Gideon Brothers, a robotics startup based in Croatia, announced a $31 million Series A round led by Koch Disruptive Technologies (KDT), the venture and growth arm of Koch Industries Inc., and participation from DB Schenker, Prologis Ventures and Rite-Hite, a leading manufacturer of loading dock equipment based in Milwaukee.
Past investors include Taavet Hinrikus, Pentland Ventures, Peaksjah, HCVC, commonly referred to as Hardware Club, Ivan Topčić, Nenad Bakić and Luca Ascani.
Gideon Brothers has raised a total of $36.5 million since 2017.
The company develops autonomous mobile robots (AMRs) for material handling processes within warehousing, manufacturing and retail locations. Implementing AMRs within these logistics services can enable companies to meet customers’ rising delivery expectations, increase productivity and help combat a historically small labor pool within warehousing.
“The pandemic has greatly accelerated the adoption of smart automation, and we are ready to meet the unprecedented market demand. The best way to do it is by marrying our proprietary solutions with the largest, most demanding customers out there,” said Matija Kopić, CEO and co-founder of Gideon Brothers, in a release. “Our strategic partners have real challenges that our robots are already solving, and, with us, they’re seizing the incredible opportunity right now to effect robotic-powered change to some of the world’s most innovative organizations.”
Gideon Brothers’ AMRs work off different technologies than many of its peers. While many AMRs rely on LiDAR technology for navigation, a method that has been criticized for its real-world limitations, the company’s robots use a combination of deep learning and cameras for a method referred to as SLAM, simultaneous localization and mapping.
This method is also less costly and the 3D visualization created by the cameras is superior within busy and ever-changing environments often seen in warehousing and manufacturing centers.
Gideon Brothers will use these new funds to expand its portfolio of AMRs and to bring them to market.
Funding details: Gideon Brothers
|Funding round||Series A (4th round)|
|Funding amount||$31 million|
|Lead investors||Koch Disruptive Technologies|
|Secondary investors||DB Schenker, Prologis Ventures, Rite-Hite, Taavet Hinrikus, Pentland Ventures, Peaksjah, HCVC, commonly referred to as Hardware Club, Ivan Topčić, Nenad Bakić and Luca Ascani|
|Business goals||accelerate AMRs development and commercialization|
|Revenue run rate||Not disclosed|
|Revenue targets||Not disclosed|
|New revenue run targets||Not disclosed|
|Pre-money valuation||Not disclosed|
|Post-money valuation||Not disclosed|
|Total funding||$36.5 million|
Along with the raise, Annant Patel, director of KDT, and Xavier Gargijo, a member of the board of management for contract logistics at DB Schenker, will join the company’s board of directors.
“With more than 300 Koch operations and production units globally, KDT recognizes the unique capabilities of and potential for Gideon Brothers’ technology to substantially transform how businesses can approach warehouse and manufacturing processes through cutting edge AI and 3D AMR technology,” said Patel.
“Gideon’s vision to enhance current industrial warehouse and manufacturing operations through close collaboration between humans and their robotic assistants, while automating complex manual processes to make work safer and more efficient, presents a shift in an industry ready for disruption.”