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Electric autonomous bulldozer startup Lumina is raising a Series A round of between $20 million to $40 million, CEO and founder Ahmed Shubber told Axios Wednesday.

Why it matters: It's an ambitious project during a volatile time for EV makers. 

Lumina plans to use the Series A funds to build five more bulldozers by March 2026 and start selling construction services. The goal is to get to $30 million in revenue in the next 6 to 8 months, said Shubber.

Companies could be interested in buying excavation services from an all-electric fleet for sustainability purposes, to meet zero-emission state mandates, because it's quieter, or if it's cheaper.

Zoom in: At the event in San Francisco's Presidio region, Lumina had a driver maneuver the bulldozer around a dirt-covered plot of land less than a mile from San Francisco's Golden Gate Bridge.

The 32-ton bulldozer made no sounds as it rolled over the dirt and lifted its blade. The dozer is "autonomous-ready" but was not showing off its autonomous features at the event, the company said.

Zoom out: Shubber says he wanted to make electric and autonomous bulldozers to bring down the cost of building infrastructure. 

Electric bulldozers can eliminate diesel and maintenance costs, and autonomous tech can reduce operational costs.

"Electrifying a fleet on an excavation business can double the profits of that company, and then you triple it if you lay on autonomy," said Shubber.

Catch up quick: Lumina previously raised $8 million from investors including Uncork Capital, Starship Ventures, Valor Equity Partners, SNR's Kevin Patrick Mahaffey, and Charm Industrial's Peter Reinhardt. Uncork Capital's Jeff Clavier sits on Lumina's board.  

Lumina also acquired 25% of the assets of bankrupt EV company Arrival, equalling nearly $8 million to $10 million of equipment, Shubber said. That tech has given Lumina a strong foundation for manufacturing and testing in-house, says Shubber.

The big picture: It's been a tricky time for EV makers with slower-than-expected growth and policy uncertainty in the U.S. 

Funding for climate tech has also cooled. 

The bottom line: Removing diesel from excavation sites would be an environmental win, but Lumina is still at an early stage. 

Scoop: Lumina raising $20M to $40M for electric bulldozers

Lumina showed off its electric bulldozer MoonLander in San Francisco

Lumina showed off its first electric bulldozer, dubbed P1, at an event in San Francisco on Wednesday. Photo: Katie Fehrenbacher/Axios

Electric autonomous bulldozer startup Lumina is raising a Series A round of between $20 million to $40 million, CEO and founder Ahmed Shubber told Axios Wednesday.Why it matters: It&#x27;s an ambitious project during a volatile time for EV makers.

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Scoop: Lumina raising $20M to $40M for electric bulldozers

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