Estonian startup 10Lines, which develops robots that utilise autonomous space technologies for marking parking lots and roads, has raised €700,000 in investment.
The financing round was led by the Estonian venture capital company Tera Ventures, with the US investment company Perot Jain participating as co-investor, the startup said.
"10Lines is developing a unique product that has the potential to change a market that has so far been largely untouched by innovation. Currently, car parks are marked using a very time- and resource-intensive method. There are 800mn parking lots in the United States alone, with a cost of marking at about $6bn. Our robots offer a high-tech solution to this problem, enabling parking lots to be marked significantly faster and more efficiently," 10Lines CEO Tarmo Prints said.
According to the company, the software they create allows the user to digitally map the object and easily let the robot move around, skipping a large part of the measurement and pre-marking process, which in the traditional method accounts for up to 70% of the time spent marking parking spaces. At the same time, the result is more accurate and more environmentally friendly.
10Lines has already started reference projects in Estonia and signed preliminary agreements with US marking companies. The investment by Tera Ventures and Perot Jain will enable the company to complete the development and production of its technology, expand its business and attract new team members.
Until now, 10Lines has mainly been self-financed. The idea also won first place in the MyGalileoSolution business competition organised by the Prototron programme and the European Space Agency; the total prize money is €125,000.
10Lines was founded in 2019 by Prints and Janno Paas.