CaPow’s Power-in-Motion charging system has a double-boost effect, so when a robot moves over the charging antennas, it both powers the robot and charges its energy source. | Source: CaPow
CaPow Technologies Ltd. today said it has raised $15 million in Series A funding. The Power-in-Motion systems provider said it plans to use the funding to accelerate its global growth.
“We are pushing the boundaries of energy management technology with the goal of completely transforming its role in industrial environments, providing a one-stop-shop for the fleet energy concerns,” stated Prof. Mor Peretz, co-founder and CEO of CaPow. “This funding from such market-makers is a vote of confidence that accelerates our momentum to drive innovation around perpetual power in the robotics, manufacturing, and logistics industries at scale.”
The Beer Sheva, Israel-based company said progress in automation efficiency has slowed as a result of several factors. They include outsized fleet purchases and reduced productivity resulting from charging downtime, as well as various logistical, safety, and environmental challenges due to reliance on big, heavy, lithium-ion batteries.
Meeting these challenges can improve return on investment (ROI) and significantly lower the cost of ownership, asserted CaPow.
Engineers Peretz, Dr. Eli Abramov, and Dr. Alon Cervera founded the company in 2019. CaPow said its technology delivers wireless power, enabling mobile robots’ unique operation without a traditional battery onboard.
Power-in-Motion enables continual operation
CaPow said its Power-In-Motion technology can improve operational efficiency by delivering power to fleets of automated guided vehicles (AGVs) and autonomous mobile robots (AMRs) while they are in motion. This eliminates charging downtime and reduces battery dependence, it claimed.
The system works by first integrating a lightweight Genesis receiver into the robotic platform. Next, the company mounts double-shielded receiver antennas on the top, bottom, or sides of the robot.
On the facility side, CaPow strategically places antennas over movement surfaces for optimal efficiency.
By powering fleets while en route, the company said it dramatically reduces capital expenses and ensures 100% throughput for the lifetime of the robot. CaPow added that its customers have seen a 32% decrease in the cost of ownership (TCO) and a 45% increase in operational efficiency.
Yesterday, Hyundai Cradle, the innovation arm of Hyundai Motor, announced a successful proof of concept (PoC) at Hyundai Glovis facilities, where AGVs using CaPow’s Power-in-Motion technology achieved 100% uptime. Traditionally, AGVs operate for about seven hours per one-hour charge, but with CaPow’s technology, they ran continuously.
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CaPow targets industrial automation market
Toyota Ventures led CaPow’s latest funding, which included the participation of Elements VC. Returning investors IL Ventures, Payton Planar Magnetics, Mobilion, Doral Energy-Tech, and more participated in the Series A round.
The industrial automation market size is expected to grow at a compound annual growth rate (CAGR) of 9.2%, reaching more than $460 billion by 2032, according to industry analysts.
CaPow said it will use the investment to broaden its global expansion into new markets, grow its global operations, scale research and development, and ramp up production to meet rising market demand. The company will exhibit at Booth E12934 at ProMAT in Chicago this month.
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