Singapore’s GreyOrange gets $140m Series C
GreyOrange Robotics, a developer of robotic e-commerce logistics systems, has raised $140 million in Series C funding - said to be the largest-ever round in the industrial robotics space.
The investment was led by Mithril Capital, a US-based VC firm launched in 2012 by PayPal co-founder Peter Thiel and Ajay Royan, formerly a managing director at Thiel’s hedge fund Clarium Capital. Existing backers including Blume Ventures also participated in the round, along with Flipkart co-founder Binny Binsal. Royan will join the company’s board, according to a release.
GreyOrange aims to create flexible, intuitive, and scalable automation solutions for the e-commerce supply chain, from factories to warehouses and fulfillment centers. Its major clients include India’s Flipkart and Myntra, Indonesia’s postal service Pos Indonesia, and global logistics player Kerry Logistics.
The company’s flagship product, Butler, is an artificial intelligence-enabled autonomous robot that can handle warehousing tasks such as inventory storage and replenishment, as well as order picking. Butler incorporates proprietary AI and machine vision technology developed in-house by GreyOrange.
The new capital will be used to expand GreyOrange’s presence in Asia, Europe, and the US. The company is based in Singapore, with offices in India, Japan, and Germany, and a recently established US headquarters and manufacturing facility in Atlanta, Georgia. It also operates R&D centers in India, the US, and Singapore.
GreyOrange was founded in 2011 and Blume committed $500,000 in seed funding the following year, returning for an $8.9 million Series A round in 2014 along with Tiger Global Management. Both firms contributed another $30 million in Series B funding to the company in 2016. Additional investors in GreyOrange include Mitsubishi and Flipkart.
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