WALTHAM, Mass.–(BUSINESS WIRE)–Vecna Robotics, the leader in flexible materials handling automation, today announced a $65 million Series C funding round led by Tiger Global Management, along with additional funding from new investors Lineage Logistics, Proficio Capital Partners and IMPULSE. New funding will help fund the company’s technology roadmap with new autonomous mobile robots (AMRs) and software, and accelerate the fulfillment of new orders and expanded operations to address the $165 billion market opportunity dollars for the autonomy of moving the pallets.
“There is huge room for growth in automated materials handling with more than 5 billion pallets worldwide moved by more than 5 million forklifts and nearly 5 million manual operators,” said Craig Malloy, CEO from Vecna Robotics. “This investment, led by such a large and supportive group of investors, will allow us to accelerate our roadmap and deliver solutions to market faster to meet the insatiable demand for increased throughput in environments. materials handling such as factories and warehouses.”
“Changes in the labor market are accelerating the need for automation throughout the global supply chain. Vecna Robotics is uniquely positioned to help companies in warehousing, manufacturing and distribution meet this challenge with truly intelligent automation for pallet-sized loads,” said Griffin Schroeder, Partner at Tiger Global Management.
The recently closed C-Series cycle will allow Vecna Robotics to continue its development to support end-to-end automated material handling workflows. The funding will also be used to expand the company’s development of PivotalMT, a proprietary orchestration engine, to enable better integration with existing warehouse management systems as well as third-party automation solutions.
“Medium to large warehouses and manufacturing facilities are experiencing an undeniable shift in how they manage critical workflows in response to labor shortages and spikes in demand,” said Adam Forste, Executive Co-Chairman of Lineage Logistics. “As an organization with a strong commitment to innovation, we are thrilled to support Vecna Robotics’ mission to intelligently automate the way warehousing and manufacturing companies meet the supply chain’s most important challenges. today’s supply chain, focusing on employee safety and improving the overall efficiency of material handling and throughput operations.”
“We continue to expand our relationship with Vecna Robotics across multiple installations and workflows because of their innovative approach to solving real-world material handling challenges,” said Andy Johnston, senior director of the innovation at GEODIS in America. “For us, the magic of Vecna Robotics technology is to maximize our throughput and efficiency – especially during ongoing industry-wide challenges,” he added. “As Vecna Robotics further expands its operational capability and innovation with its latest funding round, this will help us continue to exceed our customers’ expectations for many years to come.
Earlier this year, Vecna Robotics announced its Mark 3 Software Version, resulting in the fastest AMR solutions in the industry with speeds of up to 6.7 miles per hour, nearly doubling the throughput capacity. Prior to this round of financing, the company added new leadership with the hiring of Craig Malloy to CEO, the appointment of the company’s former CEO and founder, Daniel Theobald, as chief innovation officer, and the addition of Josh Kivenko as Vecna Robotics’ new chief marketing officer. The three leaders bring a diverse set of skills and expertise as well as extensive technology experience, helping to position the company to scale rapidly to meet the growing demand for autonomous and orchestration solutions while transforming enterprise chains. sourcing worldwide for a more resilient and better future.
Current investors in Vecna Robotics include Blackhorn Ventures, Highland Capital Partners, Tectonic Ventures, Drive Capital and Fontinalis Partners. To learn more about Vecna Robotics, please visit www.vecnarobotics.com.
About Vecna Robotics
Vecna Robotics is an award-winning flexible and intelligent material handling automation company, providing solutions designed for seamless working between Autonomous Mobile Robots (AMR) and manpower, equipment, facilities and the systems that drive business. Our autonomous forklifts, pallet jacks and tugs –– powered by Pivot™ and our 24/7/365 Command Center –– help distribution, warehousing and manufacturing organizations automate their most critical workflows, maximize throughput and rapidly scale operations. For more information, visit www.vecnarobotics.com. follow us on Twitter and LinkedIn.