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GreyOrange closes USD 140Mn in Series C

ANI | Updated: Sep 07, 2018 17:16 IST

New Delhi [India], Sep 7 (ANI): AI-powered robotics systems, GreyOrangeTM has announced receiving USD 140 million in Series C funding, marking the largest round ever raised by an industrial robotics company.
Mithril Capital, co-founded by Ajay Royan and Peter Thiel, led this round, which included Binny Bansal and other existing investors including Blume Ventures. They join Mitsubishi, Flipkart, and the Project Verte as investors in the company. Ajay Royan, Co-Founder and Managing General Partner of Mithril Capital, will join the GreyOrange board.
"As a global investor focused on emerging category leaders, Mithril is proud to partner with the GreyOrange team to advance our shared vision of a universal platform for flexible automation. As online and offline channels converge across a wide range of industries, we are excited to support robotic solutions that thoughtfully bridge the world of bits and the world of atoms, driving better health, safety and efficiency for workers and customers alike," said Ajay Royan, co-founder and Managing General Partner of Mithril Capital.
"I look forward to supporting and witnessing the new phase of their growth. The team will build on its strengths, especially in AI and machine learning, to launch new generation products for flexible automation," said Flipkart co-founder and Group CEO, Binny Bansal.
The new funds will enable GreyOrange to fulfill its vision of developing and deploying intuitive, flexible and scalable solutions for end-to-end automation across the supply chain, from factories to fulfillment centers, and beyond.
"We are fortunate to have an experienced management team and investors with a common vision to build the next generation of flexible supply chain systems. The funds will allow us to continue to invest in our R&D and supply chain to maintain our market-leading position," said co-founder and CEO, GreyOrange, Samay Kohli.
"We strongly believe in thinking global but operating local. As we continue to invest heavily in the R&D of our products, we will solve new problems for our customers and help transform the industry," added Kohli.
The goods-to-person ButlerTM, an AI-enabled autonomous robot, optimizes the supply chain process from inventory storage and replenishment to order picking. The Butler PickPalTM combines AI and Machine Vision to revolutionize automated fulfillment, working in tandem with the Butler to accelerate multi-fold the pick process in fulfillment centers. (ANI)