Soft Robotics a Massachusetts-based company that designs and develops pliable grippers to pick up objects from pens to pizza dough has raised a $20 million funding for the company to expand the reach of the company into the logistics and e-commerce market.
The fresh capital comes to the company on the back of their $5 million funding which they had raised back in 2015 in the Series A round.
The funding round saw a score of new investors trusting the firm and infusing money. The new backers include the likes of Scale Venture Partners, Calibrate Ventures, Honeywell Ventures and Tekfen Ventures who took part in the fundraiser while the existing investors played their part as well.
The company says that the fresh round of funding will help them penetrate further in the market of food and beverage while it will also enable them to have a larger presence in the retail and logistics category.
Honeywell and Yamaha's interest in backing the company would mean that even the said companies are looking out for such grippers who can pick and drop solid objects. The company is working on the point that the grippers automatically understand the size, shape and weight of the object it is about to pick up using the artificial intelligence.
Carl Vause, the CEO of Soft Robotics through a statement said that “We’ve been able to address some of our customers’ largest supply chain and automation challenges, from picking and packing fresh produce and raw proteins, to bin picking and retail order fulfilment.”
Image Courtesy : robopromedia