Warehouse automation firm GreyOrange said that it has raised $135 million in a Series D funding round, led by Anthelion Capital and supported by existing investors, including Mithril, 3State Ventures and Blume Ventures.
The company, which specialises in the automation of warehouse and supply chain operations using artificial intelligence (AI) and robotics, said it plans to use the growth capital for technological innovation, global expansion and boosting the adoption of its fulfilment orchestration platform in warehouses, distribution centres and retail stores.
Akash Gupta, co-founder and CEO of GreyOrange, said, “The Series D funding reinforces GreyOrange's commitment to maintaining its leadership position in AI and robotics orchestration.”
“As we scale our technology and enhance customer experiences and operational efficiency, we recognise that keeping the needs of our customers at the centre of our product and solution roadmap has proven essential for our customers' success, as well as our own,” he added.
Previously, the company had raised significant funding in earlier rounds. In 2018, they secured $140 million in Series C funding, which at the time was noted as the largest round ever raised by an industrial robotics company. The funding round was aimed at developing fully-automated robotics for warehouses and marked a significant step in the company's growth and expansion plans.
The growth in the warehouse automation sector is expected to continue, providing a favourable environment for companies in the space. The 2023 Gartner Hype Cycle for Supply Chain Execution Technologies report predicts that by 2027, over 75% of companies will have implemented some form of cyber-physical automation in their warehouse operations.
The report also suggests that as companies increase their use of robotics, they will need standardised software solutions to manage heterogeneous fleets of robots from various vendors. These solutions will need to assign tasks based on immediacy and priority and integrate with other forms of automation, such as door or elevator controls.
The company has been actively expanding its client base and forging strategic partnerships. One of their notable partnerships is with Hai Robotics, an Automated Storage and Retrieval Systems (ASRS) firm. This collaboration has been particularly significant, combining GreyOrange's software capabilities with Hai Robotics' hardware expertise to enhance warehouse operations' throughput, storage density, and agility.
Over the past two years, GreyOrange and Hai Robotics have successfully completed more than 10 projects together. Their joint efforts have catered to some of the most challenging fulfilment operations, including serving the largest retailer in the U.S. and one of the largest fashion retailers globally.