Some big names are investing in a company on the GO.

indiGOtech — using the trade name GO — has closed a $54 million Series BB funding round that includes investments from FedEx, Foxconn and FM Capital, the company announced.

The Massachusetts-based mobility tech firm said it will use the funds to accelerate its mission to provide sustainable local transport through its patented SmartWheels technology, driving its Smart EVs and Smart Mobility Services.

In a news release, the company said while mobility network companies currently compete for gig drivers who use gas-powered cars because electric vehicles are still expensive, hard to recharge and expensive to repair, GO is creating “radically new” SmartWheel-powered EVs and autonomous vehicles that are more cost-effective to own, operate and repair.

GO said its EVs will be accessible via GO Loop service hubs that will maintain, charge and repair the EVs for drivers to use and earn a fair income with flexible hours.

“GO is run by MIT entrepreneurs with patented deep tech applied to the growing needs of drivers and fleets,” CEO Will Graylin said. “Our SmartWheels-powered EVs and AVs offer superior user experiences and unit economics for ride hail and delivery companies, and their drivers, to better serve their communities.”

The venture is the latest for serial entrepreneur Graylin, who has led four tech companies to mass commercial scale, including the U.S. launch of Samsung Pay.

The company said the new funding will allow it to start GO Loop services and launch the first of its Smart EVs for fleets and mobility companies — the DASH, which can seat four and carry packages with in its 90 cubic-foot interior. The DASH, designed for 110 miles of range and will be priced around $20,000 after tax credits, is already available for pre-order, with delivery expected in the fourth quarter of 2025.

GO also expects the investment to help it secure a Series C by year end to bring the FLOW to market. The FLOW, with 185 cubic feet of space and a 200-plus mile range, is powered by GO SmartWheels, an integrated “smart” suspension and propulsion system in each wheel, which the company said enables a “magic carpet-like experience.”

The company said the FLOW will be “100% drive-by-wire capable,” with a center-drive cockpit ideal to allow for switching between human drivers and autonomous driving systems. GO recently acquired Clevon, an unmanned delivery vehicle provider with teleoperations and ADS capabilities, to help develop and integrate the SmartWheels platform with regional ADS providers.

GO has signed with investment banker TD Cowen to raise Series C funds from large strategic and institutional investors.