While much of 2023 was difficult for providers of warehouse automation, it’s not all doom and gloom. GreyOrange Inc. today announced the first close of its Series D round at $135 million. The Atlanta-based company said the investment validates its approach to warehouse and retail automation with hardware-agnostic software, certified robots, and sensors.
GreyOrange said it plans to use the growth capital to “accelerate technology leadership” and continue its global expansion. The company also intends to further support its fulfillment orchestration platform in warehouses, distribution centers, and retail stores.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognize that keeping the needs of our customers at the center of our product and solution roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta, co-founder and CEO of GreyOrange, in a release. “This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market.”
GreyOrange, Gartner expect market tailwinds
Founded in 2012, GreyOrange claimed that its focus on innovation and customer satisfaction “marks a new era in efficient, responsive supply chain solutions.” The company promised that its artificial intelligence-driven autonomous mobile robots (AMRs) can increase productivity, empower growth, mitigate labor challenges, reduce risk and time to market, and create better experiences for customers and employees.
“The overall growth seen in the warehouse automation sector will continue to be a strong tailwind,” said GreyOrange.
“By 2027, over 75% of companies will have adopted some form of cyber-physical automation within their warehouse operations,” according to the 2023 Gartner “Hype Cycle for Supply Chain Execution Technologies” report.
“As companies expand their use of robotics, most will eventually have heterogeneous fleets of robots from different vendors performing various tasks, which will require standardized software that can easily integrate to a variety of agents and robot platforms,” added Gartner. “These solutions will assign work to the right robots based on the characteristics of immediate and prioritized tasks and communicate with other types of automation (agents) like door or elevator controls.”
In addition to AMRs and its fulfillment orchestration platform, GreyOrange provides goods-to-person (G2P) automation, assistive picking robots, sortation and conveyance systems, tote-to-person robots, and “dock-to-stock” systems.
The company said its growth and adoption rate with market-leading Fortune 500 customers prove its “capability to lead tech transformation in the global supply chain automation space.” Last week, GreyOrange announced a partnership to integrate its software with Hai Robotics’ AMRs.
Investors support increased supply chain flexibility
Anthelion Capital, formerly TD Cowen Sustainable Investments, led GreyOrange’s Series D financing. GreyOrange raised $110 million in May 2022.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain,” said Vusal Najafov, co-founder of Anthelion Capital. “Their capability to improve operational efficiency in various settings and their innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round.”
Founded in 2015, Anthelion Capital provides flexible capital and data science solutions to environmentally sustainable companies. In 2018, the New York firm partnered with Cowen Inc. to advance growth as Cowen Sustainable Investments.
This month, co-founders Najafov and Ewa Kozicz reacquired the firm and rebranded it back to Anthelion Capital. The platform has $1.3 billion in assets, primarily from large institutional investors including pension plans and sovereign wealth funds.
In addition, GreyOrange said its latest funding round reflects a strong vote of confidence from existing investors such as Mithril, 3State Ventures, and Blume Ventures.
“GreyOrange’s technical and commercial advances reinforce our shared mission to bring game-changing automation and productivity to retail,” said Ajay Royan, founder and managing general partner of Mithril Capital.
“GreyOrange’s thoughtful implementation of their pioneering technology has earned the trust of the world’s largest retailers and logistics partners,” he said. “GreyOrange is leading a major shift in productivity, safety, and novel forms of convenience that will benefit hundreds of millions of consumers.”