Taasir Urdu News Network | Uploaded on 08-September-2018
AI-powered robotics systems company GreyOrange on Friday announced it had received $140 million (roughly Rs. 1,010 crores) in Series C funding, claiming it marked the largest round ever raised by an industrial robotics company. The funding round was led by Mithril Capital, GreyOrange said, and other investors included Binny Bansal as well as existing investor Blume Ventures. Ajay Royan, who co-founded Mithril Capital alongside Peter Thiel, will join the GreyOrange board.
Other investors in GreyOrange include Flipkart, Mitsubishi, and Project Verte. The company said it will use to funding to fulfil its “vision of developing and deploying intuitive, flexible, and scalable solutions for end-to-end automation across the supply chain, from factories to fulfilment centers, and beyond.”
Founded in 2011, GreyOrange is headquartered in Singapore, with offices in India, Japan, Germany, and the US. It counts Aramex, DTDC, Flipkart, Jabong, Mahindra, Myntra, and Pepperfry amongst its customers. GreyOrange’s products include the goods-to-person ‘Butler’, said to be an AI-enabled autonomous robot that “optimises the supply chain process from inventory storage and replenishment to order picking.”
“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.
“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.