Seegrid Raises $25 Million in growth equity for AGV development
Seegrid a the leader in self-driving industrial vehicles for material handling has announced that it has closed a $25 million growth equity investment from G2VP, a venture capital firm focused on investing in industrial technology companies. Specific financial terms were not disclosed, however, the company indicated that the investment reflects a multi-hundred million dollar valuation.
Jim Rock, Seegrid’s chief executive officer said, “Revenue in 2019 was record-breaking for Seegrid, and despite the COVID-19 pandemic crisis, we already have orders in hand to assure continued growth in 2020.”
“The investment from G2VP allows us to more quickly meet demand and accelerate new product introductions previously scheduled for 2021 and 2022 – as well as support our significant growth and hiring plans,” Rock said.
G2VP co-founder and partner David Mount said, “G2VP invests in emerging technology companies that digitise traditional industries and drive market transformations. Seegrid is such a company. Its self-driving vehicle technology is indisputable in its value and safety track record, and we are thrilled to invest in Seegrid and support their mission of helping the world’s leading companies transform into smart factories and distribution centres of the Future.
“Seegrid’s best-in-class service goes above and beyond to ensure their impressive portfolio of customers are successful, which is a winning combination for sustainability and growth.”
Mount, who led a number of successful investments in his prior role of partner at Kleiner Perkins, has joined Seegrid’s board of directors.
UBS Investment Bank acted as financial advisor to Seegrid in connection with the transaction. Eric Moskal, head of UBS’s Americas Industrials Group said, “The success of this fundraising despite the COVID-19 environment is a strong testament to the strength of Seegrid’s technology and its growth prospects. Seegrid is well positioned as a leader in the rapidly growing market for warehouse and manufacturing automation.”
Seegrid provides turnkey automation solutions for some of the world’s largest brands, including global leaders in manufacturing, distribution and e-commerce fulfilment. Seegrid’s vision guided vehicles (VGVs), fleet management software, and industry-leading services teams help manufacturing, warehousing, and logistics facilities achieve Industry 4.0 and material handling nautomation initiatives, making facilities safer and more productive. Seegrid is focused on delivering solutions that transform the world’s supply chain, autonomously moving material as safely, effectively, and efficiently as possible.
Seegrid is prominent in the rapidly growing and evolving automated guided vehicle (AGV) and autonomous mobile robots (AMRs) industry, and the new investment round will enable Seegrid to further capitalise on its position as a market leader. The company leads the category by pairing the most robust, flexible and reliable technology with unmatched service and support. Seegrid’s proprietary navigation technology, which uses cameras, sophisticated algorithms and machine learning to navigate in dynamic environments, along with it’s leading safety record, is fundamental to reaching nearly 3 million miles at customer sites without a single personnel safety incident. Seegrid leads the world in miles logged by an infrastructure-free AGV company.