Funding from iNovia Capital, Caterpillar Ventures, GE Ventures and previous investors will expand new Otto Motors division
Clearpath Robotics, a leading provider of self-driving vehicle solutions, announced today the completion of a $30 million investment led by iNovia Capital with participation from Caterpillar Ventures, GE Ventures, Eclipse Ventures, RRE Ventures and Silicon Valley Bank.
Clearpath will use the funding to grow the company’s industrial division, Otto Motors. Clearpath launched Otto Motors in 2015 to focus on self-driving vehicles for material transport inside manufacturing and warehouse operations.
Matt Rendall, CEO and co-founder of Clearpath, says: “Factories operate like small indoor cities, complete with roads, traffic, intersections and pedestrians.
“Unlike city streets, a factory floor is a controlled environment, which makes it an ideal place to introduce self-driving vehicles at scale. Companies like Google, Tesla and Uber are still testing, whereas our self-driving vehicles are commercially available today.” [Read more…] about Clearpath Robotics raises $30 million to expand Otto self-driving logistics vehicle technology