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.