Tallinn-based robotics startup 10Lines has raised €1.5 million to further expand in the US. The round was backed by Karista, Tera Ventures, Butterfly Ventures, and angel investor Mike Oliiny.
- Founded in 2019 by Janno Paas and Tarmo Prints, 10Lines develops autonomous parking lot marking robots and technological tools to increase the productivity of the sidewalk marking sector.
- 10Lines claims that its robots can stripe parking lots seven times faster than traditional methods, leading to cost savings and resulting in a reduction of 1.9 tons of CO2 per robot.
- The funding round was co-led by Karista, a venture capital firm specializing in investments in health, digital, technology, and NewSpace startups, and Tallinn-based Tera Ventures, VC that invests in startups across Denmark, Sweden, Finland, Latvia, Lithuania, Poland, and the Czech Republic.
“Investing in 10Lines represents a one-of-a-kind opportunity on a large downstream application of the space ecosystem. Our investment is consistent with our strategy towards building Space Tech leaders of the next decade. We were convinced by 10Lines’s professional team, which combines domain expertise and software start-up experience. In addition to the very strong customer benefits provided by the company’s solutions, the solid business model and large potential market size, this makes for a very promising investment for Karista,” Investment Director at Karista, Emmanuel Daugeras, commented.
- The current investment round also saw participation from Butterfly Ventures, a venture capital firm focused on funding science-based deep tech and hardware startups in the Nordic and Baltic regions, and former product manager of Wise, Wolt, and Uber Mike Oliinyk.
With the €1.5 million in funding, 10Lines plans to advance the development of its autonomous robots and software. Additionally, the company aims to expand its operations in the US and scale up its team.
