Attabotics, a warehouse automation company, has raised $50 million in Series C funding.
The investment round was led by Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform, along with existing investor Honeywell, and brings Attabotics’ total funding to $82.7 million,
Attabotics says the new money will be used to “further accelerate its commercialization, invest in new technologies, scale manufacturing operations, and more”.
Attabotics currently has six live installations in North America spanning customers across retail, B2B, food and beverage, and one of the largest luxury retailers in the US, Nordstrom. Microsoft also partners with Attabotics for cloud-based supply chain management on the Azure platform.
Inspired by ant colonies, Attabotics condenses a traditional warehouse into a single, vertical storage structure.
Inside the structure, robotic shuttles move in three-dimensional space (X, Y, and Z axes) to store and deliver goods to workers on the perimeter that pick, pack and ship orders.
Attabotics says its single structure also “significantly reduces” a retailer’s warehouse footprint, by up to 85 percent, allowing them to place warehouses closer to cities for faster delivery times and save money on real estate.
Scott Gravelle, Attabotics founder, CEO and CTO, says: “We’re privileged and honored to partner with Ontario Teachers.
“Attabotics has seen a significant uptick in interest from retailers and brands because we have created an innovative way for commerce companies to modernize their supply chain.
“Covid-19 has drastically accelerated commerce growth and demand for warehouse space, making supply chain efficiency a critical issue for all.”
Olivia Steedman, senior managing director, TIP at Ontario Teachers, says: “We are excited by the opportunity to become a long-term investor because we believe in Attabotics’ differentiated technology and highly skilled team, and how this combination is poised to disrupt existing cube storage solutions currently available in the market.
“We believe Scott and his team have created a unique technology that can rapidly be deployed, and which provides concrete benefits to retailers and their customers, including quicker delivery, reduced inventory, more efficient use of warehouse space and lower overall costs.”
Credit Suisse acted as the lead placement agent in connection with the transaction, with UBS Investment Bank also acting as placement agent to the company.