This news comes on the heels of its Series C round. It plans to use the funding to explore new use cases. Here are the top-line bullets you need to know.
VisionNav Robotics, an industrial robotics company, has raised $76M in an extended Series C. The round drew participation from 5Y Capital, ByteDance, and Meituan Dianping, among others.
HOW’S THE COMPANY PERFORMING?
- China-based VisionNav leverages AI and deep learning technologies to offer autonomous forklifts, tractors, and automated guided vehicle (AGV) systems.
- With marketing centers across 30+ countries and regions, it has delivered 350+ projects as well as 1.5K+ autonomous forklifts and unmanned tractors.
- It caters to clients in Southeast Asia, East Asia, the Netherlands, Hungary, and the UK.
- It reportedly witnessed 10x sales growth between 2019 and 2021.
- VisionNav is supported by a team of 400 people.
Source: VisionNav
WHY DOES THE MARKET MATTER?
- The global industrial robotics market is expected to reach a value of $116.8B by 2030, growing at a CAGR of 11.7%, according to Allied Market Research.
- Organizations are increasingly turning to industrial robotics solutions in order to automate operations amid labor shortages.
