Singapore: GreyOrange, an AI-powered robotics startup in the supply chain has announced $140 million in Series C funding from Mithril Capital, marking the largest round ever raised by an industrial robotics entity.
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 startup. 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,” said Ajay Royan, Co-founder and Managing General Partner of Mithril Capital.
“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,” said Binny Bansal, Flipkart Co-founder and Group CEO.
Samay Kohli and Akash Gupta founced GreyOrange in 2011, headquartered in Singapore with offices in India, Japan, Germany and the US. The startup operates major research and development (R&D) centers in India, the US and Singapore.
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.
GreyOrange plans to build on the strong growth it has experienced over the past five years by expanding operations across Asia, Europe and the U.S. It has recently established its US headquarters and manufacturing facility in Atlanta, Georgia, and launched a major R&D center in Boston, Massachusetts.
Samay Kohli, Co-Founder and CEO, GreyOrange said, “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.”
“GreyOrange offers robotics technology for operating flexible automated warehouses and has the largest market share globally in this space. We’ve grown rapidly in recent years and will accelerate the expansion of our regional teams, especially within the U.S. 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,” he added.
The goods-to-person Butler, an AI-enabled autonomous robot, optimizes the supply chain process from inventory storage and replenishment to order picking. The Butler PickPal combines AI and Machine Vision to revolutionize automated fulfilment, working in tandem with the Butler to accelerate multi-fold the pick process in fulfillment centers.
As the pace of global adoption for robotics automation intensifies, the growing portfolio of GreyOrange robots will continue to serve its customers well and power its international expansion