Munich-based autonomous mobile robotics company Magazino announces that they closed a Series B financing round of €21 million ($24.5M) this week. Intralogistics automation supplier Jungheinrich AG and the European Investment Bank (EIB) are leading the round, with existing investors also participating. Magazino currently sells their solutions in Germany, but is planning to use part of the funding to expand their international sales activities.
Magazino Enters The Competitive Market for Robotics Operating Systems
The bigger news here is that Magazino wants to accelerate the growth of their ACROS.AI robotic operating system that is at the core of Magazino robots. The new funding will enable Magazino to hire additional staff to continue to grow the capabilities of ACROS.AI.
ACROS.AI stands for Advanced Cooperative Robot Operating System, powered by A.I. It is a modular software toolkit for developing and operating advanced and cooperative robots in uncertain and dynamic environments. It provides flexibly configurable apps on industrial standard that are tailored to the specific needs of robot or AGV manufacturers in various industries. (From the Magazino website)
The ACROS.AI software stack consists of apps, core functions, data models and addtional engineering tools. The operating system is able to control any autonomous solution from AGVs to AMRs. Here at the Mobile Robot Guide, we're seeing an emerging trend where more and more robotic companies are entering the robotic OS software market as their solutions mature. Commercializing your operating system is a viable option since there is no longer any measureable differentiation in the hardware system for robotics.
Jungheinrich and Magazino Agree to Strategic Relationship
With this funding announcement, Jungheinrich and Magazino also announced a new agreement focused on a broad strategic cooperation. The companies intend to combine their skill sets in the field of mobile automation. Magazino is a technology company and Jungheinrich is one of the market leaders in autonomous fulfillment. This agreement leverages both companies strengths.
“Magazino is a highly innovative young company that has outstanding skills in the area of navigation and control software for mobile automation. This investment follows our strategy in the field of automation and will make a significant contribution to the accelerated expansion of our business with automated trucks,” says Dr Lars Brzoska, Chairman of the Board of Management of Jungheinrich AG.
Automation is one of the biggest growth drivers in the intralogistics sector. Double-digit growth rates are expected in this segment in the coming years. This trend is driven above all by the persistently strong growth in online trade and the global shortage in logistics specialists, particularly forklift operators.
“Jungheinrich’s investment in Magazino demonstrates the high market demand for our robotics software ACROS.AI and our robots. With it, Magazino will take on a central role in software in the rapidly growing market for mobile robotics,” says Frederik Brantner, CEO and Co-Founder of Magazino.
In addition to the investments made by the existing shareholders and Jungheinrich AG, the European Investment Bank (EIB) is providing Magazino GmbH with financing of up to €12 million. The investment from the EU bank is secured by a guarantee from the European Fund for Strategic Investments (EFSI). The EFSI is at the heart of the Investment Plan for Europe, under which the EIB and the European Commission work together as strategic partners to channel private capital into projects that strengthen the sustainability and competitiveness of the European economy. In many of these transactions, EIB involvement has an important signalling effect to private investors, whose risk is often significantly reduced by the EU bank’s in-depth analysis and involvement.
“Our investment supports a young, medium-sized company which, with its focus on artificial intelligence and automation, is of particular strategic value for the EU”, said Ambroise Fayolle, EIB Vice President responsible for business in Germany. “These sectors are to a large extent knowledge-based and crucial for the future innovative capacity of European industry. They make our economy less prone to crises. I am particularly pleased that in such a challenging year we are promoting a project that benefits the company itself but can also initiate new developments with its customers and partners.”
You learn more about Magazino Robotics and all of the other warehouse automation solutions in the new 2020 Warehouse Solutions Buyers Guide from The Mobile Robot Guide.