As the demand for automation in supply chain operations continues to grow, so have investments in suppliers of mobile robots. Seegrid Corp., which makes vision-guided robots, today said it has closed an oversubscribed $52 million growth equity financing round. The Pittsburgh-based company said it plans to use the funding to hire more employees, accelerate product development, and consider strategic acquisitions.
“Seegrid is having a fantastic year,” stated Jim Rock, CEO of Seegrid. “We expect to double revenues again this year and are seeing increased customer demand as the COVID-19 pandemic is driving many companies to greater use of automation across the material handling industry.”
Seegrid touts safety record
Seegrid said its proprietary navigation technology uses cameras, algorithms, and machine learning to navigate in dynamic environments. The company claimed that its customers have logged more than 3 million miles of production use of its vision-guided vehicles without a single safety incident, breaking industry records.
Many of the world’s largest manufacturing, warehousing, and logistics brands use Seegrid’s robots, fleet management software, and service teams to improve productivity and achieve Industry 4.0 initiatives, said the company.
Oversubscribed round to support growth
Seegrid said the latest investment brings its total funding to date to more than $150 million. It previously announced the round when lead investor G2VP funded the first $25 million of it. The company had the right to top off the round, which was oversubscribed, resulting in a total round of $52 million with additional funding from leading technology and robotics investors.
“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 Rock. “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.”
“We are very pleased with the level of interest and financing to support Seegrid’s growth,” said Steven F. Kaplan, chairman of the board of Seegrid. “The combination of our cash-positive and profitable operations and our very strong balance sheet, with well over $50 million of cash and no debt, position Seegrid to continue to lead the autonomous material handling vehicle industry and help companies automate their operations.”