its US Headquarters in Fort Worth, Texas and started trial runs on public roads for its vehicles servicing regional airline catering companies.

Market

image

Why now

As CLEVON is now moving towards scaling up manufacturing of its vehicle, based on initial indications of substantial interest from global retailers and logistics firms and further developing its software platform, it is launching a round to raise EUR20m.  The current investment round should allow it to scale its operations to deliver 1,000 vehicle sales in 2024 with estimated EUR50m in vehicle revenues as well as ~EUR10k+ in ARR per vehicle in on-going service revenues. In addition, the company intends to independently sell its remote and autonomous driving software technology to other electric delivery vehicle manufacturers, further enhancing its revenue scope.

image

Team

CLEVON development team currently consist of 95 people, led by

  • Arno K√ľtt, Founder, Chairman and the Head of Strategy and Innovation,
  • Sander Sebastian Agur, CEO and Co-Founder

as well as executives and engineers with backgrounds at Amazon, Koenigsegg Automotive and Starship Technologies.

The founding team, in addition to founding and growing CLEVERON, has also previously built and scaled other leading technology companies, including successful regional on-line furniture store ON24, SmartPost (sold to Itella) and Pactum (now backed by Atomico).

Competition

Nuro, Neolix, Udelv and Milla Relative to its competition, CLEVON vehicles are multi-functional, light-weight and have already been operational in multiple jurisdictions.

Furthermore, while today its vehicle can operate 100% autonomously in closed environments, it expects to have 90% autonomous driving capability on public roads by mid-2024.

Funds spent until today + existing investors

Total: 12m‚ā¨

Investors on board: Trind VC, Tera VC

Board members: Ivar Siimar, Stanislav Ivanov, Ragnar Meitern, Erik Oja, Ken Koort

Cap Table per request.

Round info

Amount: 7m‚ā¨

Valuation cap: 80m‚ā¨

Investment type: convertible note with 15% annual interest rate and 25% discount to the Series A round

Committed so far: 3M‚ā¨ from new and existing investors