The market for warehouse robotics has been rising quickly. Analysts have indicated that the market is going to be worth more than $5 billion by 2023. There are numerous tasks that are becoming automated. These include pick and place, transportation, palletizing, and packaging. As these tasks become more automated, the robotics industry is going to be in higher demand than ever before. For example, a survey that was published by EyeForTransport showed that warehouse robotics testing has increased by 18 percent from the prior year. There are numerous companies that are planning to roll out robots in their warehouses in the coming years.
Clearly, there is an increase in demand for robotics. Perhaps this is why robotics companies have been seeing an increase in investments from outside entities. Vecna Robotics, based in Waltham, MA, recently announced that it has raised more than $50 million from investors. This robotics company focuses on self-driving forklifts and workflow organization. Its fundraising efforts have been led by Blackhorn Ventures and have received help from Drive Capital, Tectonic Ventures, Highland Capital, and Fontinalis Partners. In total, the company has raised more than $60 million, when including the money it raised back in 2018. Back in 2018, when Vecna was still conducting its Series A fundraising, IndustrialSage interviewed Vecna Robotics. This interview took place at Modex. At the time, Vecna was already seen as one of the most exciting robot development companies in the world when it comes to materials handling. Clearly, Vecna has built on its success since that time, which is reflected in the massing fundraising haul it recently announced.
The rapid increase in funding indicates that the company is rapidly expanding. The CEO of Vecna Robotics has announced that they have installed their robots in some of the largest distribution centers in the world. These centers include Geodis, Medline, FedEx Ground, Milton CAT, Ricoh, and DHL Supply Chain. Without a doubt, increasing the geographic footprint of Vecna has helped increase the company’s attractiveness to investors. Even though the company is seeing an increased demand for its products, Vecna Robotics is continuing to place an emphasis on research and product development, particularly when it comes to the market of handling materials. The increased funding will surely be used to further the development of its exceptional robots.
The goal of Vecna Robotics is to develop solutions that leverage the best of robots while also working with the human factor that is irreplaceable. According to the company’s CEO, the investment from outside companies cements Vecna’s position as one of the leading automation companies in the material handling market. The investment from outside investors ensures that Vecna’s growth will only accelerate in the coming years.