The funding will help Path Robotics to expand beyond welding. Here are the top-line bullets you need to know.
Path Robotics, a developer of welding robots, has raised $100M in an extended Series B. The round drew participation from Tiger Global Management, Addition, and Silicon Valley Bank.
HOW’S THE COMPANY PERFORMING?
- Ohio-based Path Robotics makes autonomous welding robots. The company reportedly increased its employee headcount from 20 to 100 employees in 2020.
Source: Path Robotics
WHY DOES THE MARKET MATTER?
- The global industrial automation market is projected to expand at a CAGR of 9.3% to reach a value of $306.2B by 2027, according to Meticulous Market Research.
- Governments across Europe and Asia are promoting industrial automation technologies and systems to digitalize the manufacturing sector.
- The Covid-19 pandemic has accelerated the adoption of automation, boosting investments to transform conventional production facilities.