Vecna Robotics raises $50 million to automate warehouse tasks with AI

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vecna robotics $50M warehouse

The warehouse robotics market is on the upswing. In point of fact, analysts at Allied Market Research anticipate it’ll reach $5.186 billion by 2023 as tasks like pick-place, packaging, transportation, packaging, and palletizing become increasingly automated. A recent survey published by EyeForTransport reflects this — it revealed an 18% year-over-year increase in the testing of warehouse robotics, with 25% of the 100 companies surveyed revealing that they piloted robots in a limited number of warehouses in 2019.

Perhaps it’s no surprise, then, that firms like Vecna Robotics haven’t had trouble attracting investors. The Waltham, Massachusetts-based workflow orchestration and self-driving forklift provider today announced that it’s raised $50 million in series B financing led by Blackhorn Ventures, with participation from new backers Highland Capital and Fontinalis Partners and existing backers Drive Capital and Tectonic Ventures. It brings the company’s total funding to over $60 million following a $13.5 million series A in August 2018.

Founder and CEO Daniel Theobald noted that the capital comes after a year in which Vecna installed its robots in some of the world’s largest distribution centers, with deployments at FedEx Ground, Milton CAT, DHL Supply Chain, Geodis, Medline, and strategic partners UniCarriers Americas and Ricoh. He added that it will help to expand Vecna’s geographic footprint while accelerating the development of products in the material-handling market.

Read the full article on VentureBeat.