Fox Robotics Raises $9M For Self-driving Forklifts
AUSTIN, Texas, Aug. 27, 2020 /PRNewswire/ -- Austin-based Fox Robotics is announcing the close of a $9 million Series A led by Menlo Ventures, one of the most respected venture capital firms in Silicon Valley, and the addition of Mark Siegel, partner at Menlo Ventures, to its board of directors. Additional investors include Eniac Ventures, La Famiglia, SignalFire, Congruent Ventures and AME Cloud Ventures.
Fox makes self-driving forklifts that are more flexible, more capable and safer than current AGV's. Fox's forklifts can tackle challenging tasks that no other automation can handle, such as unloading trailers without modifying the warehouse environment. Fox's forklifts can be installed and running in a new warehouse in less than a day, compared to the weeks or months that typical AGV's take for integration.
"We are proud to back the team at Fox Robotics," said Mark Siegel, Partner at Menlo Ventures, an active investor in automation. "The company's value proposition is clear: Their full-stack solution for self-driving forklifts that can increase workplace productivity 200 to 300 percent. They bring huge efficiency to the supply chain."
Fox's flexibility comes from using technology similar to what you might find in a self-driving car, customized for the warehouse environment. Fox's forklifts use modern AI for real-time detection of pallets, trailers and obstacles and don't need pre-programmed fixed locations. They use sensors and dynamic planning to plan routes on the fly and don't require hand-drawn or memorized routes.
This investment lets Fox ramp up production to meet existing demand. Fox has been running pilots with large logistics companies since last October.
"The market for warehouse automation is huge and growing. The future of warehouse automation isn't fixed automation systems that cost several hundred million dollars. It's mobile robots that are low-cost, flexible and can be deployed incrementally and quickly," said Charles DuHadway, CEO of Fox Robotics. "I'm excited to be working with Mark and Menlo Ventures alongside our existing investors as we make robots that work."
About Fox Robotics
Fox Robotics builds self-driving forklifts. They have developed the first automated trailer unloader, a sophisticated capability in high demand that no other company can offer.
Fox reduces forklift operating costs by 2x and aims to automate 20% of the 1.5 million forklifts sold annually (a $7.5 billion market). Fox has a strong team, led by Charles DuHadway and Peter Anderson-Sprecher, who have built robots and led robotic teams at Stanford, CMU, Bosch, Google Robotics, Google X and KUKA.
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SOURCE Fox Robotics