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BusinessFinanceNewsSupply Chains

Seegrid closes $52M to automate materials handling

Investment supports expansion as manufacturing and logistics companies face e-commerce deluge

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.