CANVAS Technology company logo

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canvas.technology

Founded Year

2015

Stage

Acquired | Acquired

Total Raised

$15M

About CANVAS Technology

Canvas Technology is a robotics company with a mission to provide end-to-end autonomous transport of goods. The company seeks to create safe, autonomous technology that can power both indoor and outdoor driving.

CANVAS Technology Headquarter Location

1855 S 57th Ct Suite 110

Boulder, Colorado, 80301,

United States

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Research containing CANVAS Technology

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned CANVAS Technology in 4 CB Insights research briefs, most recently on Mar 8, 2022.

Expert Collections containing CANVAS Technology

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

CANVAS Technology is included in 2 Expert Collections, including Supply Chain & Logistics Tech.

S

Supply Chain & Logistics Tech

3,898 items

Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).

R

Robotics

2,010 items

This collection includes startups developing autonomous ground robots, unmanned aerial vehicles, robotic arms, and underwater drones, among other robotic systems. This collection also includes companies developing operating systems and vision modules for robots.

CANVAS Technology Patents

CANVAS Technology has filed 2 patents.

The 3 most popular patent topics include:

  • Electromagnetic radiation
  • Operating roller coasters
  • Sensors
patents chart

Application Date

Grant Date

Title

Related Topics

Status

2/15/2019

8/10/2021

Sensors, Operating roller coasters, Visual perception, Vision, Electromagnetic radiation

Grant

Application Date

2/15/2019

Grant Date

8/10/2021

Title

Related Topics

Sensors, Operating roller coasters, Visual perception, Vision, Electromagnetic radiation

