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Marine robotics specialist Vaarst raises $20 million to expand

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Marine robotics specialist Vaarst has closed on the first $20 million of its Series B round led by energy transition investor Legal & General Capital, alongside the venture capital arm of the international energy company Equinor.

Existing shareholder Foresight Group also participated alongside In-Q-Tel, the strategic investor for the US intelligence and defence communities and allied nations.

Vaarst is a leading provider of autonomy and cloud managed robotics; supporting the offshore wind, wave & tidal, scientific, maritime security, and civils industries. [Read more…] about Marine robotics specialist Vaarst raises $20 million to expand

Toyota Ventures invites innovative ideas for the ‘Factory of the Future’

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Toyota Ventures has launched its third global “call for innovation” to search for early-stage companies that can help make the factory of the future a reality sooner.

In partnership with Toyota’s Manufacturing Project Innovation Center and Toyota Research Institute (TRI), the 2022 call focuses on finding scalable solutions to modernize manufacturing and advance sustainable production.

Through May 31, 2022, qualified entrepreneurs are invited to apply to the call for an opportunity to receive between $500,000 and $2 million in venture capital funding from Toyota Ventures. [Read more…] about Toyota Ventures invites innovative ideas for the ‘Factory of the Future’

BMW invests in HeyCharge to increase electric vehicle charging points at residential locations

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BMW i Ventures took a lead investment in HeyCharge, the German start-up providing electric vehicle charging stations in apartment complexes, office buildings and other infrastructure locations.

HeyCharge was in Y Combinator’s Summer 2021 batch of start-ups.

Kasper Sage, managing partner, BMW i Ventures, says: “The rapid growth of the electric vehicle market in coming years will necessitate greater infrastructure build-out of charging solutions around the globe. [Read more…] about BMW invests in HeyCharge to increase electric vehicle charging points at residential locations

General Motors to invest $7 billion in Michigan facilities to ramp up electric vehicle production to 1 million units

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General Motors says it will invest more than $7 billion in four Michigan manufacturing sites, creating 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity.

This is the single largest investment announcement in GM history. The investment includes construction of a new Ultium Cells battery cell plant in Lansing and the conversion of GM’s assembly plant in Orion Township, Michigan for production of the Chevrolet Silverado EV and the electric GMC Sierra, GM’s second assembly plant scheduled to build full-size electric pickups.

Mary Barra, GM chair and CEO, says: “We are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the US, and our North American EV production capacity. [Read more…] about General Motors to invest $7 billion in Michigan facilities to ramp up electric vehicle production to 1 million units

Autonomous vehicle simulation startup MorAI raises $20 million funding

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MorAI, a developer of autonomous vehicle simulation technology, has secured a $20 million Series B funding round.

The round includes investment from new investors Korea Investment Partners, KB Investment, and the state-run Korea Development Bank, as well as from existing investors Naver’s D2 Startup Factory, Hyundai Motor Group’s Zero1ne, Kakao Ventures, and Atinum Investment, bringing MorAI’s total funding to date to $25 million.

MorAI was co-founded in 2018 by three autonomous driving researchers from the Korea Advanced Institute of Science and Technology. Ever since, the company has established itself as South Korea’s sole provider of full-stack autonomous vehicle simulation solutions. [Read more…] about Autonomous vehicle simulation startup MorAI raises $20 million funding

LeddarTech raises $140 million to develop autonomous driving technology

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LeddarTech has raised investment of $140 million, which comprises a Series D first close of $116 million and debt facility of $24 million.

LeddarTech is a developer of advanced driver assistance systems (ADAS) and autonomous driving sensing technology.

FS Investors led the financing round with the participation of Investissement Québec, BDC Capital, Go Capital, certain funds managed by Fidelity Investments Canada ULC, Fonds de solidarité FTQ, Export Development Canada, ams Osram, Desjardins Capital, UI Investissement, Cowen Investment II LLC and other LeddarTech management. [Read more…] about LeddarTech raises $140 million to develop autonomous driving technology

India’s richest man spends $132 million buying majority stake in robotics company

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India’s richest man, Mukesh Ambani, has bought the majority stake – 54 percent – in a robotics company called Addverb Technologies through his Reliance Industries conglomerate.

Addverb Technologies is a warehouse automation company, mainly in the intralogistics space, providing autonomous mobile robots and other systems, and was already working with Reliance Industries.

The purchase of the shares took place during the startup’s latest funding round. [Read more…] about India’s richest man spends $132 million buying majority stake in robotics company

Starship Technologies agrees €50 million funding from European Investment Bank

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Starship Technologies, a maker of autonomous delivery robots, has agreed on a €50 million quasi-equity facility agreement with the European Investment Bank.

The lending arm of the European Union and one of the largest providers of climate finance, the EIB supports projects that promote the priorities and objectives of the EU.

This financing, which is supported by the European Fund for Strategic Investments, has been facilitated via a venture loan, and will be used for research and development, including the building of thousands more robots at Starship’s engineering and innovation facility in Tallinn. [Read more…] about Starship Technologies agrees €50 million funding from European Investment Bank

Arsenal Capital Partners acquires automation solutions provider Eckhart from LFM Capital

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Arsenal Capital Partners, a private equity firm that specializes in investments in industrial growth and healthcare companies, has acquired automation solutions provider Eckhart from LFM Capital.

Financial terms of the transaction were not disclosed.

Eckhart’s advanced engineering, design, simulation, and integration services, along with proprietary tooling and other automation and robotics systems, support customers at critical points in the automation value chain. [Read more…] about Arsenal Capital Partners acquires automation solutions provider Eckhart from LFM Capital

Sesto Robotics raises $5.7 million for its autonomous mobile robots

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Sesto Robotics, a Singapore-based autonomous mobile robotics company, has raised $5.7 million funding from institutional investors Trive, Germany-based World Trading Inovation, and the Singapore government-backed Seeds Capital. 

Chor Chen Ang, CEO of Sesto Robotics, says: “Having WTI as a strategic investor at this stage of our company’s development helps us to expand into the important European and German market that is the home of Industry 4.0.

“WTI has a strict investment policy and the investors are entrepreneurs who have built and scaled businesses themselves and believe in investing in the right management team to create successful businesses. [Read more…] about Sesto Robotics raises $5.7 million for its autonomous mobile robots