New Investment Supports High Demand For Self-driving Industrial Vehicles As Manufacturing And Logistics Industries Continue To Embrace Automation
PITTSBURGH, PA – Seegrid Corporation, the leader in self-driving industrial vehicles for material handling, has announced the closing of a $52 million growth equity financing round, bringing the company’s total funding to date to more than $150 million. The investment round previously was announced when lead investor G2VP funded the first $25 million of the round. The company had the right to top off the round, which was oversubscribed, resulting in a total round of $52 million with additional funding from leading technology and robotics investors.
Financial terms and names of the additional investors are not being disclosed, although the company can indicate that valuation is in excess of $400 million. UBS provided financial advice to the company in the financing.
Seegrid intends to use the additional capital to increase the size of its workforce to deliver best-in-class automation solutions for its customers, who already have more than 3 million autonomous miles of Seegrid vision guided vehicles in production use — breaking industry records. The investment also will accelerate new product development and new product introductions. Seegrid also is considering potential strategic acquisitions.
“Seegrid is having a fantastic year,” said Jim Rock, Seegrid Chief Executive Officer. “We expect to double revenues again this year and are seeing increased customer demand as the COVID-19 pandemic is driving many companies to greater use of automation across the material handling industry.”
“With this investment, we will continue to increase our market share, solidify our position as market leader and further disrupt the manufacturing, warehousing and logistics industries,” said Rock. “And, most importantly, the continued support from G2VP and our new investors enables us to accelerate new product innovations and address customer needs in this rapidly changing climate.”
“We are very pleased with the level of interest and financing to support Seegrid’s growth,” said Steven F. Kaplan, Chairman of the Board of Seegrid. “The combination of our cash positive and profitable operations and our very strong balance sheet, with well over $50 million of cash and no debt, position Seegrid to continue to lead the autonomous material handling vehicle industry and help companies automate their operations.”
Seegrid leads the automated guided vehicle (AGV) and autonomous mobile robot (AMR) industry category by pairing the most robust, flexible, and reliable technology with unmatched service and support. The company’s proprietary navigation technology uses cameras, sophisticated algorithms and machine learning to navigate in dynamic environments. Technological innovation coupled with its leading safety record is fundamental to reaching more than 3 million miles at customer sites without a single personnel safety incident.
Many of the world’s largest manufacturing and distribution brands trust Seegrid’s vision guided vehicles (VGVs), fleet management software and industry-leading services teams to drive them forward, not only assisting with their manufacturing, distribution, and e-commerce fulfillment needs, but making facilities safer and more productive. The company’s innovative products help manufacturing, warehousin