MOV.AI announces that it has closed a $4 million financing round, bringing the total capital raised to date to $8 million. The fundraising was led by SOMV and existing investors NFX, together with Viola Ventures.
The company’s solution enables hardware-software separation to simplify the development and
implementation processes of robotic systems. MOV.AI's system includes unique features such as a graphical interface for describing robotic behavior, autonomous navigation, obstacle
avoidance, and compliance with safety requirements.
MOV.AI’s mission is to turn the ROS open source project into an enterprise-grade development and run time environment, enabling ROS to be used by collaborative robot manufacturers, academic developers, and automation integrators. At the same time, the company intends to contribute to the ROS community, offering various tools so that the entire ROS developer community can benefit from MOV.AI developments.
MOV.AI screenshot (image courtesy of MOV.AI)
The company currently focuses on selling its products in Western Europe, particularly in
England, Germany, France, Sweden, Denmark, and Ireland, and initial sales in Singapore and
the USA. Robots operated by the MOV.AI system are used in the logistics and manufacturing
industries of fashion, food, hospitality, automation for postal services, automotive manufacturing
and more.
The new funding will enable MOV.AI to accelerate product development and allow the company
to better support its customers by establishing a customer support group. Pinchas Buharis, managing partner at SOMV, will join the board of MOV.AI.
Motti Kushnir, CEO of MOV.AI, said, “The new funding round recognizes MOV.AI's vision for the collaborative robot industry. MOV.AI will continue to fortify its position as a leading company in the field of cobots. We are very excited to win our existing investors’ trust and for our new connection to SOMV that will allow us to develop our industrial automation market solution further. The COVID-19 pandemic has accelerated growth in e-commerce, while reducing workforce availability. This development has led to a massive increase in the demand for automation systems and collaborative robots, which can integrate into existing facilities and
work collaboratively with humans."
Pinhas Buchris, General Partner of SOMV said, "We are very happy to team up with Motti and Limor, two very experienced leaders, whom we have known for a long time and want to
collaborate with. We strongly believe in them, in the team they have assembled, and in their vision. Investing in start-ups with offerings that supports the acceleration of the digital transformation of customers in industrial Europe, and globally, is an essential part of the State of Mind Ventures investment strategy, so it was very natural for us to join this promising company. In addition, we are happy to expand our cooperation with other funds.”.
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