Fulfillment is a $9 billion industry. Roughly 60,000 employees handle orders in the U.S., and companies like Apple manufacturing partner Foxconn have deployed tens of thousands of assistive robots in assembly plants overseas. But despite all the manpower and machinery, a mere 30 percent of warehouses in the U.S. are operating efficiently, according to a study by the Georgia Institute of Technology.
That’s where GreyOrange — and its investors — see a golden opportunity. The robotics systems company, which is registered out of Singapore, today announced a $140 million funding round led by Mithril Capital, with participation from existing investors including Blume Ventures. Ajay Royan, who cofounded Mithril Capital with Peter Thiel, will join the startup’s board.
GreyOrange claims it’s the largest round ever raised by an industrial robotics company.
Cofounder and CEO Samay Kohli said the funds would be used to grow its international supply chain and R&D division, which includes a planned center in Boston, Massachusetts. In August, GreyOrange announced plans to establish a headquarters in Atlanta, Georgia; hire 50 new employees; and deploy 740 robots ahead of construction of a manufacturing plant in the U.S.
“GreyOrange offers robotics technology for operating flexible automated warehouses and has the largest market share globally in this space. We’ve grown rapidly in recent years and will accelerate the expansion of our regional teams, especially within the U.S. We strongly believe in thinking global but operating locally. As we continue to invest heavily in the R&D of our products, we…