Blume Ventures backed GreyOrange, a prominent player in AI-driven fulfilment automation has successfully secured $135Mn in its Series D funding round, according to a company press statement. The investment, led by Antheion Capital (formerly Cowen Sustainable Investments), marks a crucial milestone for GreyOrange as it looks to deploy AI towards its warehouse automation ops.
Using trademark technologies such as GreyMatter(dubbed as the brain behind the operations of GreyOrange’s fulfilment platform) and gStore, the robotics company continues to dominate a major share of the warehouse automation market.
Founded in 2011 by Akash Gupta and Samay Kohli with a vision to revolutionize global supply chain automation, GreyOrange has garnered acclaim for its forward-thinking approach and its ability to compel technological shifts in the logistics industry. The company has produced a flexible software platform designed to seamlessly integrate with several hardware setups. On top of that, the software is complemented by hardware with an extensive range of robotic and sensing technologies. The firm boasts a clientele comprising Fortune 500 giants and has demonstrated its ability to orchestrate seamless automation solutions customised to the unique needs of various businesses to attend to the diversity present in the market.
This funding round success isn’t the first stint for the AI-powered robotics company. The automation startup has raised significant capital four times in its eight years of operations. Back in 2020, GreyOrange raised $100 million in Series C funding claiming the title for the largest round raised by an industrial robotics company and got their names scripted in the history books.
GreyOrange plans to use this raised capital to strengthen its technology leadership and expand its already global footprint. Currently, the company has a stronghold in the United States, Singapore, India, Germany and Japan. This funding will allow it to go further along these borders, according to its official press statement. The company’s commitment to customer-centric innovation has been a key factor behind the success of its business. GreyOrange plans to deploy the funds raised with the help of investors such as Anthelion Captial, Mithril, Blume Ventures and others in amplifying its global outreach.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain,” said Vusal Najafov, Co-Founder, of Anthelion Capital. “Their capability to improve operational efficiency in various settings and their innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round”.
The warehouse automation sector is set to grow substantially in the years leading to 2027, according to a report by Gartner. More than 75% of companies will adopt some form of cyber-physical automation in their warehouse operations by 2027.
Along with the funding acquired, GreyOrange has also appointed Akash Gupta, the co-founder, as their new CEO. Before acquiring his new role, Gupta held the positions of Chief Technology Officer and Chief Product Officer.
