Dubai-based robotics startup Micropolis develops autonomous vehicles and is now raising $37 million in an IPO.
The post Dubai’s self-driving car company eyes an IPO on the NYSE appeared first on Green Prophet.
Expanding the edge of what is possible to deliver to the next generation of autonomous vehicles.
Dubai-based robotics startup Micropolis develops autonomous vehicles and is now raising $37 million in an IPO. The electric vehicle startup intends to list its shares on the New York Stock Exchange (NYSE). In its submission to the US Securities and Exchange Commission (SEC), Micropolis disclosed plans to offer 8.2 million shares at a price range of $4 to $5 per share, potentially placing the company’s valuation at around $172 million, the company announced.
Established in 2014 and located in Dubai Production City, Micropolis develops of autonomous mobile robots (AMRs) utilizing wheeled electric vehicle (EV) platforms. The company is strategically capitalizing on the burgeoning robotics industry in the Gulf Cooperation Council. They have started collaborating with the Dubai police. We are used to seeing unusual cars out of the UAE – from gold Mercedes on the streets being pulled over by police driving Lambos. But who needs to work and drive if it can be all electric and police by itself?
Headquarters in Dubai
The United Arab Emirates is positioning itself as a leader in robotics innovation, particularly in the realm of developing autonomous systems for diverse industries. The police vehicle feels like it’s part of the Neom dystopian universe in Saudi Arabia.
The robots, according to the company possess the capability to function autonomously, finding applications across various sectors such as security, hospitality, real estate, retail, sanitation, and logistics. Notably, the company collaborated with Dubai Police to implement self-driving patrols, enhancing security surveillance operations.
It took 65 engineers 5 years of research to build the vehicle named Autonomous Police Patrol M02, which according to its makers can function with an accuracy rate of 99.9 percent.
Additionally, Micropolis has designed a surveillance robot equipped with a surveillance camera and a drone launcher, catering to the needs of the Saudi Arabia Ministry of Interior.
Would you invite these cars into your neighborhood?
The post Dubai’s self-driving car company eyes an IPO on the NYSE appeared first on Green Prophet.
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