Seegrid is preparing to expand its product line from the LIft RS1 (left) to the Lift CR1 (right). | Credit: SeeGrid
Seegrid Corp. yesterday closed its $50 million Series D investment round, led by existing investors Giant Eagle Inc. and G2 Venture Partners, along with contributions from other shareholders. The Pittsburgh-based company said it plans to use the funding to accelerate market initiatives for its autonomous mobile robots, or AMRs.
“We are thrilled to have secured this additional funding from our investors,” stated Joe Pajer, president and CEO of Seegrid. “It enables us to drive our innovative AMR technology and solutions into the market faster, delivering even more value to our customers sooner.”
“In addition, this investment is a testament to the confidence our investors have in our vision, the strength of our leading-edge AMR technology and solutions, and the accelerating market traction we are achieving,” he said. “Seegrid pioneered and remains the leader in the autonomous tow tractor market. We are now revolutionizing the industry again, as we successfully develop, manufacture, and deploy innovative new autonomous lift truck solutions.”
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Demand drives AMR growth
Seegrid said it has seen stronger growth than expected in the market for autonomous lift trucks, which Interact Analysis predicted could reach nearly $3.5 billion by 2027. The company also noted that multiple segments of manufacturing are investing heavily in automation, including automotive, heavy equipment, plastics, and consumer goods.
How will Seegrid spend its latest investment?
“The Series D funding will be used primarily to accelerate R&D to further build upon the positive momentum we are seeing from the market and in particular with our lift-truck initiatives,” Pajer told The Robot Report. “This R&D will result in additional product offerings, such as the CR1, and the continued increase in capabilities of our current offerings. Funding will also be used to support our rapid growth in terms of product shipments and manufacturing capacity.”
Seegrid CEO Joe Pajer at an industrial facility with the Lift RS1 and Tow Tractor S7 AMRs. | Credit: Seegrid
CR1 Lift Truck to be released later this year
It has been almost two years since Seegrid released its first automated lift truck. The Palion Lift RS1 was designed to transport and lift payloads weighing 1,600 kg (3,527.3 lb.) up to 183 cm (6 ft.) off the ground.
Later this year, Seegrid will release its second automated lift, the Lift CR1.
The CR1 will support the transport and lifting of payloads up to 1,800 kg (3,968.3 lb.) and 457 cm (15 ft.) off the ground. The CR1 also offers a ride-on chassis that allows an operator to take over operations or quickly recover the robot.
Both systems offer similar operational capabilities, but with different payloads and reach. By expanding the product line, Seegrid said it will be able to solve material handling requirements for more customers
The company is focused on use case applications such as parts-to-line, end-of-line to outbound staging, inbound staging to put away, and raw materials to work cell sub-assembly.
“We have introduced innovative technologies in the last six months, including Sliding Scale Autonomy, which provides high levels of both flexibility and predictability in autonomous navigation and manipulation, and Enhanced Pallet and Payload Detection, which enables reliable recognition and manipulation of the broad range of payloads required by world-class manufacturers,” added Pajer. “When these unique-to-Seegrid technologies are combined with decades of industry-leading deployment experience acquired from our leadership in the autonomous tow-tractor market, we are chosen again and again by blue-chip customers who seek autonomous solutions that work in the real world.”
Seegrid takes a long and winding road
Entering its third decade, Seegrid has been through its share of struggles and strategic pivots in its journey. The company claims that its systems have autonomously driven more than 14 million production miles to date and that it has deployed more than 2,000 AMRs at over 200 customer sites for over 50 global brands.
In 2022, CEO Jim Rock stepped down, and Pajer took the reins. Seegrid has also faced bankruptcy and layoffs. The company said it has emerged stronger and more focused.
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