November 17, 2021
SVT Robotics, which develops software to accelerate and simplify the integration and deployment of robotics, has announced raising $25 million in Series A funding. The investment was led by Tiger Global, with participation from Prologis Ventures.
“With no ‘plug-and-play’ integration solution for industrial robotics, warehouses and manufacturers have been prevented from quickly deploying the automation they need to keep pace with the dramatic shifts in labor dynamics we’ve seen over the past year,” said Griffin Schroeder, partner at Tiger Global. “With its SOFTBOT Platform, SVT Robotics is solving this crucial interoperability problem. We believe the company is well-positioned to lead in the rapid and flexible deployment of automation, and we’re excited to partner with them as they grow.”
Even with the robotics market growing at an annual rate of 26%, the company said automation deployments have not been fast enough for most companies to adapt to the crisis they have experienced over the past 18 months.
“The reason is the lack of interoperability,” said A.K. Schultz, co-founder and CEO of SVT Robotics. “The demand for industrial automation is even higher, but industry growth has been limited by capacity to execute. Integrations are typically all custom coded, meaning long development cycles. It’s expensive, and companies wait as much as a year or more for new automation to go live. Solving that problem with the SOFTBOT Platform empowers the market to grow at its full potential.”
SVT said it will use the new funding to further advance their development in multirobot orchestration technologies, being driven by a surge in the need for rapid automation deployments and management of technologies from disparate suppliers. The SOFTBOT Platform is currently being used by top companies within the warehousing and manufacturing space.
“With the seismic shifts we’ve seen in s supply chain demands, warehouse operators want to adapt, but they need a way to quickly deploy fully integrated automation,” said William O’Donnell, managing director of Prologis Ventures. “SVT’s platform addresses this problem, giving these companies the tools they need to avert the next crisis. We’re focused on investing in technologies that help make the world of logistics faster, smarter, and more efficient, which includes SVT Robotics.”
For more details on the SOFTBOT Platform, visit the SVT Robotics website here.