Bowe Group, a provider of integrated automation technology, has led an $8.2 million investment round in Mov.ai, a startup specializing in autonomous mobile robots software.
The investment round includes Mov.ai’s existing investors State of Mind Ventures, NFX, and Viola Ventures.
Automation is playing an increasingly important role in the supply chain, specifically in intralogistics, with robots at the forefront of this trend.
ABI Research estimates that worldwide shipments of warehouse mobile robots will experience a Compounded Annual Growth Rate (CAGR) of almost 40% from 2021 to 2030, reaching over 500,000 global shipments in 2030.
To date, developing – and more importantly, deploying – autonomous mobile robots has been an expensive and time-consuming task, due to monolithic, inflexible robot software that is tightly coupled with robot hardware.
Joachim Koschier, Bowe managing director, says: “We are extremely bullish on Mov.ai’s ability to modernize the robotics market, a market that is a key pillar in modern industrial automation and is poised for hypergrowth.
“The Mov.ai Robotics Engine Platform enables smooth human-robot collaboration in automation projects – something that Bowe group experienced firsthand as a customer.
“The digital transformation occurring in the intralogistics space requires flexibility, operational agility, and maintainability. Mov.ai provides the complete infrastructure and tools required to create and operate fleets of any AMR.”
Mov.ai’s Robotics Engine Platform changes how AMRs are built, separating software from hardware and offering both AMR manufacturers and automation integrators the enterprise-grade tools they need for advanced automation.
The Robotics Engine Platform helps AMR manufacturers quickly develop and differentiate their robots. Automation integrators can deploy in days, not months, and ensure secure, uninterrupted operation in constantly changing business and operational environments.
Motti Kushnir, Mov.ai CEO, says: “We are excited to have such an innovative leader as Bowe Group join our strong group of investors and lead this round.
“The pressure on supply chains creates an opportunity for AMR manufacturers and automation integrators, who need to develop and deploy robots that meet customer needs quickly.
“Bowe Group is a leader in the world of intralogistics and automation. Their knowledge and expertise will drive forward Mov.ai’s ability to meet customer needs and extend our market reach.
“We are thankful to our investors – State of Mind Ventures, NFX, Viola Ventures, and now Bowe GROUP – for their ongoing belief in our vision and in our ability to execute it. Their confidence as evidenced in this round is helping us drive change in the market and provide our customers with a much-needed solution.”
Following the investment, Joachim Koschier, Bowe Group managing director, and Mike Swift, managing director of Red Ledge NA, will be joining the Mov.ai board of directors.
The company will use the proceeds from the round to accelerate product delivery, meet the demands of more customers, and engage with the ROS developer community.
Comments & Discussion