Flexible material handling automation systems provider Vecna Robotics recently announced it has brought on Karl Iagnemma as CEO and closed $14.5 million in additional funding from existing investors.
Proceeds of the funding round are earmarked to accelerate technology and product enhancements, which Vecna said will help address the automation needs of operators in automotive, general manufacturing, high-volume warehousing.
Vecna had previously closed a $100 million series C funding round and appointed Michael Helmbrecht as COO.
Iagnemma brings CEO experience from nuTonomy, Motional
Iagnemma is an entrepreneur and knowledgeable developer in the commercial robotics industry, with a career history that blends academic research and industry leadership.
He co-founded and served as CEO of autonomous vehicle technology company nuTonomy, which was later acquired by Aptiv in 2017 for $450 million. Under Iagnemma’s leadership, nuTonomy launched public robotaxi pilots in Singapore.
Iagnemma was also founding CEO of Motional, a $4 billion robotaxi joint venture between automaker Hyundai Motor Group and Aptiv.
Prior to his industry career, Iagnemma directed the Robotic Mobility Group research laboratory at MIT, where he authored publications related to robotics and AI that have been cited more than 20,000 times. Iagnemma is also an inventor with more than 50 issued or pending patents in robotics and autonomous vehicles.
“We are excited to see a skilled technologist and experienced leader like Karl take the helm at Vecna Robotics, guiding the company into its next chapter and further strengthening its leadership in the material handling robotics sector,” said Griffin Schroeder, Partner at investment firm Tiger Global.
Angel investment made to Vecna by Iagnemma in 2020
While at MIT, Iagnemma met Daniel Theobald, a fellow MIT alumnus and founder of Vecna Robotics. In 2020, Iagnemma made an angel investment in Vecna Robotics, which the company said was based on Vecna’s technology leadership and the potential for robotics to impact the material handling industry.
“Automation in logistics today is similar to the current state of robotaxis, in that there is a massive market opportunity but little market penetration,” Iagnemma said. “I join Vecna Robotics at an inflection point in the material handling market, where operators are poised to adopt automation at scale. Vecna is uniquely positioned to shape the market with state-of-art technology and products that are easy to purchase, deploy, and operate reliably across many different workflows.”
On the heels of Vecna’s recent announcement of CaseFlow, an approach to case picking automation based on optimized human-robot orchestration, Iagnemma brings knowledge of autonomous technology which the company said can help to further accelerate technology and product development at Vecna.
“Karl Iagnemma combines exceptional robotics expertise with hands-on leadership, making him the perfect fit to drive innovation and propel Vecna Robotics into its next phase of growth,” said Nick Solaro, Drive Capital general partner. “We are confident that his extensive network will be instrumental in forging key strategic partnerships, securing the company's long-term leadership in the market.”
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