Material handling automation vendor Vecna Robotics has raised another $40 million in venture funding to fuel its plans to expand ground-to-ground and low-lift workflow capabilities and develop of new robots for tasks in warehousing and distribution, the Waltham, Massachusetts company said today.
Today’s news marks the closing of the firm’s “series C” fundraising round, which had previously collected $65 million in backing, announced in 2022. That complete round now totals some $100 million, and nearly doubles the company’s valuation from its previous round. The fresh funds came from the investors Tiger Global Management, Proficio Capital Partners, and IMPULSE.
The cash infusion will be used to fund new workflow-specific innovations that enable the company to deliver rapid ROI to cost conscious warehouse operators served by the $165 billion pallet-moving autonomy market, Vecna said. Over the past year, the company said it has combined cloud software updates and investments in its Pivotal Command Center to help customers like GEODIS, FedEx, Caterpillar, and Shape to realize upwards of 70% performance improvements in ground-to-ground warehouse workflows like case picking, packaging, and cross-docking.
In an independent announcement, Vecna also named a new chief operating officer, saying Michael Helmbrecht would help support its planned rapid expansion. Following experience at Dell, Lifesize, and Ring Central, the new executive will oversee operations, manufacturing, IT, product, and customer success.
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