Vecna Robotics raised $50 million in Series B funding to expand its industry-leading 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.
Vecna Robotics’ solutions focus on maximizing workflow efficiency with fully autonomous pallet trucks and tow tractors combined with Pivotal, the world’s first artificial intelligence (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 eliminate waste.
In the last year, Vecna Robotics deployed its robot and software solutions in many leading distribution centers at FedEx Ground, DHL Supply Chain and more. This new capital will help Vecna Robotics continue to rapidly scale its products and services to the material handling market.
“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,” says Trevor Zimmerman, co-founder and managing partner of Blackhorn Ventures. “We are excited to be a part of their growth.”
With this investment, Zimmerman and Bob Davis, managing partner 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,” says Davis.
“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,” says Chris Cheever, founder and partner at Fontinalis.
Vecna Robotics’ products are helping organizations increase efficiency and safety.
In 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 4,000 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,” says 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.”