Magazino Bags €21M Round for
ACROS.AI Software Stack
September 29, 2020
robotics company Magazino has closed a Series B financing round of €21 million.
Jungheinrich AG and the European Investment Bank (EIB) are leading the round,
with existing investors also participating. The capital raised will be used to
expand international sales activities and above all to accelerate the expansion
of the “ACROS.AI” software stack — a software platform for intelligent robots
developed by Magazino that is also used on third-party hardware.
At the same time, Jungheinrich and Magazino agreed on a broad strategic
cooperation and intend to combine their skill sets in the field of mobile
“Magazino is a highly innovative young company that has outstanding skills in
the area of navigation and control software for mobile automation. This
investment follows our strategy in the field of automation and will make a
significant contribution to the accelerated expansion of our business with
automated trucks,” says Dr Lars Brzoska, Chairman of the Board of Management of
Automation is one of the biggest growth drivers in the intralogistics sector.
Double-digit growth rates are expected in this segment in the coming years. This
trend is driven above all by the persistently strong growth in online trade and
the global shortage in logistics specialists, particularly forklift operators.
“Jungheinrich’s investment in Magazino demonstrates the high market demand for
our robotics software ACROS.AI and our robots. With it, Magazino will take on a
central role in software in the rapidly growing market for mobile robotics,”
says Frederik Brantner, CEO and Co-Founder of Magazino.
addition to the investments made by the existing shareholders and Jungheinrich
AG, the European Investment Bank (EIB) is providing Magazino GmbH with financing
of up to €12 million. The investment from the EU bank is secured by a guarantee
from the European Fund for Strategic Investments (EFSI). The EFSI is at the
heart of the Investment Plan for Europe, under which the EIB and the European
Commission work together as strategic partners to channel private capital into
projects that strengthen the sustainability and competitiveness of the European
economy. In many of these transactions, EIB involvement has an important
signalling effect to private investors, whose risk is often significantly
reduced by the EU bank’s in-depth analysis and involvement.
“Our investment supports a young, medium-sized company which, with its focus on
artificial intelligence and automation, is of particular strategic value for the
EU”, said Ambroise Fayolle, EIB Vice President responsible for business in
Germany. “These sectors are to a large extent knowledge-based and crucial for
the future innovative capacity of European industry. They make our economy less
prone to crises. I am particularly pleased that in such a challenging year we
are promoting a project that benefits the company itself but can also initiate
new developments with its customers and partners.”