March 31, 2020
Seegrid, today announced that it has closed a $25 million growth equity investment from G2VP, a venture capital firm focused on investing in industrial technology companies.
“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,” said Jim Rock, Seegrid chief executive officer. “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.”
“G2VP invests in emerging technology companies that digitize 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 centers of the future,” said G2VP co-founder and partner David Mount.
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.”
With this investment, Seegrid has raised over $62M in investment (Crunchbase) since their restructuring in 2015. This war chest will provide Seegrid with the fuel to expand their market reach and fulfill the market need for vision guided AGVs. Seegrid primarily operates in the material handling markets with automated pallet trucks and tow tractors.
The company currently has 50+ open job recs on their website as proof that they are in expansion mode. In 2019 Seegrid was voted the #2 place to work in Pittsburgh for companies under 150 employees.
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