SVT Robotics, whose software accelerates and simplifies the integration and implementation of robotics, has closed a $25 Million Series A funding round.
The investment was led by Tiger Global, with participation from Prologis Ventures.
Griffin Schroeder, partner at Tiger Global, says: “With no ‘plug-and-play’ integration solution for industrial robotics, warehouses and manufacturers have been prevented from quickly deploying the automation they need to keep pace with the dramatic shifts in labor dynamics we’ve seen over the past year.
“With its SoftBot Platform, SVT Robotics is solving this crucial interoperability problem. We believe the company is well-positioned to lead in the rapid and flexible deployment of automation, and we’re excited to partner with them as they grow.”
Even with the global robotics marketing growing at an annual rate of 26 percent, automation deployments have not been fast enough for most companies to adapt to the crisis they have experienced over the past 18 months.
A.K. Schultz, co-founder and CEO of SVT Robotics, says: “The reason is the lack of interoperability.
“The demand for industrial automation is even higher, but industry growth has been limited by capacity to execute. Integrations are typically all custom coded, meaning long development cycles.
“It’s expensive, and companies wait as much as a year or more for new automation to go live. Solving that problem with the SoftBot Platform empowers the market to grow at its full potential.”
William O’Donnell, managing director of Prologis Ventures, says: “With the seismic shifts we’ve seen in supply chain demands, warehouse operators want to adapt, but they need a way to quickly deploy fully integrated automation.
“SVT’s platform addresses this problem, giving these companies the tools they need to avert the next crisis. We’re focused on investing in technologies that help make the world of logistics faster, smarter, and more efficient, which includes SVT Robotics.”
SVT will utilize the new funding to further advance their pioneering development in multirobot orchestration technologies, being driven by a surge in the need for rapid automation implementations and management of technologies from disparate suppliers.
The company has recently received numerous awards recognizing its groundbreaking SoftBot Platform, which enables companies to rapidly connect and deploy fully integrated automation solutions that work in concert with each other.
Founded in 2018, SVT Robotics has experienced tremendous growth, with deployments increasing 375 percent from Q4 2020 to July of this year. Their SoftBot Platform is currently being utilized by top companies within the warehousing and manufacturing space.