NORFOLK, Va., Nov. 17, 2021 (GLOBE NEWSWIRE) -- SVT Robotics, whose software accelerates and simplifies the integration and deployment of robotics, today announced the close of a $25 Million Series A funding round. The investment is led by Tiger Global, with participation from Prologis Ventures.
“With no ‘plug-and-play' integration solution for industrial robotics, warehouses and manufacturers have been prevented from quickly deploying the automation they need to keep pace with the dramatic shifts in labor dynamics we’ve seen over the past year,” said Griffin Schroeder, Partner at Tiger Global. “With its SOFTBOT Platform, SVT Robotics is solving this crucial interoperability problem. We believe the company is well-positioned to lead in the rapid and flexible deployment of automation, and we’re excited to partner with them as they grow.”
Even with the global robotics marketing growing at an annual rate of 26%1, automation deployments have not been fast enough for most companies to adapt to the crisis they have experienced over the past 18 months.
“The reason is the lack of interoperability,” said A.K. Schultz, co-founder and CEO of SVT Robotics. “The demand for industrial automation is even higher, but industry growth has been limited by capacity to execute. Integrations are typically all custom coded, meaning long development cycles. It’s expensive, and companies wait as much as a year or more for new automation to go live. Solving that problem with the SOFTBOT Platform empowers the market to grow at its full potential.”
“With the seismic shifts we’ve seen in supply chain demands, warehouse operators want to adapt, but they need a way to quickly deploy fully integrated automation,” said William O’Donnell, Managing Director of Prologis Ventures. “SVT’s platform addresses this problem, giving these companies the tools they need to avert the next crisis. We’re focused on investing in technologies that help make the world of logistics faster, smarter, and more efficient, which includes SVT Robotics.”
SVT will utilize the new funding to further advance their pioneering development in multirobot orchestration technologies, being driven by a surge in the need for rapid automation deployments and management of technologies from disparate suppliers. The company has recently received numerous awards recognizing its groundbreaking SOFTBOT Platform, which enables companies to rapidly connect and deploy fully integrated automation solutions that work in concert with each other.
Founded in 2018, SVT Robotics has experienced tremendous growth, with deployments increasing 375% from Q42020 to July of this year. Their SOFTBOT Platform is currently being utilized by top companies within the warehousing and manufacturing space.
1Source: https://www.statista.com/statistics/760190/worldwide-robotics-market-revenue/
About SVT Robotics
SVT Robotics is a software company that is revolutionizing robot deployments in the warehousing and manufacturing industries. SVT's SOFTBOT Platform enables companies to integrate any enterprise system with any automation for any task, without custom code, in just days or weeks instead of months or years. Learn more and join the revolution at svtrobotics.com. Follow us on Twitter, Facebook and LinkedIn.
About Tiger Global
Tiger Global is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies in more than 30 countries, including, ranging from Series A to pre-IPO. Companies have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart, and Toast.
About Prologis Ventures
Prologis Ventures invests in Series A through growth-stage companies focused on innovating across the logistics sector. Their investment strategy is centered on addressing Prologis customers' most critical pain points in supply chain and transportation, digital buildings and infrastructure, and real estate and construction. Leveraging Prologis’ global network and deep industry expertise, Prologis Ventures is the partner of choice to accelerate growth, navigate challenges and bring innovative solutions to market.
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