Vecna Robotics Scores $50M For Material Handling Market
January 10, 2020
Robotics raised $50 million in Series B funding. With double-digit
annual growth forecast for the mobile robot market over the next five
years, the new capital will expand Vecna Robotics' footprint and
accelerate the development of new product offerings. This round is led
by Blackhorn Ventures, with participation from new investors Highland
Capital and Fontinalis Partners, and additional funding from existing
investors Drive Capital and Tectonic Ventures.
Workflows are the driving force behind every business that deals with
physical goods, from wholesale to retail, from manufacturing to
warehousing and distribution. Vecna Robotics' solutions focus on
maximizing workflow efficiency with fully autonomous pallet trucks and
tow tractors combined with Pivotal™, the world's first AI-based
orchestration agent. More than a fleet manager, PivotaI also interfaces
with human workers and other equipment to increase job satisfaction,
optimize freight capacity, increase warehouse capacity and help
In the last year, Vecna Robotics deployed its robot and software
solutions in many distribution centers with deployments at FedEx Ground,
Milton CAT, DHL Supply Chain, GEODIS, Medline and many others. This new
capital will help Vecna Robotics continue to rapidly scale its products
and services to the material handling market which faces both a growing
labor shortage and increased competitive pressures.
"Vecna Robotics' focus on the Pivotal platform and innovative AMRs to
create unprecedented resource productivity for industrial applications
is strongly aligned with our investment strategy," said Trevor Zimmerman
of Blackhorn Ventures. "We are excited to be a part of their growth."
With this investment, Trevor Zimmerman of Blackhorn Ventures and Bob
Davis of Highland Capital will join Vecna Robotics' Board of Directors.
"In speaking with Vecna Robotics' customers, it was clear that the
company offers best-in-class solutions and services. The company has an
industry leading position in a $100 billion market, and we look forward
to working with them as they revolutionize material handling around the
world," said Bob Davis of Highland Capital.
Chris Cheever, Founder & Partner at Fontinalis, echoed this view. "Vecna
is executing brilliantly at the intersection of key trends we are
interested in as a mobility investor, namely the power of automation and
increasing e-commerce disruption of supply chains," said Cheever.
Vecna Robotics' products are helping organizations such as Medline
increase efficiency and safety. "Our confidence in the team and its
vision for safe, effective human-robot collaboration within a warehouse
environment grew as our partnership evolved. This vision supports the
future needs of our team members and our customers," said Daniel
Schwartz, Regional Vice President of Operations at Medline, a global
manufacturer and distributor of medical products, services and
solutions. "Vecna Robotics' solution takes a lot of dead travel in our
warehouse super-centers out of our team's days so they can focus on more
working with a number of strategic partners including UniCarriers
Americas, one of the largest manufacturers of material handling
equipment in the world, and RICOH, the leading support provider with
four thousand boots-on-the-ground technicians nationwide, Vecna Robotics
is positioned with a complete ecosystem necessary for rapid growth and
ability to consistently meet customer needs.
"We're thrilled to have Blackhorn, Highland and Fontinalis share our
vision for the future of the material handling industry. A highly
orchestrated solution that leverages the best of robots,
manually-operated equipment and the irreplaceable human factor is the
key to long-term success for our customers," said Daniel Theobald,
Founder and CEO, Vecna Robotics. "This investment cements our position
as the world's leading material handling automation company and helps
accelerate our growth strategy in the coming year and beyond."