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Teleo raises $16.2 million in Series A extension

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Teleo, a company building autonomous technology for heavy equipment, has raised $16.2 million in Series A extension funds in addition to the company’s previously announced Series A funding round.

The company will primarily use the funds to scale customer deployments and continue its expansion in new industries that use heavy machinery, such as wheel loaders, terminal tractors, excavators, and more.

Teleo will also use the funds to enhance its AI capabilities, including advancing autonomous features; integrating large language models (LLMs) to further unlock operator efficiency; and collecting real-world data to continue training AI models.

[Read more…] about Teleo raises $16.2 million in Series A extension

Formic raises $27.4 million to ‘bring automation to more manufacturers’

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Formic, a provider of Robots-as-a-Service (RaaS) automation for US manufacturers, has raised another $27.4 million in Series A financing led by Blackhorn Ventures with participation from Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures.

This new funding brings the total Series A round to more than $52 million since January 2022.

Formic delivers fully supported robotic automation at a low hourly rate, including deploying the system and providing continuous monitoring and maintenance throughout the engagement to ensure success. [Read more…] about Formic raises $27.4 million to ‘bring automation to more manufacturers’

PaintJet raises $10 million in Series A funding

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PaintJet, the robotics company bringing automation to industrial painting, has raised $10 million in Series A funding to bring critical automation technology to the construction industry and address widespread labor shortages.

The latest round of funding was led by Outsiders Fund with participation from 53 Stations, Dynamo, Pathbreaker Ventures, MetaProp and VSC Ventures. This brings PaintJet’s total funding to $14.75 million.

Every single commercial building needs to be painted for protection from the natural environment, but the American painting sector is in crisis, lacking 100,000 laborers that are needed to meet today’s project demands. [Read more…] about PaintJet raises $10 million in Series A funding

Augmentus raises $5 million to expand ‘no-code robotics’ offering

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Augmentus, a developer of “no-code” robotics software, has successfully raised $5 million in Series A funding. The round was led by Sierra Ventures, along with Cocoon Capital.

Conventional robot programming is fragmented and costly, requiring extensive training and expertise due to proprietary programming languages. This results in 75 percent of lifetime costs being attributed to software and programming.

The industrial robotics software market is expected to reach $47 billion by 2030, growing at a compound annual growth rate of 27 percent. Augmentus aims to disrupt this market. [Read more…] about Augmentus raises $5 million to expand ‘no-code robotics’ offering

Fernride raises $50 million in Series A funding to scale autonomous yard trucking

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Germany-based autonomous trucking innovator Fernride has closed a further $19 million in its Series A funding, pushing the total round amount to $50 million.

This comes as the company strengthens its focus on advancing the transition towards automated and sustainable logistics by creating the world’s leading human-machine collaboration technology.

The funding increase will further cement Fernride’s position as a leader in autonomous, electric trucking by accelerating its growth. [Read more…] about Fernride raises $50 million in Series A funding to scale autonomous yard trucking