Estonian manufacturer of robot courier Clevon is to leave the stock exchange to attract venture investment

Estonian technology company, manufacturing driverless vehicles Clevon, is going to leave the alternative stock exchange First North to be able to attract venture investment.

According to the chairman of the company's board Arno Kütt, due to world events (war in Ukraine, energy crisis, etc.), it is unlikely for the startup to raise additional capital with the help of fundraising. Also, some investors are not able to invest in public companies.

Therefore, the company looks for venture capital investors, potential customers, and other start-up companies with whom it is possible to develop the CLEVON 1 vehicle in synergy.

Clevon's current major shareholders plan to pool their shares in Clevon investors AS. A voluntary takeover bid will be made to shareholders.

Clevon is a technology company focused on developing a driverless vehicle CLEVON 1, which helps to make the delivery of goods. The company was established in 2008 in Tallinn. In July 2022 a pilot 2-month project was launched in Tallinn, in which a robot courier had to deliver goods in the Old town of the city during non-working hours from 6 pm till 10 am.