Vecna Robotics plans to use the funding to invest in software and hardware R&D. Here are the top-line bullets you need to know.
Vecna Robotics, an autonomous mobile solutions provider, has raised $65M in a Series C. The round drew participation from Tiger Global Management, Blackhorn Ventures, ImpulseVC, and Drive Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Massachusetts-based Vecna Robotics enables warehousing, manufacturing, and distribution companies to automate their logistics and goods handling operations.
- The company recently inked a partnership with Alta Material Handling, which offers Vecna vehicles to 30+ customers.
- Its clients include Medline, FedEx, and Milton CAT.
- Vecna currently employs around 140 people.
Source: Vecna Robotics
WHY DOES THE MARKET MATTER?
- The global warehouse robotics market is expected to reach a value of $9.1B by 2026, growing at a CAGR of 14%, according to Markets and Markets.
- Forty-five percent of all manufacturing tasks are expected to be performed by robots by 2025, according to Bank of America research.
- Rising e-commerce order volumes and the advancement of sensor technologies are expected to drive market growth.
- The demand for warehouse robotics and automation has increased amid pandemic-related staffing shortages and supply chain disruption.
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