Seegrid announced this week that it has closed a $52M round of funding. The investment will help the company increase the size of its workforce and enable it to keep up with the growing market demand for Seegrid vision guided vehicles. The company is expecting to double its year-over-year revenue in 2020.
Seegrid Has More Than $150M In Funding
This round of funding brings the company's total funding to more than $150M. 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 Sees Growth In This Market
“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 focuses on the material handling market for manufacturing, warehousing and logistics companies. Their vision guided vehicles can autonomously pickup and safely move unit loads and other heavy payloads throughout a facility. They are one of the market leaders in heavy payload material handling.