Vecna Robotics Closes $100 Million in Series C Funding to Streamline and Automate Warehouse Workflows
June 20 2024 - 6:00AM
Business Wire
Investment to expand ground-to-ground and
low-lift workflow capabilities and development of new robots;
company announces new Chief Operating Officer
Vecna Robotics, the leader in flexible material handling
automation solutions, today announced the close of its Series C
round at $100 million, with $40 million in new funding including
equity and debt, that nearly doubles the company valuation from the
previous round. Tiger Global Management, Proficio Capital Partners,
and IMPULSE participated in the round.
The cash infusion will be used to fund new workflow-specific
innovations that enable the company to deliver rapid ROI to cost
conscious warehouse operators served by the $165 billion
pallet-moving autonomy market. To support its rapid expansion, the
company also announced the appointment of Michael Helmbrecht as
Chief Operating Officer.
“Finalizing this capital raise, with the help of our existing
investors and a new financing partner is huge validation that we
are on the right track,” said Craig Malloy, CEO at Vecna Robotics.
“With fresh capital secured, we have the balance sheet to help us
drive growth with our existing customers through improved product
performance and the release of new automation technology that will
change the game for material handling in warehousing and
distribution.”
Over the past year, the company has combined cloud software
updates and investments in its PivotalTM Command Center to help
customers like GEODIS, FedEx, Caterpillar, Shape, and others,
realize upwards of 70% performance improvements in ground-to-ground
warehouse workflows like case picking, packaging, and
cross-docking. In addition to these improvements, the cash infusion
will support the launch of innovative, next-generation platforms
that will help the company provide more deployment flexibility and
reach into new workflows that are in high demand, while being able
to continue delivering operator cost savings from day one.
“GEODIS has been working with Vecna Robotics on the development
of a new, groundbreaking case picking solution that nearly doubles
performance,” said Andy Johnston, Senior Director of Innovation at
GEODIS. “We are counting on this recent cash infusion at the
company to speed up development and launch of a complete,
market-ready offering that can be deployed right away.”
Helmbrecht will be instrumental in these initiatives, overseeing
operations, manufacturing, IT, product and customer success to
ensure the company continues to meet its customer-defined
performance guarantees. A former Dell, Lifesize, and Ring Central
executive, Helmbrecht brings nearly 20 years of operations, product
and partnership experience to Vecna Robotics. He joins the company
after a year of scale, including triple-digit revenue growth, over
100% increase in deployments and the successful announcement of an
industry-leading performance guarantee.
To learn more about Vecna Robotics, visit
www.vecnarobotics.com.
About Vecna Robotics
Vecna Robotics is an award-winning flexible, intelligent
material handling automation company with solutions engineered for
seamless work between autonomous mobile robots (AMR) and the labor,
equipment, facilities, and systems that make business go. Our
self-driving forklifts, pallet jacks, and tuggers –– powered by
Vecna’s Pivotal™ orchestration software and 24/7/365 Command Center
–– help distribution, warehousing, and manufacturing organizations
realize immediate cost savings by automating their most critical
workflows and maximizing throughput at scale. For more information,
visit www.vecnarobotics.com. Follow us on Twitter and LinkedIn.
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Jason Vancura fama PR for Vecna Robotics P: (617) 986-5041