The world of warehouse robotics heats up, and investors take note.
GreyOrange, a provider of automated robotic solutions and inventory optimization software, announced On Wednesday, it secured $ 110 million in funding for growth in a round led by Mithril Capital Management involving Blackrock.
The company said it would use the funding to expand globally, increase staffing and make greater use of its performance platform in warehouses, distribution centers and retail stores. GreyOrange considers such big names as Walmart, H&M and GXO Logistics as its customers.
“As e-commerce sales grow, brands face a harsh reality: use automation or give way to customers. We organize performance and optimize inventory in a complex global supply chain for more companies that supply millions of goods every day than for any other player in the market outside of Amazon, ”said GreyOrange co-founder and CEO Sama Koli.
Kohli continued: “This growth funding allows us to quickly deliver our premium solution to meet the demand for expansion from existing customers, quickly engage our large volume of new customers, reach new partners and accelerate our unique product roadmap with an expanded suite of software solutions and forecasting analytics ”.
See: Robotics strategy is not the same for everyone
The GreyOrange execution platform is two-way. The company offers equipment to perform in the form of the Ranger Robot series, its set of autonomous mobile robots (AMR). It has several different models that work in concert to include things like collecting goods to a person and automated transportation and sorting.
AMR companies are based on the patented GreyMatter software, which uses machine learning information to optimize the movement and execution of stocks in warehouses, execution centers and retail. This allows the GreyOrange platform to integrate into all retail sites.
The automation vendor also recently released gStore, a SaaS mobile app that can turn retail stores into a hub for online order fulfillment using in-store digital inventory management.
Read: Prologis offers to buy Duke Realty for $ 24 billion
Read: Supplies of logistics warehouses in the US are too old
“Demand for the GreyOrange multichannel execution platform has continued to grow in line with our high expectations as retailers have come to terms with the immediate need for robotic automation to execute,” said Ajay Royan, managing general partner of Mithril Capital Management. We are particularly excited about the expansion of GreyOrange SaaS applications such as gStore. ”
“The leading brands and retailers we spoke to who use the GreyOrange platform to transform their performance centers and improve the work environment for their partners have experienced significant productivity gains,” added Brad Pritchard, managing director and head of venture lending at BlackRock.
Solutions like GreyOrange are gaining weight at a time when childbirth is hard to find. According to Fr. poll of 3PLs from Inbound Logistics, nearly three-quarters (73%) of respondents said finding, training and retaining a skilled workforce is an important issue. AMR and other automated solutions have helped some operators fill the gap by supplementing part of this work.
You may also like:
Prologis: US logistics real estate market reaches record low supply level in 16 months
Universal Logistics surpasses the first quarter, raising expectations for 2022
GXO Logistics is ready to start the hunt for mergers and acquisitions
The FREIGHTWAVES TOP 500 In the list of carriers for hire Universal logistics (No. 23).