Flexible material handling automation systems provider Vecna Robotics recently announced the close of its Series C round at $100 million, with $40 million in new funding including equity and debt, which nearly doubles the company valuation from the previous round.
Tiger Global Management, Proficio Capital Partners, and IMPULSE participated in the investment round.
Vecna said the cash infusion will be used to fund new workflow-specific innovations that can enable it to deliver rapid ROI to cost-conscious warehouse operators served by the $165 billion pallet-moving autonomy market.
“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, Vecna Robotics CEO. “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.”
GEODIS, Vecna developing new case-picking robot
Over the past year, Vecna has combined cloud software updates and investments in its Pivotal Command Center remote monitoring and teleoperation service.
The company said its service has helped customers including GEODIS, FedEx, DHL, Caterpillar, Shape, and others realize upwards of 70% performance improvements in ground-to-ground and low-lift warehouse workflows like case picking, packaging, and cross-docking.
In addition to these improvements, Vecna said the cash infusion will support the launch of 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.
One ongoing initiative involves developing a new robot case picking robot for GEODIS that has the potential to double performance for the transportation, logistics, and supply chain provider. “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,” said Andy Johnston, GEODIS senior director of innovation.
Helmbrecht to oversee new initiatives as COO
To support its expansion, the company also announced the appointment of Michael Helmbrecht as Chief Operating Officer.
Vecna said Helmbrecht will be instrumental in new 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 RingCentral 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 announcement of Vecna Robotics’ performance guarantee.
Want to learn more about robots picking, packing and packaging? This article was featured in the October 2024 Robotics 24/7 Special Focus Issue titled “Robots picking and packing with precision.”
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