| | | |

Clearpath Robotics Raises $5M In Convertible Note Financing

OttoMotors400x275

 

January 27, 2021

Canadian-based Clearpath Robotics has announced the completion of a $5 million Secure Convertible Note financing with BDC Capital Inc., as part of its bridge financing program. The funding, combined with Clearpath’s previously announced Series C financing, brings the total raised in 2020 to $43.4 million. Clearpath said the funds will be used for working capital, product development, and building out sales and marketing operations for the company and its OTTO Motors division.

OTTO Motors develops a robotic delivery system through autonomous mobile robots (AMRs) to help automate repetitive and dangerous tasks of moving materials, allowing companies to redeploy workers to higher-value roles. The company’s fleet management software orchestrates large AMR fleets and allows enterprises to integrate autonomous material handling seamlessly into their overall operations.

“As a growth stage company, BDC Capital is just the team we need to propel our growth in industrial robotics,” said Matthew Rendall, CEO of Clearpath Robotics. “Today, manufacturers are faced with increasing pressures to reduce costs and improve efficiencies. When deployed at scale, manufacturers can operate 24/7 while saving costs on human labor as OTTO AMRs are 10% the cost of a full-time equivalent material handler.”   

“The pandemic has exposed the increasing need for factory automation and Clearpath is well-positioned to support this necessary transition for many industries.,” said Jerôme Nycz, Executive Vice President, BDC Capital. “Our participation in this financing reflects our confidence in a company that is establishing Canada as a leader in robotics”.

BDC Capital’s Bridge Financing Program aims to support eligible Canadian venture firm-backed companies who have experienced rapidly changing business conditions as a result of the pandemic.


Robotics World News

  • Rapid Robotics Partners with Yaskawa Motoman to Expand Solutions for Industrial Robotic Arms

    Rapid Robotics Partners with Yaskawa Motoman to Expand Solutions for Industrial Robotic Arms

    Rapid Robotics announced a partnership with Yaskawa America, Inc., Motoman Robotics division, to bring industrial capabilities to Rapid Robotics’ Rapid Machine Operator (RMO). The company is now integrated with the entire Yaskawa robotics portfolio, and can deliver more speed, higher payload and increased performance to a greater number of North American manufacturers. “A trusted name… Read More…

  • DroneBase Secures $55 Million to Launch Next Stage Advanced Inspection under New Brand Zeitview

    DroneBase Secures $55 Million to Launch Next Stage Advanced Inspection under New Brand Zeitview

    DroneBase has secured $55 million in investment and rebranded as Zeitview. Led by Valor Equity Partners, an investment firm backing technology companies, the round was followed by existing investors Union Square Ventures, Upfront Ventures, Euclidean Capital, Energy Transition Ventures, and Hearst Ventures. The new funding will support the company’s AI-enabled software inspection solutions. Zeitview inspection professionals use rotary wing drones, crewed… Read More…


Products for Robots & Cobots

  • Digi-Key Electronics Adds 550+ New Suppliers and 75K SKUs in 2022

    Digi-Key Electronics Adds 550+ New Suppliers and 75K SKUs in 2022

    Digi-Key Electronics, which offers electronic components and automation products for immediate shipment, added more than 550 new suppliers and 75,000 new SKUs to their core business and to the Fulfilled by Digi-Key program in 2022. Digi-Key is an authorized distributor of electronic components for more than 2,300 industry-leading suppliers, ensuring engineers, designers, and procurement professionals that the… Read More…

  • Rapid Robotics Partners with Yaskawa Motoman to Expand Solutions for Industrial Robotic Arms

    Rapid Robotics Partners with Yaskawa Motoman to Expand Solutions for Industrial Robotic Arms

    Rapid Robotics announced a partnership with Yaskawa America, Inc., Motoman Robotics division, to bring industrial capabilities to Rapid Robotics’ Rapid Machine Operator (RMO). The company is now integrated with the entire Yaskawa robotics portfolio, and can deliver more speed, higher payload and increased performance to a greater number of North American manufacturers. “A trusted name… Read More…