CaPow, a company specialising in industrial automation through power delivery technology, has raised US$15m in a funding round of funding to accelerate its global expansion and product development.
The investment round was led by Toyota Ventures and included participation from Elements VC, as well as continued support from existing investors such as IL Ventures, Payton Planar Magnetics LTD., Mobilion, and Doral Energy-Tech.
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The company’s power-in-motion technology addresses the growing challenges of efficiency in automated systems. Automation in industrial environments has faced a slowdown due to issues like charging downtime, increased fleet purchases, and the logistical, safety, and environmental concerns linked to the heavy use of lithium-ion batteries.
CaPow’s solution powers automated fleets while they are in motion, eliminating the need for charging stops and reducing reliance on traditional battery systems. This approach not only enhances operational efficiency but also significantly lowers the cost of ownership, making automation more viable for a broader range of industries.
CaPow’s technology has already shown promising results, with companies adopting its systems reporting a 32% reduction in ownership costs and a 45% boost in automation efficiency.
The industrial automation sector is expected to see substantial growth in the coming years, with estimates predicting a compound annual growth rate (CAGR) of 9.2%, reaching a market size of over $460 billion by 2032.
As part of its mission to lead this transformation, CaPow has said that it intends to continue advancing its energy management technology, which is poised to have a significant impact on robotics, manufacturing, and logistics industries.
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