Seegrid Corporation, a Pittsburgh-based company specializing in autonomous mobile robots (AMRs), announced the successful closing of its $50 million Series D investment round. This financial boost is spearheaded by existing investors Giant Eagle Inc. and G2 Venture Partners, alongside other contributors. The company intends to utilize this fresh capital to accelerate the development and market presence of its AMR technology and solutions, with a particular focus on innovative lift truck solutions.
In earlier reports, Seegrid has demonstrated a continuous focus on technological advancements and market expansion. The company has previously secured funding for similar purposes but has now surpassed prior expectations by securing a larger sum. This latest investment showcases increased confidence from investors and highlights the growing demand in the AMR market.
Strong Market Demand for AMRs
Seegrid reported more robust growth than initially anticipated in the autonomous lift truck market. According to Interact Analysis, the market for autonomous lift trucks is projected to reach nearly $3.5 billion by 2027. The manufacturing sectors, including automotive, heavy equipment, plastics, and consumer goods, are progressively investing in automation, further boosting the demand for AMRs.
Future Product Releases
“The Series D funding will be primarily used to accelerate R&D, building upon the positive momentum we are observing, especially with our lift-truck initiatives,” stated Pajer. This investment will support the development of new products like the CR1 and enhance the capabilities of existing offerings. The company aims to scale up product shipments and manufacturing capacity in response to rapid market growth.
Expansion in Autonomous Lift Trucks
Seegrid is set to release its second automated lift truck, the Lift CR1, later this year. The CR1 will handle payloads up to 1,800 kg and 457 cm off the ground, offering a ride-on chassis for manual operation. This new addition aims to meet a broader range of material handling requirements, expanding Seegrid’s customer base.
Entering its third decade, Seegrid has navigated numerous challenges, including leadership changes and financial hurdles. Despite these setbacks, the company has emerged focused and resilient. To date, Seegrid’s autonomous systems have logged over 14 million production miles and are deployed at more than 200 sites worldwide. The company continues to gain trust from its blue-chip customers by consistently delivering reliable autonomous solutions.
Seegrid’s future looks promising as the company leverages this new funding to enhance its AMR technology and expand its market presence. The focus on R&D and the upcoming release of the Lift CR1 highlight its commitment to meeting the evolving needs of various industries. For stakeholders and potential customers, the company’s progress in AMR innovation provides a compelling case for its long-term viability and market leadership.
