Seegrid, a company that makes self-driving robots and forklifts to move stuff around in warehouses and factories, has closed a $52 million growth equity financing round, the company announced this week.
The investment round previously was announced when lead investor G2VP funded the first $25 million of the raise
To date, the Pittsburgh-based company has raised more than $150 million.
Seegrid intends to use the additional capital to increase the size of its workforce to deliver automated solutions for customers, who already have more than 3 million autonomous miles of Seegrid vehicles in production use, the company said in a statement.
“With this investment, we will continue to increase our market share, solidify our position as market leader and further disrupt the manufacturing, warehousing and logistics industries,” said Jim Rock, Seegrid Chief Executive Officer, in the release.
“And, most importantly, the continued support from G2VP and our new investors enables us to accelerate new product innovations and address customer needs in this rapidly changing climate.”
The materials handling sector is in the midst of an unprecedented growth and automation streak, as retailers, manufacturers and logistics companies struggle to fulfill a deluge of online shopping orders.
Also driving interest in robotics technology is the COVID-19 pandemic, as many companies seek to incorporate touchless solutions across industry sectors.
Seegrid’s automated guided vehicles (AGV) and autonomous mobile robots (AMR) use proprietary cameras, algorithms and machine learning to navigate warehouse and factory environments.
The company expects to double revenues again this year, Rock said. It also is considering potential strategic acquisitions.
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now