Robotics Startup GreyOrange Nabs $140 Million Series C Funding From Mithril Capital & Others
The company will use the funds to expand operations across Asia, Europe and the US
Automation is becoming increasingly prevalent in industries like logistics, e-commerce, retail and transportation. The innovative use of this technology has made it a hot product among investors and venture capitalists who are eager to pump in big money in startups.
The newest on the block to attract attention is GreyOrange. The Singapore-registered firm has announced $140 million in Series C funding, marking the largest round ever raised by an industrial robotics company.
Founded in 2011 by Samay Kohli and Akash Gupta, GreyOrange is a global technology company with offices in India, Japan, Germany and the US. The company operates major research and development (R&D) centres in India, the US and Singapore.
GreyOrange, which is based in the Indian city of Gurugram, designs, manufactures and deploys advanced robotics systems for automation in distribution and fulfilment centres. Through the use of automation, artificial intelligence and customer service, the company works closely with businesses to recognize their needs, optimize the supply chain and enhance process efficiency.
Building Strong Growth
The new funds will enable GreyOrange 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 fulfillment centres, and beyond. The company plans to build on the strong growth it has experienced over the past five years by expanding operations across Asia, Europe and the US. To that end, the company recently established its US headquarters and manufacturing facility in Atlanta, Georgia, and launched a major R&D centre in Boston, Massachusetts.
Samay Kohli,co-founder and chief executive officer of GreyOrange, said in the release, "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. Having a veteran board member and strategist like Ajay Royan join the board will help fulfill that vision faster. Fundraising events are important milestones in a company's journey, and for GreyOrange, the funds will allow us to continue to invest in our R&D and supply chain to maintain our market-leading position."
The company which has rapidly grown in recent years will accelerate the expansion of their regional teams, especially within the US.
"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," said Kohli.
Beyond the Investment
Mithril Capital, co-founded by Silicon Valley investor Peter Thiel and Ajay Royan, led this funding round, which included Flipkart's Binny Bansal and Blume Ventures. Other existing investors in the startup are Mitsubishi, Flipkart, and the Project Verte.
"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 in the release.
Bansal, said, "As an entrepreneur myself, I have closely followed how Samay and Akash have built and grown GreyOrange to become an international technology company with customers across the world. 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."