GreyOrange robotics, one of India’s finest and perhaps most prominent homegrown robotics startup, has closed a fresh round of $100 Million at a $700 Million valuation. The closure of this fresh round was first reported by noted technology journalist, Pankaj Mishra. Exact investors in the round are unknown and the round is still open to more investors. We have written to GreyOrange about the same and shall update the story as we receive an update.
GreyOrange is one of those rare ‘Born in India’ firms who have made a significant mark in the robotics industry. The startup currently deals in automating warehouse operations, through its proprietary AI software called ‘GreyMatter AI’ and hardware solutions. It currently offers its ‘Ranger’ series of robots, which are small sized ground robots that help in automating operations within warehouse. The robots are actually pretty similar to the ones that Amazon employs at its warehouses in the US.
The GreyMatter AI software suite and ‘Ranger’ robots work together to form the GreyOrange Fulfillment Operating System. A real-time feedback loop between GreyMatter and Ranger robots continuously shapes decisions and performance. Unlike robots that operate as system attachments, Ranger robots incorporate GreyMatter intelligence as a learning layer that guides them to adapt to real-time events happening within the distribution center and externally as orders fluctuate and you adjust your fulfillment priorities.
Apart from communicating with the GreyMatter AI software solution, these Ranger robots communicate amongst each other as well, thus together creating an intelligent network of self-operating, intelligent operations team.
More recently, the company had announced acquiring patent for an advanced omnichannel fulfillment technology. The patents covered three technologies, all integrated together to form the omnichannel solution. The patents cover: First-to-Fill Technology, Retail-Ready Fulfillmen and Multilevel Robot Mobility.
GreyOrange, which was founded three BITS Pilani Alumni right from within their college campus, had raised $170 Million in total prior to this new round. Including the $100 Million that it has raised now, the company will now have raised $270 million in total. Its last funding round came back in January 2019, involving Innoven Capital. Prior to that, it had raised $140 Million back in 2018 from Mithril Capital Management. The startup also counts Tiger Global among its investors.