Picture credit: GreyOrange
AI logistics technology firm GreyOrange has raised USD $140 million in investment to help it research end-to-end automation solutions in the supply chain, the largest ever raised by an industrial robotics company.
According to a statement, the record-breaking capital injection comes after a round of Series C funding, where entrepreneurial businesses make agreements based on doubling initial investments.
Founded in 2011, Singapore-based GreyOrange designs, manufactures and deploys advanced robotics systems for automation in distribution and fulfilment centres, with the objective of optimising supply chain efficiencies.
It hopes to use the money to continue developing its AI-first operations and expand its business operations in Asia and Europe.
Samay Kohli, Co-Founder and CEO, GreyOrange, said: “Fundraising events are important milestones in a company's journey, and for GreyOrange, the funds will allow us to continue to invest in our R&D (research and development) and supply chain to maintain our market-leading position.
“GreyOrange offers robotics technology for operating flexible automated warehouses and has the largest market share globally in this space.
“We've grown rapidly in recent years and will accelerate the expansion of our regional teams, especially within the U.S. We strongly believe in thinking global but operating local.”