Status

Grant

Latest CANVAS Technology News

The latest insights on fulfilment automation and robotics

Apr 5, 2022

We have been exploring recent developments and outlooks within technologies and business models and how they relate to fulfilment automation and robotics. Our theme study provides insights on secondary quantitative and qualitative data, including synthesis of existing research, market analyses, and investment data from Pitchbook. Table of Contents 2. Key takeaways: Summary of main findings 3. Industrial robotics: Overview of the industrial robotics market including global market value, growth potentials and how the technology is used across industries 4. Fulfilment automation: Presentation of how the technology is used in supply chain, identification of major market players, emphasising key opportunities of using the technology and key challenges which are slowing down the implementation process 5. Trends in fulfilment automation: Highlighting main trends in using automation technologies in fulfillment centres 6. Investments and startup funding: Mapping the amount of funding in startups and listing of top 10 highest-funded start-ups since 2011 7. Recent highlights and use case examples: A selection of news highlights of recent innovation and business developments, investments, and collaborations within this field of technology The warehouse automation market was valued at USD ~19 billion in 2021 and is expected to be worth USD ~37.6 billion by 2030, at a CAGR of ~10% during this forecast period. The trend toward advanced fulfilment automation seems a prerequisite to compete, especially within B2C e-commerce and quick commerce, requiring two days to 15 min delivery times. In general, no regulations and legislation are slowing down the implementation of fulfilment automation and robotics. The decision about automating fulfilment centres is often hampered by high CAPEX (USD ~50m) and long implementation times (~9–12m). However, the Fulfillment-as-a-Service automation trend could somewhat mitigate this. The US and Asia-Pacific are the key markets in fulfilment automation, and BigTech companies have particularly scaled up on automation, e.g., Amazon, JD.COM, Shopify and Alibaba. The key benefits of fulfilment automation relate to increased/always-on productivity (+50%), decreased labour cost (up to ~70%), enhanced traceability and improved working conditions. It is estimated that 1–5% of global warehouses have advanced automation, which leaves significant opportunities. Several sub-trends are driving and impacting warehouse automation, such as Amazon's effect on delivery times, quick commerce, new FaaS business models and AI/big data/digital twins. Sixty-six startups within warehouse technology have been founded since 2011, with a total raised amount of USD 4.4 billion, with +USD 560 million raised in 2022. The robotics industry is booming, and the global industrial robotics market was valued at USD 42.2 billion in 2021 and is expected to reach USD 75.3 billion by 2026, growing at a 12.3% CAGR from 2021 to 2026 . However, despite predicting significant market growth, the outbreak of COVID-19 has temporarily impacted the market negatively. Nevertheless, with supply chain and installation disruptions, the situation is expected to reach normality by the end of 2022 . Industrial robotics is most commonly used to replicate human actions to enhance performance and produce standardised outcomes. The use of robotics includes a wide range of applications in various industries, such as manufacturing, healthcare, and agriculture. The boost of the e-commerce industry is expected to have an inevitable impact on the robotics and automation industry due to the need for fulfilment optimisation. In 2021, 8 0% of the warehouses globally had no automation, 15% had limited automation, and 5% were fully automated . Thus, the integration of automated robotics solutions has significant potential. In the first quarter of 2020, investments in warehouse robotics technology startups reached USD 381 million, which is 57% higher compared to the same period in 2019. This funding level has already exceeded in 2022 due to the significant Exotec USD 335 million Series D funding round led by Goldman Sachs AM and several other vital deals highlighting a year of automation. Fulfilment automation is about finding repetitive, process-oriented, error-prone, and time-consuming tasks and automating them to optimise productivity and increase overall efficiency. This will focus on the movement of inventory, with minimum human assistance. The fulfilment automation market was valued at USD ~ 19 billion in 2021 and is expected to be worth USD ~ 37.6 billion by 2030 , at a CAGR of ~10% during this forecast period. The complexity of warehouse automation varies from relatively simple to highly advanced. There are no off-the-shelf solutions for warehouse automation. Each system is customised to the individual warehouse needs and often requires 6–12 months of implementation/configuration for advanced systems. The basic automation entails warehouse management systems, data collection and inventory control, and the sophisticated automation includes robotics, IoT, and integration of artificial intelligence. Across the levels of complexities, there are, in general, two types of warehouse automation: Process automation: This is about digitising manual processes by tracking data through barcodes and communicating this information to the ERP/WMS system. Physical automation: This is the use of robots and robotics systems and is a way to use technology to minimise human movement and build more efficient workflows. Sophisticated warehouse automation combines physical and process automation systems to increase optimisation. The US is the largest market within warehouse automation, with a market size in 2021 at USD ~5 billion , growing at a 12% CAGR from 2021 to 2024 . However, despite the US ranking highest in warehouse automation, fully automated warehouses are estimated to account for less than 1% of the total warehouse area in the US. In Europe, Germany is the largest market share , followed by the UK, Scandinavia, and France. Types of fulfilment automation technology All robots and robotics systems contain some level of computer programming, but the level of automation varies depending on the type of software and hardware solution. Typically fulfilment robots include: Automatic Guided Vehicles (AGVs): One of the main characteristics of AGVs is that they do not require an onboard operator or human driver. They are material handling systems or load carriers transporting stock and other materials around warehouses following fixed routes. Autonomous Mobile Robots (AMRs): AMRs navigate by built-in maps and an array of sophisticated sensors. These enable them to interpret and understand their environment and navigate autonomously. AMRs can create their own routes, reroute when necessary, and avoid many kinds of obstacles in their way. This makes them a flexible and safe alternative to AGVs. Goods-to-Person (GTP): Goods-to-person fulfilment is one of the most popular methods for increasing efficiency and reducing congestion. This category includes conveyors, carousels and vertical lift systems. When properly applied, GTP systems can double or triple the speed of warehouse picking. Articulated robotics arms : The robot arm can pick up, move, and put down products. They are pretty versatile and can adapt to various tasks, including picking, packaging, receiving, storing, and vehicle loading. Automated Storage and Retrieval Systems (AS/RS): A computer- and robot-aided system that can retrieve or store items in specific locations. The system usually comprises predefined areas where machines can follow established routes to get items. The robotics are connected to a warehouse management system that directs the operations. Drones : Drones are often equipped with cameras and RFID scanners to check inventory and stock levels. Drones have the ability to scan barcodes and monitor inventory levels up to 50% faster than manual scanning and inventory tracking. Key players The top-5 warehouse companies in the global market in 2021 were ABB (Switzerland), Toyota Industries (Japan), KION Group (Germany), OMRON (Japan) and KUKA (Germany), which provide industrial robotics, intralogistics, forklifts, warehouse automation equipment and automation systems to warehouses. M&As have characterised the fulfilment automation market in recent years. E-commerce