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  June 24th, 2024 | Written by

Vecna Robotics Secures $100 Million in Series C Funding to Revolutionize Warehouse Automation

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Vecna Robotics, a leader in flexible material handling automation solutions, has announced the successful closure of its Series C funding round, securing $100 million. This round includes $40 million in new funding, comprising both equity and debt, nearly doubling the company’s valuation from the previous round. The investment saw participation from Tiger Global Management, Proficio Capital Partners, and IMPULSE.

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The fresh capital will be directed towards developing workflow-specific innovations to deliver rapid returns on investment (ROI) for cost-conscious warehouse operators in the $165 billion pallet-moving autonomy market. Alongside this expansion, Vecna Robotics has appointed Michael Helmbrecht as the new Chief Operating Officer to support its rapid growth.

Craig Malloy, CEO of Vecna Robotics, expressed his enthusiasm about the funding, stating, “Finalizing this capital raise, with the help of our existing investors and a new financing partner, is huge validation that we are on the right track. With fresh capital secured, we have the balance sheet to help us drive growth with our existing customers through improved product performance and the release of new automation technology that will change the game for material handling in warehousing and distribution.”

Over the past year, Vecna Robotics has enhanced its Pivotal™ Command Center with cloud software updates, aiding customers like GEODIS, FedEx, Caterpillar, and Shape in achieving up to 70% performance improvements in ground-to-ground warehouse workflows, including case picking, packaging, and cross-docking. The new funding will further support the launch of next-generation platforms, offering greater deployment flexibility and addressing high-demand workflows, while continuing to deliver immediate cost savings for operators.

Andy Johnston, Senior Director of Innovation at GEODIS, highlighted the collaboration with Vecna Robotics, saying, “GEODIS has been working with Vecna Robotics on the development of a new, groundbreaking case picking solution that nearly doubles performance. We are counting on this recent cash infusion at the company to speed up development and launch of a complete, market-ready offering that can be deployed right away.”

Helmbrecht, with nearly 20 years of experience from companies like Dell, Lifesize, and Ring Central, will play a crucial role in overseeing operations, manufacturing, IT, product, and customer success, ensuring Vecna Robotics meets its customer-defined performance guarantees. His appointment follows a year of significant growth for the company, including triple-digit revenue growth, over 100% increase in deployments, and the successful announcement of an industry-leading performance guarantee.