PITTSBURGH–(BUSINESS WIRE)–Seegrid Corporation, the leader in autonomous industrial material handling vehicles, today announced the closing of a $52 million growth equity round, bringing the company’s total funding to date over $150 million. The investment round was previously announced when lead investor G2VP funded the first $25 million of the round. The company had the right to complete the round, which was oversubscribed, resulting in a total round of $52 million with additional funding from leading technology and robotics investors.
Financial terms and the names of additional investors are not disclosed, although the company may indicate that the valuation exceeds $400 million. UBS provided financial advice to the company in connection with the financing.
Seegrid intends to use the additional capital to increase the size of its workforce to provide best-in-class automation solutions to its customers, who already have more than 3 million autonomous kilometers of Seegrid vision-guided vehicles in production, breaking industry records. The investment will also accelerate new product development and new product introduction. Seegrid is also considering potential strategic acquisitions.
“Seegrid is having a fantastic year,” said Jim Rock, CEO of Seegrid. “We expect to double our revenue again this year and are seeing an increase in customer demand as the COVID-19 pandemic pushes many companies to make greater use of automation in the material handling industry.”
“With this investment, we will continue to grow our market share, solidify our market leadership position and further disrupt the manufacturing, warehousing and logistics industries,” Rock said. “And, most importantly, the continued support of G2VP and our new investors enables us to accelerate new product innovations and meet customer needs in this rapidly changing climate.”
“We are very pleased with the level of interest and funding to support Seegrid’s growth,” said Steven F. Kaplan, Chairman of Seegrid’s Board of Directors. “The combination of our cash-positive, profitable operations and our very strong balance sheet, with over $50 million in cash and no debt, positions Seegrid to continue to lead the autonomous material handling vehicle industry and help companies to automate their operations.”
Seegrid leads the category of Automated Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR) by combining the most robust, flexible and reliable technology with unparalleled service and support. The company’s proprietary navigation technology uses cameras, sophisticated algorithms and machine learning to navigate dynamic environments. Technological innovation coupled with its industry-leading safety record is fundamental to reaching over 3 million miles at customer sites without a single personnel safety incident.
Many of the world’s leading manufacturing and distribution brands trust Seegrid’s vision-guided vehicles (VGV), fleet management software and industry-leading service teams to drive them forward, not just by helping them to meet their manufacturing, distribution and e-commerce needs, but making facilities safer and more productive. The company’s innovative products help manufacturing, warehousing and logistics facilities realize Industry 4.0 and material handling automation initiatives. To learn more about Seegrid, visit www.seegrid.com.
Seegrid combines infrastructure-less vision-guided vehicles, fleet management software and actionable analytics for a complete, connected material handling solution. Seegrid Vision navigation technology is reliable, flexible and proven with millions of self-contained production miles flown and zero personnel safety incidents. Manufacturing, warehousing and logistics companies around the world benefit from Seegrid intelligent automation solutions. With Seegrid’s world-class service and support, spanning from project design to deployment and training, material flow is both safe and optimized, accelerating Industry 4.0 initiatives today and in the future. www.seegrid.com