The warehousing industry is a $9 billion industry. In the United States, about 60,000 employees are processing orders. For example, Apple’s manufacturing partner Foxconn has deployed tens of thousands of auxiliary robots in overseas assembly plants. However, according to a study by the Georgia Institute of Technology, despite having all manpower and machinery, only 30% of warehouses in the United States are highly efficient.
Therefore, GreyOrange and its investors saw a golden opportunity. This robot system company is registered in Singapore and recently announced that it has received US$140 million in financing. This financing was led by Mithril Capital and participated by investors such as Blume Ventures. Among them, Ajay Royan, who co-founded Mithril Capital with Peter Thiel Will also participate in this board of directors.
GreyOrange claims that this is the largest round of financing in the history of an industrial robot company.
Samay Kohli, co-founder and CEO of GreyOrange, said the funds will be used to develop its international supply chain and R&D department, including a planning center in Boston, Massachusetts. In August of this year, GreyOrange announced plans to establish a headquarters in Atlanta, Georgia; hire 50 new employees; and deploy 740 robots before building a manufacturing plant in the United States.
Kohli said: "GreyOrange provides robotics technology for operating flexible automated warehouses and has the largest market share globally. In recent years, we have developed rapidly and will accelerate the expansion of our regional team, especially in the United States. We We firmly believe in the concept of'thinking global but operating locally'. As we continue to invest heavily in the research and development of our products, we will solve new problems for our customers and help transform the industry."
GreyOrange's area of ​​expertise is supply chain management. It believes that through automated machines, transportation inventory will be reduced by 10% to 15%. In March of this year, GreyOrange announced the launch of the logistics center robot Butler PickPal, which uses computer vision and a six-axis arm to pick up 8.8 pounds of boxes, bags, bottles and vacuum-sealed packages.
Butler PickPal cooperates with warehouse workers and can pick up about 500-600 items per hour. Linear Sorter is another mechanical assistant in GreyOrange's product portfolio, which can handle more than 1,500 styles and more than 8,000 different types of clothing.
GreyOrange competes with Los Angeles-based robotics startup InVia and Croatia-based industrial startup Gideon Brothers. InVia leases automated robotics technology to warehouse centers, and Gideon Brothers is led by TransferWise co-founder Taavet Hinrikus.
To be sure, GreyOrange will account for a large share of the smart machine market in the future, and it is expected to reach US$3.1 billion by 2020. To this end, it intends to deploy another 20,000 robots in factories across the country.
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