The autonomous high-reach forklift maker Third Wave Automation plans to expand its manufacturing and support future technology development following a $27 million round of financing led by Toyota’s growth fund, the firm said today.
The “series C” round was led by Toyota division Woven Capital, with additional participation from Innovation Endeavors, Norwest Venture Partners, and Qualcomm Ventures. It brings California-based Third Wave to $97 million in total capital raised.
“In an industry grappling with a severely constrained labor market and intensifying market competition, Third Wave Automation's approach of blending AI-powered autonomy with human expertise is transforming warehouse operations,” Prashant Bothra, principal at Woven Capital, who is now joining the Third Wave board, said in a release. “Third Wave’s solution provides reliable automation for vertical movement and placement of goods while optimizing labor efficiency, enhancing safety and enabling data-driven improvements.”
According to Third Wave, its Shared Autonomy Platform enables the TWA Reach line of forklifts to operate autonomously or to seek help from remote operators who can take control from the safety of their office. Specifically, the TWA Reach forklifts operate in four modes: fully autonomous, remote assist, remote operation and traditional manual operation. They are designed for high-reach applications, capable of horizontal and vertical movement of payloads, and used for end-to-end applications, from inbound, replenish and outbound tasks to all tasks in between. The platform also uses machine learning to ensure forklifts continue to adapt and improve over time.
