Elmo, an Estonian startup with headquarters in Tallinn that will use remotely operated electric vehicles in a car-sharing program, has raised up to €2.6 million in finance.
Highgoal Capital Management, FlyCap, Barolo Invest, and SAGGIS were among the sponsors.
Use of Funds
The business plans to use the cash to develop new environmentally friendly remotely controlled cars and introduce them to public roads, as well as to expand the team required for the development of next-generation technologies.
Elmo is a business whose primary areas of operation are the development of technology for remotely operated cars and the provision of environmentally friendly car-sharing services.
Its founder and CEO is Enn Laansoo Jr.
The Transport Administration-licensed drivers and road-legal remote-controlled cars from Elmo were integrated into a real-world car-sharing program last year. Both Tallinn and Tartu’s streets are now regularly serviced by remote-controlled vehicles.
Elmo’s remote-controlled cars have been driven and shown to customers in the streets of Paris, Munich, Hannover, Zurich, Vienna, Helsinki, Los Angeles, and many other major cities with the aim of licensing the technology.
More than 50 customers interested in the licensed technology are currently in negotiations, and preparations are being made to allow driving on public roads in at least two foreign cities this summer.
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