Noyes Technologies, provider of a flexible robotic warehousing solution designed for urban use, has completed a seed investment round of $3.8 million, led by Vsquared Ventures, and joined by 468 Capital and the Abacon Capital.
The way of consuming is changing rapidly. Customers are requesting ever speedier delivery times but storage spaces close to the customer, especially in the urban landscape, are scarce and costly.
By providing a unique solution ahead of market demand and empowering the delivery and quick commerce market on the journey to profitability, Noyes Technologies is the enabler for urban living and dynamic consumer behavior.
With the new financing, Noyes Technologies will further develop and invest in its ultra-dense and highly flexible robotic warehousing technology, grow the team, and further expand the business to different verticals, like eCommerce, retail, parcel services and industry.
Based in the heart of Munich, Noyes Technologies was founded by Marco Prüglmeier and Aaron Spiegelburg. The founder team comprises over 40 years’ experience across the fields of lean logistics, warehousing, and state-of-the-art robotics.
The team grew their business into an active player across all European markets, with test systems up and running in several countries by end of the year.
Aaron Spiegelburg, co-founder of Noyes Technologies, says: “Having worked at the intersection of logistics and innovation for decades, we saw the need for a new approach to automate warehousing in general, that is ultra-dense, highly flexible and easily adaptable to the demanding needs of today’s customers.
“This is exactly where we step in. Noyes Technologies facilitates clever and affordable nano-warehouses, which are fully automated and significantly reduce costs.”
With five to ten seconds for the entire picking time per Stock Keeping Unit (SKU), Noyes Technologies guarantees high speed picking times and profound time saving in comparison with actual manual processes.
Furthermore, flexible infrastructures, and the ability to compress 2000 Stock SKUs into a 30 sqm store at a ceiling height of approx. two meters, Noyes Technologies allows any storefront to be converted into a customized nano-warehouse with zero aisle space.
The flexibility of the system is unrivaled. The advantage of the technology is twofold: The plug and play system allows customers to add capacity whenever necessary, even during running operations, and to receive the latest software features directly over the air.
The necessity of storing goods in different temperature zones (ambient, chilled, and deep frozen) is covered in a revolutionary and energy saving way, which is also in line with Noyes Tech’s sustainable business philosophy.
Marco Prüglmeier, co-founder of Noyes Technologies, says: “Noyes Technologies strives for the simplest solution to solve the problem.
“We are achieving this by consequently applying first principle thinking and reducing the technology to a necessary minimum and at the same time achieving a high level of standardization and modularization.
“As such, Noyes Tech’s solutions will be incomparable to anything else on the market. No other solution can offer this level of logistics, features and services in such a small space.”
The highly experienced team received its first funding round from known investors, such as Vsquared Ventures, 468 Capital and Abacon Capital.
Benedikt von Schoeler, general partner with Vsquared Ventures: “Quick Commerce is one of the most important topics right now, and there is a need for technology that can enable this business model and make it profitable. Noyes Technologies does just this.
“The technology, combined with Aaron’s and Marco’s decades of substantial experience, is the combination that we believe will revolutionize the market. We look forward to being a part of this journey.”
Tobias Krauss, CEO of Abacon Capital adds, “We as a purpose-driven investor also really like the sustainability perspective of the solution and the vision of Noyes Technologies shrinking down the footprint of storage sizes with less energy consumption, minimum battery sizes, and a very innovative and intelligent cooling solution which can dramatically reduce the energy consumption of a whole q-Commerce Store.”