Vecna Robotics raised $50 million in its Series B funding round. The latest funds collected will be used for hiring new staff and the development of the firm’s products in logistics automation.
FREMONT, CA: A 2019 RBR50 company, Vecna Robotics, raised $50 million in its Series B round of financing. The latest funding obtained will be utilized for hiring new staff and the development of the firm’s products to meet the increasing demand for logistics automation.
The latest Series B funding round was led by Blackhorn Ventures, along with the participation from several new investors who joined in this second round, such as Highland Capital Partners and Fontinalis Partners. The existing investors that were present are Drive Capital and Tectonic Ventures. Vecna Robotics was founded by a veteran of the industry, Daniel Theobald. The company first closed a Series A round of financing of $13.5 million in August 2018.
Vecna Robotics develops autonomous mobile robots (AMRs) for material handling. This includes conveyors, pallet jacks, and tuggers. The company also provides fleet management and software platform, Pivotal, that distributes tasks online, schedules workflow processes, shares information among the employees and robots to integrate with legacy automation. Vecna Robotics is also transforming the existing machines into AMRs. It is in partnership with UniCarriers Americas, a division of Mitsubishi Heavy Industries, to design a line of AMRs for management of warehouses, distribution centers, and manufacturing settings.
Trevor Zimmerman of Blackhorn Ventures and Bob Davis of Highland Capital will join Vecna Robotics’ board of directors, soon. “Vecna Robotics’ focus on the Pivotal platform and innovative AMRs to create
unprecedented resource productivity for industrial applications is strongly aligned with our investment strategy,” said Trevor Zimmerman of Blackhorn Ventures. “We are excited to be a part of their growth.”“Our confidence in the team and its vision for safe, effective human-robot collaboration within a warehouse environment grew as our partnership evolved. This vision supports the future needs of our team members and our customers,” said Daniel Schwartz, Regional Vice President of Operations at Medline, a global manufacturer and distributor of medical products, services, and solutions. “Vecna Robotics’ solution takes a lot of dead travel in our warehouse, super-centers out of our team’s days so they can focus on more skilled work.”
“We’re thrilled to have Blackhorn, Highland and Fontinalis share our vision for the future of the material handling industry. A highly orchestrated solution that leverages the best of robots, manually-operated equipment, and the irreplaceable human factor is the key to long-term success for our customers,” said Theobald in a statement. “This investment cements our position as the world’s leading material handling automation company and helps accelerate our growth strategy in the coming year and beyond.”
Vecna Robotics separated from its parent company Vecna Technologies, in 2018. As stated by the Wall Street Journal, Vecna Robotics employs nearly 90 workers and has generated $6 million in revenue from its vast customer base that includes FedEx, Medline Industries, and Caterpillar distributor Milton CAT. The company was initially located in Cambridge but moved to its new headquarters in Waltham in September 2019. The company recently transferred all its operations to the new headquarters.
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