Aurrigo, a UK-based company, is poised to expand its self-driving vehicle production with a £5m fundraising effort.
- The company aims to raise funds through institutional and retail investors to boost its Auto-DollyTug production.
- CEO David Keene anticipates a 450% revenue increase due to rising demand for autonomous baggage carriers.
- Aurrigo’s revenue rose by 26%, and autonomous division turnover grew 60% in the first half of the year.
- Despite a recent drop in share prices, Aurrigo’s airport solutions have shown significant market potential.
Aurrigo, headquartered in Coventry, is looking to enhance its commercial operations by raising £5m through new shares priced at 44p each. The firm targets institutional investors for a significant portion and retail investors to contribute an additional £0.3m. This strategic raise is crucial for scaling up the production of the Auto-DollyTug, an autonomous tractor designed for baggage and cargo handling.
CEO David Keene expressed optimism about the global market potential, noting that the introduction of their autonomous technology could significantly impact over 600 airports worldwide. He predicts a notable surge in demand that could potentially lead to a 450% increase in revenues from their self-driving baggage carriers.
Aurrigo’s recent financial results underscore its growth trajectory. In the first six months, the company reported a 26% increase in revenues, amounting to £3.9m, while turnover in its autonomous division rose by 60% to £0.8m. This growth outpaced the performance of the entire previous year, largely due to the uptake of their solutions within the aviation sector.
The firm’s innovative products extend beyond the Auto-DollyTug, including a 3D digital twin for visualising airport operations and the Auto-Shuttle, a fully autonomous ten-seat vehicle. These offerings highlight Aurrigo’s capability to develop versatile tech solutions for the aviation industry.
Despite these advancements, Aurrigo has faced challenges with its share prices, which saw a dramatic drop from 77.5p to around 43p in recent times, only recovering slightly to 46.5p. Nevertheless, the company remains focused on its technological advancements and market expansion.
Aurrigo’s strategic investment is likely to position it as a key player in the autonomous vehicle market, notwithstanding current stock market fluctuations.
