Vecna Robotics, a developer of solutions for material handling automation, has announced the successful completion of its Series C funding round that has raised US$100 million (£79.1m).
This round, featuring US$40 million (£33.8m) in new equity and debt financing, has almost doubled the company’s previous valuation. Key investors include Tiger Global Management, Proficio Capital Partners and Impulse.
The newly acquired capital will be used to fuel the development of workflow-specific innovations aimed at delivering rapid ROIs for warehouse operators.
Craig Malloy, CEO of Vecna Robotics, commented on the funding: “Finalising this capital raise is huge validation that we are on the right track.
“With fresh capital, we can drive growth through improved product performance and new automation technologies that will revolutionize material handling in warehousing and distribution.”
In the past year, Vecna has integrated cloud software updates and invested in its command centre, which it said has enabled customers like Geodis, FedEx and Caterpillar to achieve up to 70% performance improvements in workflows like case picking and cross-docking.
The latest funding will support the launch of next-generation platforms, offering more deployment flexibility and cost savings from day one.
Andy Johnston, senior director of innovation at Geodis, added: “Vecna’s new case picking solution nearly doubles performance. This cash infusion will expedite the development and market readiness of this innovative solution.”
Vecna Robotics offers self-driving forklifts, pallet jacks and tuggers, all of which are powered by its Pivotal orchestration software and supported by a 24/7 command centre.
