Bestmile, a Switzerland-based fleet automation technology developer backed by airport operator Groupe ADP and aerospace manufacturer Airbus, is shutting down due to pandemic-induced challenges, according to Le Temps.
The company attempted to find a buyer last autumn but its efforts proved to be in vain. It has CHF2m ($2.2m) of cash left in the bank, which it will use to pay final salaries to its 45 members of staff.
Founded in 2014, Bestmile built a cloud-based platform to manage fleets of autonomous vehicles and had expanded internationally into markets such as Canada.
Airbus subsidiary Airbus Ventures and Groupe ADP both took part in the company’s last funding round, a $16.5m series B in August 2019 co-led by Blue Lagoon Capital and TransLink Capital and backed by Road Ventures, Partech Ventures, Serena Capital and unnamed others.
Bestmile had raised $11m in a 2018 series A round led by Road Ventures that attracted Groupe ADP, Airbus Ventures, Partech, Serena Capital and MobilityFund. It came after Airbus Ventures, Partech, Serena Capital, Perot Jain, Forticap and assorted individuals supplied $5.5m in seed financing in 2017.
The original version of this article appeared on our sister site, Global University Venturing.
