Material handling automation vendor VecnaRobotics raised an additional $40 million in venture capital funding to fuel their plans to expand low-lift and ground-to-ground workflow capabilities, and develop new robots for tasks within warehousing, and distribution. The Waltham, Massachusetts-based company announced today.
The firm’s “series c” fundraising round, , which had previously raised $65 million, was announced in 2022. The total amount of the round is now around $100 million. This nearly doubles the valuation of the company from its previous round. Tiger Global Management, Proficio Capital Partners and IMPULSE invested the new funds.
Vecna stated that the cash infusion would be used to fund new innovations for workflows, enabling the company to deliver rapid ROIs to cost-conscious warehouse operators who are served by the $165billion pallet-moving autonomous market. The company has said that over the past year it has combined cloud-based software updates with investments in its Pivotal Command Center in order to help customers such as GEODIS and FedEx, Caterpillar and Shape realize up to 70% performance improvements in warehouse workflows, including case picking, packaging and cross-docking.
Vecna announced a new chief executive officer in an independent announcement. Michael Helmbrecht will support the company’s rapid expansion plans. The new executive, who has worked at Dell, Lifesize and Ring Central before, will oversee operations, manufacturing and IT, as well as customer success.