- In a $2.5+ trillion industry, GrayMatter continues to set
new standards with a 2~4x improvement in production line
productivity, 30% or more reduction in consumable waste, and a
system availability of over 95%.
- GrayMatter has a growing customer base across industries
including aerospace & defense, specialty vehicles, maritime,
metal fabrication, and consumer products such as sports
equipment.
- Led by Wellington Management, with participation from NGP
Capital, Euclidean Capital, B Capital, and other existing
investors, the new Series B funding brings the total amount raised
to date to $70.4M.
LOS
ANGELES, June 20, 2024 /PRNewswire/
-- GrayMatter Robotics, an AI-powered robotics leader
empowering humans with intelligent automation, today announced
$45 million in Series B funding.
Wellington Management led the round, which also included NGP
Capital, Euclidean Capital, Advance Venture Partners, SQN Venture
Partners, and other existing investors 3M Ventures, B Capital, Bow
Capital, Calibrate Ventures, OCA Ventures, and Swift Ventures.
The $2.5 trillion U.S.
manufacturing industry is grappling with a growing backlog of
unfilled orders due to a severe labor shortage. Many of these roles
are hazardous and demand extensive training, leading to a critical
gap of 3.8 million unfilled jobs. With nearly half of these
manufacturers' orders on hold waiting to be fulfilled, GrayMatter's
solutions are crucial in addressing these challenges.
GrayMatter's smart robotic cells are future-proofing high-mix,
high-variability manufacturers' businesses by increasing
productivity, enhancing quality consistency, and reducing costs.
They autonomously handle complex tasks such as sanding, polishing,
grinding, coating, and finishing—traditionally labor-intensive and
ergonomically challenging jobs—allowing businesses to meet global
demand while significantly improving the quality of life for
shop-floor workers.
"We founded GrayMatter to enhance productivity while
prioritizing workforce well-being," said Ariyan Kabir,
co-founder and CEO. "With our physics-based AI-powered systems, we
are fulfilling our mission while unlocking new levels of efficiency
and productivity. With our investors' support, we are making a real
difference for shop workers and addressing the critical labor
shortages in manufacturing today."
With the new capital, GrayMatter, founded in 2020 by SK Gupta,
Ariyan Kabir, and Brual Shah, is actively hiring for a wide range
of roles to meet customer demands, expanding its Los Angeles headquarters, and accelerating the
development and deployment of its next-generation AI-powered
robotic solutions.
"GrayMatter is driving a pivotal transformation in manufacturing
with their advanced AI solutions," said Sean Petersen, sector lead for private climate
investing, Wellington Management. "Their ability to enhance
productivity, energy efficiency and safety while managing costs,
positions them uniquely in the market. We are excited to support
their journey towards scaling these innovative technologies across
various industries."
GrayMatter's technological advancements continue to set new
industry standards. Its proprietary GMR-AI™ technology enables
robots to self-program and adapt to high-mix manufacturing
environments, providing consistent quality and reducing cycle
times. Over the past two years, GrayMatter Robotics has deployed
robots across North America in
aerospace, defense, specialty vehicles, marine, recreation, and
general manufacturing industries, processed over 7.5 million square
feet of product surface area, and holds ten patents.
"The combination of AI-driven technology and depth of domain
expertise in the GrayMatter solution blew us away", said
Debjit Mukerji, Partner at NGP
Capital. "It is incredibly challenging to develop high-performance
and ultra-reliable robots for such difficult manufacturing
conditions. We are thrilled to help the company execute on its
impressive commercial trajectory."
"We are excited to partner with GrayMatter Robotics, as their
AI-driven robotic solutions have enabled us to more efficiently
address major demand growth in our operations stemming from
increased football participation and market share gains, ensuring
consistent quality and throughput despite workforce staffing
challenges," said Drew Dixon,
Director Of Distribution and Strategy at Riddell. "Collaborating
with GrayMatter Robotics underscores Riddell's ongoing commitment
to innovation and excellence in both its manufacturing operations
as well as the protective equipment it delivers to the field."
GrayMatter Robotics' solutions work 2-4x faster than manual
operation, and training that usually takes six months for humans
now only takes less than a day. The robot helps businesses address
sustainability goals, resulting in a 30% or more reduction in
consumable waste and reduced energy consumption than traditional
methods. Manufacturers have nearly uninterrupted operations with a
system availability of 95~98%, and most of the contingencies can be
resolved in under five minutes. Representative products includes
Scan&Sand™, Scan&Polish™, Scan&Buff™, and
Scan&Grind™.
"GrayMatter helps us replace some of our more taxing manual
labor. We are proud to partner with GrayMatter in an effort to
provide longevity in the workforce. We're constantly working toward
a healthier work-life balance, with a focus on working to live
rather than living to work," said Melanie
Protti-Lawrence, President of Lawrence Brothers Inc. "Their
robots are not just tools but enablers of growth. They allow our
workers to engage in more meaningful and less physically taxing
tasks, contributing to a healthier and more productive work
environment."
"Going to market with GrayMatter Robotics aligns with our
mission to foster innovative solutions that drive efficiency and
sustainability in manufacturing," said Adi
Leviatan, President, 3M
Abrasives Division. "This technology addresses critical industry
challenges and delivers significant value to our customers."
GrayMatter Robotics' solutions are used by a diverse range of
industries, including aerospace & defense, specialty vehicles,
maritime, metal fabrication, and consumer products. By providing
turnkey solutions in a Robot-as-a-Service (RaaS) format, GrayMatter
Robotics helps manufacturers improve productivity, enhance
production capacity, and reduce costs associated with scrap,
repair, and rework.
About GrayMatter Robotics
GrayMatter Robotics is
an AI and advanced robotics company delivering autonomous robotic
solutions for tedious and ergonomically challenging tasks. It
bundles its proprietary AI technologies with off-the-shelf robots,
sensors, and tools and provides application-specific turnkey
solutions to customers in a Robot-as-a-Service (RaaS) format.
GrayMatter Robotics is helping manufacturers improve the quality of
life of shop floor workers, enhance production capacity, and reduce
scrap, repair, and rework costs.
About Wellington Management
Wellington Management is
one of the world's largest independent investment management firms,
serving as a trusted adviser to over 2,500 clients in more than 60
countries. The firm manages more than US$1.2
trillion for clients, including pensions, endowments and
foundations, insurers, and global wealth managers. Wellington offers investment solutions that
span global equity, fixed income, currency, commodity,
alternatives, and private markets. Wellington's Private Investing platform has
raised more than US$8.5 billion in
global assets and invests in venture capital and private credit
across multiple sectors (consumer, technology, health care,
financial services, biotechnology, energy, industrials, climate
technology, and real estate) and geographies (Asia, Europe,
and the Americas). The Private Investing Team leverages
Wellington's 1,000+ investment
professionals around the world, combining deep private market
experience with public market expertise, extensive networks, and
robust research to benefit both investors and entrepreneurs. For
more on Wellington's Private
Investing platform, please visit
wellington.com/privateinvesting.
Media Contact:
Natalie Bartels
VSC for GrayMatter Robotics
graymatter@vsc.co
View original content to download
multimedia:https://www.prnewswire.com/news-releases/graymatter-raises-45m-series-b-to-accelerate-its-unique-ai-powered-robotics-solutions-for-manufacturings-hardest-problems-and-unique-challenges-302177566.html
SOURCE GrayMatter Robotics Inc.