companies acquire capabilities to gain competitive advantages in fulfilment instead of developing the automated solutions themselves — Amazon acquired the Kiva System in 2012 (renamed Amazon Robotics) and Canvas Technology in 2019 , which produce fully autonomous carts to transport goods around warehouses. In 2019, Shopify acquired 6 River Systems , warehouse automation and management technology developer. Key opportunities More efficient, accurate and productive: Automated fulfilment operations reduce the time spent on manual processes, which minimises human error. The sophisticated warehouse automation can cut labour requirements by 70 % and offer higher accuracy. Cainiao, the logistics arm of Chinese e-commerce giant Alibaba, opened China's largest robot operated warehouse with 700 AGVs to fulfil orders in 2018. The system directs the AGVs to drive, load and unload while planning the best routes to distribute parcels and avoid collisions. According to Cainiao, the robots allow for 50% more orders to be processed within a given time compared to the traditional warehouse. Traceability and reliability: Fulfilment automation makes monitoring and tracking goods in fulfilment centres easier and increases consistency compared to human work. Improvement of working conditions: Eliminate labour-intensive tasks that involve repetitive physical work and manual data analysis. The human operations performed in warehouses will change with increasing automation. The employees are elevated into more sophisticated roles, including supervising automated operations, equipment maintenance, and analysing performance data. Key challenges Cost-intensive: The warehouse size is a significant factor in the cost of automated warehouses. The cost of automation in the average warehouse can be anything from sophisticated automation of at least USD 50 million , the mechanised solution between USD 5–15 million and system automation between USD 0.5–2 million . In addition to establishing automated processes in warehouses, it requires expertise to maintain the system. Picking is often manual: Order picking is the most labour-intensive part of warehouse operations. The tendency is that manual picking is preferred because of the varieties of goods - especially in handling groceries. Grocery goods are often pressure-sensitive and require careful picking. Automation would enhance efficiency but can be a challenge due to an increasing number of different goods are to be handled with care. Palletizing: Palletizing systems are typically automated , loading pallets in and out of warehouses, but it is still a challenge that most systems do not consider weight and size before palletising goods. Job security: Quite often, automation is associated with ethical concerns. There are pushbacks from labour unions regarding the appropriate level of automation in companies versus keeping its employees. Same-day delivery: To meet the customer's demands within e-commerce requires investments in warehouse automation solutions to increase efficiency. The "Amazon effect" refers to the difficulty many brick and mortar stores in the retail market and online retailers face when they compete with Amazon — vast selection, fast shipping, free returns, and low prices. The customer's requirement for same-day shipping will continue to drive fulfilment automation to speed up the order of fulfilment tasks, like picking and improving the accuracy and cost-effectiveness of automated packaging and shipping procedures. Micro-fulfillment/dark stores: The ongoing shift in e-commerce is creating the need for fast, efficient local fulfilment. Automated urban micro-fulfilment centres allow retailers to move fulfilment closer to customers to reduce transportation costs and delivery time. Berkshire Grey claims to reduce picking labour by up to 70% for BOPIS, Curbside, and Delivery Order. E-grocery: During COVID-19, there was an increase in consumers shopping for their groceries online. To meet the consumer's needs, grocers need reliable and scalable automation which supports same-day home delivery of "fresh" products that typically involve temperature-controlled supply chains. The grocery industry is one of the most challenging industries from a logistics perspective, and micro-fulfilment will be the biggest opportunity to improve speed and efficiency. Quick commerce: A new wave of e-commerce (typically groceries) often served out of micro-fulfillments in urban centres to ensure fast delivery times, under an hour or as quickly as 10–15 minutes. Store replenishment: The most advanced warehouse automation players, such as Berkshire Grey, have also started to target store replenishment and claim to improve store replenishment throughput by up to 50 %, thereby solving labour availability challenges. The forward-going tendency to minimise delivery times in which local micro-fulfilment centres and their automation level are crucial in ensuring quick delivery. Fulfilment-as-a-Service (FaaS): E-commerce has skyrocketed the recent years, especially during COVID-19. The growing market has the potential to open up the FaaS for automation technology vendors . The traditional business model includes that automation vendors sell fulfilment automation on a CAPEX basis and generate recurring revenues through maintenance contracts. The new business models include additional fulfilment services such as route planning, assortment management, and front-end user interfaces. There are different levels of services on the spectrum of FaaS offerings. At the extreme of the spectrum is the service model in which retailers lease fulfilment capacity in warehouses without owning the automation technology themselves. This business model democratises the use of sophisticated warehouses due to no up-front cost (CAPEX) is required. Digital Twins: Warehouses are ideal for this type of technology to take hold in logistics. A virtual 3D model of the facility can pair with inventory and operational data, including the size, quantity, location, and demand profile of every item. This makes the facility digitally come to life in real-time, allowing site managers, customers, and remote management to fully visualise the operation. Soon, digital twins will be able to support the design and layout of new facilities, allowing companies to optimise space utilisation and simulate the movement of products, personnel, and equipment. Mass personalisation: Bespoke consumer products often leverage postponement services and are assembled closer to customers or utilise micro-fulfilment centres to streamline supply chains and shorten delivery times. This trend could add another layer of complexity to fulfilment automation, including final assembly or customisation close to the consumer. BigTechs scaling up on warehouse automation/robotics: Several e-commerce ecosystem players such as Amazon (Kiva) and Shopify (6 River Systems) are acquiring fulfilment automation players, developing in-house (Alibaba & JD.Com) or partnering (Walmart) with robotics/automation players. We find it especially interesting that Shopify is entering into FaaS as part of their online store/platform business model, enabling SMEs' e-commerce business. This could create a vastly new and different e-commerce full-suit offering targeting SMEs doing direct-to-consumer (DTC). Globally, within the warehouse automation segment (excl. segments of Augmented Reality, Packaging & Warehouse & Fulfilment), 66 startups have been founded since 2011 with a total raised amount of USD ~4.4 billion*. * Pitchbook, data extract February 2022. Top 10 highest-funded startups

  • When was CANVAS Technology founded?

    CANVAS Technology was founded in 2015.

  • Where is CANVAS Technology's headquarters?

    CANVAS Technology's headquarters is located at 1855 S 57th Ct, Boulder.

  • What is CANVAS Technology's latest funding round?

    CANVAS Technology's latest funding round is Acquired.

  • How much did CANVAS Technology raise?

    CANVAS Technology raised a total of $15M.

  • Who are the investors of CANVAS Technology?

    Investors of CANVAS Technology include Amazon, Morado Venture Partners, AME Cloud Ventures, Playground Global, Xplorer Capital and 3 more.

  • Who are CANVAS Technology's competitors?

    Competitors of CANVAS Technology include Symbotic, Nomagic, GreyOrange, Magazino, RightHand Robotics, TakeOff Technologies, Fabric, Locus Robotics, Osaro, inVia Robotics and 19 more.

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