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Estonian autonomous vehicle developer Clevon has been acquired by U.S. tech company indiGO Technologies in a deal that will see the startup operate under a new brand and American leadership.
The acquisition, completed through a share swap, gives indiGO a 96.04% stake in Clevon AS. Financial terms of the deal remain confidential. indiGO’s backers include shipping giant FedEx and electronics manufacturing powerhouse Foxconn.
The deal will be a big pivot for Clevon, which originally developed autonomous systems for delivery robots. Now, that same Estonian-developed technology will be integrated into electric vehicles designed for delivery and ride-sharing services in the U.S. market.
“Despite challenges with raising venture capital, we’ve reached a solution that allows our team to continue and our state-of-the-art technology to move forward,” said Clevon CEO Sander Sebastian Agur. “This will now happen under a new name, in an international environment, and on a larger scale—led by strong partners.”
The Estonian research and development team will remain intact and continue to play a key role in advancing the technology under the new ownership structure.
IndiGO Technologies has already raised over $150 million from investors. The company is preparing for another funding round with plans to bring new purpose-built electric vehicles to production and market starting in 2025. “We’ve avoided giving partial answers and chose to share information only once everything was final,” Agur explained. “The merger is now complete, the company name has changed, and a new supervisory board has been appointed.”
