The Canadian tech firm UgoWork has raised $51 million in backing for its advanced energy storage solutions using lithium ion batteries for material handling equipment, and said the money will accelerate the company’s growth, expand its global reach, and enhance its integrated hardware and software solutions.
More specifically, the new funding will be used to grow the company’s go-to-market efforts, extend its global distribution footprint, accelerate the development of its software and hardware platforms, and expand its headquarters and main production facility.
The “series C” investment round was led by Fonds de solidarité FTQ, with significant participation from returning investors Investissement Québec (IQ), Export Development Canada (EDC), and includes a new credit facility from Desjardins Technology & Innovation Banking. This financing brings Quebec-based UgoWork’s total funding to $77 million.
According to the firm, its technology empowers logistics operators to electrify and modernize their fleets with an integrated hardware and cloud software ecosystem. UgoWork's clients achieve cost savings by reducing the equipment needed to run their operations, offering an advantage in the current environment of high-costs and labor shortages. And its AI-driven cloud platform unlocks “peak shaving” features to lower energy costs during high demand periods, and enhances safety through the use of digital twin technology, the firm said.
“We are committed to helping our customers make their energy transition by offering the fastest innovation roadmap of our industry. In a $200B material handling market where most equipment is powered by old technologies, we stand at the brink of a new era,” Philippe Beauchamp, president and CEO of UgoWork, said in a release. “We believe that data is poised to become a pivotal asset in this business, providing transformative opportunities to redefine our industry. Our ability to seamlessly integrate this data sets our solutions apart and greatly enhances the customer experience.”
Gartner, Inc.