Industrial analytics and machine monitoring platform MachineMetrics today announced that it closed a $20 million series B funding round led by Teradyne, an industrial automation and robotics company. Bill Bither, MachineMetrics cofounder and CEO, says that the new capital will be used to scale the company's sales, marketing, and customer operations; expand its partner ecosystem; and enhance capabilities at the edge. Manufacturing is undergoing a resurgence as business owners look to modernize their factories and speed up operations. According to ABI Research, more than 4 million commercial robots will be installed in over 50,000 warehouses around the world by 2025, up from under 4,000 warehouses as of 2018. Oxford Economics anticipates 12.5 million manufacturing jobs will be automated in China, while McKinsey projects machines will take upwards of 30% of these jobs in the U.S. MachineMetrics' platform aims to streamline machine data collection and production analytics to deliver insights.
Gatik, a Palo Alto and Toronto based autonomous technology company deploying autonomous vehicles for B2B short-haul middle-mile logistics, announced today it has raised $25 million in Series A funding. The round was co-led by Wittington Ventures and Innovation Endeavors with participation from FM Capital and Intact Ventures. Existing investors like Dynamo Ventures, Fontinalis Partners, AngelPad and others participated as well. Gatik's investors bring a wealth of deep experience in automotive, artificial intelligence and supply chain, making them a strong strategic fit for the company's rapid growth. Gatik will use the funding to further expand its operations across North America, its team size in Silicon Valley and growing presence in Canada.
Austin-based Fox Robotics is announcing the close of a $9 million Series A led by Menlo Ventures, one of the most respected venture capital firms in Silicon Valley, and the addition of Mark Siegel, partner at Menlo Ventures, to its board of directors. Additional investors include Eniac Ventures, La Famiglia, SignalFire, Congruent Ventures and AME Cloud Ventures. Fox makes self-driving forklifts that are more flexible, more capable and safer than current AGV's. Fox's forklifts can tackle challenging tasks that no other automation can handle, such as unloading trailers without modifying the warehouse environment. Fox's forklifts can be installed and running in a new warehouse in less than a day, compared to the weeks or months that typical AGV's take for integration.
Riiid, a Seoul, South Korea-based startup developing AI test prep solutions, today closed a $41.8 million pre-series D financing round, bringing its total venture capital raised to date to $70.2 million. CEO YJ Jang says the funding will be used to advance Riiid's technology that offers personalized study solutions based on big data analysis, and to bolster the company's expansion across the U.S., South America, and the Middle East as it establishes an R&D lab -- Riiid Labs -- in Silicon Valley. The pandemic has forced the shutdown of schools in countries around the world; cramped indoor classrooms are seen as a major threat vector. Despite inequities with regard to internet access and the widening achievement gap, it's the belief of educators that the health pros outweigh the cons. Riiid, which offers its services exclusively online, has been a beneficiary of the shift.
CalypsoAI, the leader in validation, security and monitoring for Artificial Intelligence (AI) and machine learning (ML), announced today the closing of its $13 million Series A fundraising. Paladin Capital Group led the round, with participation from Lockheed Martin Ventures, 8VC, Frontline Ventures, Lightspeed Venture Partners, Manta Ray Ventures, Pallas Ventures and other financial and strategic investors. The funding will allow CalypsoAI to expand globally, increase adoption among enterprises, and progress with innovation. CalypsoAI's solutions address one of the most important challenges of the digital age: securing the automated future. Artificial intelligence and machine learning have expanded from board room presentations into practical applications.
Covariant today announced the close of a $40 million series B funding round to bring its robotic control systems to additional industries and create more systems capable of picking, placing, and unloading objects in warehouses. Until now, Covariant has focused its efforts on ecommerce picking robots in highly automated warehouses. It may be best known for its work in robotic grasping, the task of picking up objects with a robotic hand or gripper. The startup -- whose founders who met at OpenAI and University of California, Berkeley -- has raised $67 million, to date. After emerging from stealth earlier this year with support from deep learning luminaries like Geoffrey Hinton, Jeff Dean, and Yann LeCun, Covariant stated that the Covariant Brain system is capable of picking and packing some 10,000 items with 99% accuracy.
BERLIN, Nov 21 (Reuters) - German data mining software firm Celonis said on Thursday that it had raised $290 mln in a Series C funding round, putting a $2.5 billion valuation on the company that has been compared with enterprise application giant SAP . The funding round was led by Arena Holdings and investors included Ryan Smith, the founder of customer experience specialist Qualtrics that was bought by SAP for $8 billion a year ago. Celonis, based in Munich and New York, runs a cloud-based service that uses artificial intelligence to mine data and optimise business processes, serving customers including Siemens, 3M, Airbus and Vodafone. "We are in a market that shows enormous momentum," co-CEO and co-founder Bastian Nominacher told Reuters, adding that Celonis would invest the funds raised in its global sales and customer service and in enhancing its cloud platform. The funding round brings total investments into Celonis to $370 million.
The companies that are out there in the market, in order to serve their objectives better, need significant funding. In particular, for startups, fundraising is crucial to harness their rich potential to contribute to the growth of their respective industry and market. Without a funding source, a business, specially technology-business will flounder under the weight of its own debt. With the advancements in technology, the requirements, assets, and liabilities of such firms have grown exponentially in recent years. Amid this, funding works as a fuel on which a business runs and excels. When it comes to technologies like omnipresent AI or artificial intelligence, the pressure naturally increases to thrive in the market where big techs like Google, Microsoft, and significant others are operating.
Snyk, a cybersecurity platform that helps developers find vulnerabilities in their open source applications, has raised $150 million in a round of funding led by New York-based private equity firm Stripes, with participation from Salesforce Ventures, Coatue, Tiger Global, BoldStart, Trend Forward, and Amity. This takes Snyk's total funding to $250 million from backers including Alphabet's GV and Accel, including a $22 million series B round in 2018 and a $70 million follow-on round just a few months ago. A Snyk spokesperson said that the company is now worth more than $1 billion, which is at least double the $500 million it was valued at back in September. Founded in 2015, London-based Snyk targets developers -- rather than cybersecurity personnel -- to help them find and fix flaws in their source code, as well as their containers and Kubernetes applications. The developer connects Snyk to a code repository in the likes of GitHub, GitLab, or Bitbucket, and Snyk then scans for vulnerabilities (or license violations), providing a description of the problem, noting where the flaw lies in the code, issuing a severity rating, and even suggesting a fix.
Industrial robots and warehouse automation are lucrative intermingling markets, and one needn't look further for evidence than Lexington, Massachusetts-based Berkshire Grey. The company, which combines AI and robotics to automate omnichannel fulfillment for retailers, ecommerce, and logistics enterprises, today announced that it secured a mammoth $263 million in series B funding financing from SoftBank with participation from Khosla Ventures, New Enterprise Associates, and Canaan. CEO Tom Wagner says the fresh capital will fuel the startup's global expansion, acquisitions, and team growth. "With our intelligent robotic automation, our clients see faster and more efficient supply chain operations that enable them to address the wants of today's savvy consumer," said Wagner. Berkshire Grey develops AI-imbued, cloud-hosted software that leverages a custom framework to achieve continuous improvement.