£3.5m to be raised by autonomous aviation tech firm
Transport technology firm Aurrigo has announced it will raise £3.5m through a share placing, to meet growing demand.
Since its IPO in September 2022, Aurrigo has made progress with its autonomous aviation technology. Announcements are said to be leading to increasing numbers of enquiries with good levels of industry and new customer engagement. As a result, the Coventry-based firm says that it’s confident of securing new aviation customers in both Europe and North America in the coming months.
Most recently, Aurrigo signed a deal with IAG, one of the world’s largest airline groups, with brands such as British Airways, Aer Lingus and Vueling part of the group, to develop Auto-DollyTug baggage vehicle, Aurrigo’s innovative baggage transportation solution for airports as well as the Auto-Cargo air-freight vehicle and Aurrigo’s Auto-Sim aviation operations simulation software.
It’s also working with UPS to introduce Auto-Cargo, an autonomous electric vehicle designed for transporting heavy cargo between aircraft and the UPS hub at East Midlands Airport, the UK’s second-largest cargo terminal.
And it’s continuing to work with Changi Airport Group for the joint development and testing of the company’s autonomous vehicles. Aurrigo says it anticipates that live flight operational trials with a small number of vehicles could commence during Q1 2024 and further contracts are on the table for 2024 with the airport.
