AI supply chain robotics firm GreyOrange raises $140mn in Series C funding
GreyOrange, the global leader in AI-powered robots, raised $140m in Series C funding – the largest round ever raised by an industrial robotics company – to accelerate its US expansion and plans to develop next generation of flexible supply chain systems.
The new funds will enable GreyOrange to fulfill its vision of developing and deploying intuitive, flexible and scalable solutions for end-to-end automation across the supply chain, from factories to fulfillment centers, and beyond.
GreyOrange plans to build on the strong growth it has experienced over the past five years by expanding operations across Asia, Europe and the U.S.
To that end, the company recently established its U.S. headquarters and manufacturing facility in Atlanta, Georgia, and launched a major R&D center in Boston, Massachusetts.
Mithril Capital, co-founded by Ajay Royan and Peter Thiel, led this round, which included Binny Bansal and other existing investors including Blume Ventures.
They join Mitsubishi, Flipkart, and the Project Verte as investors in the company. Ajay Royan, Co-Founder and Managing General Partner of Mithril Capital, will join the GreyOrange board.
Samay Kohli, Co-Founder and CEO, GreyOrange said, “We are fortunate to have an experienced management team and investors with a common vision to build the next generation of flexible supply chain systems.
“Having a veteran board member and strategist like Ajay Royan join the board will help fulfill that vision faster. Fundraising events are important milestones in a company’s journey, and for GreyOrange, the funds will allow us to continue to invest in our R&D and supply chain to maintain our market-leading position.”
Binny Bansal, Flipkart co-founder and Group CEO said, “As an entrepreneur myself, I have closely followed how Samay and Akash have built and grown GreyOrange to become an international technology company with customers across the world. I look forward to supporting and witnessing the new phase of their growth.
“The team will build on its strengths, especially in AI and machine learning, to launch new generation products for flexible automation.”