A Singapore-headquartered robotics company GreyOrange has secured funds amounting to $140 million in a Series-C funding round. This round was led by Mithril Capital.
The other backers that participated in the funding round were Mitsubishi, Flipkart, Project Verte and Blume Ventures. The leading backer Mithril Capital is a venture firm co-founded by Ajay Royan and early Facebook investor Peter Thiel, with the valuation estimated to be between $400 million and $500 million.
The company is planning to deploy these funds to expand its supply chain and manufacturing capacity and double down on R&D.
“We see Mithril as a strategic investor as there is an alignment with their core technology focus. The investment from Flipkart will strengthen our relationship,” CEO Samay Kohli said.
Founded by Samay Kohli and Akash Gupta, the graduates of BITS-Pilani, GreyOrange is concerned with the production of up to 1,500 robots a month and has R&D centres in the US, China and India. GreyOrange is a robotics company powered by artificial intelligence (AI).
GreyOrange has lately opened its US headquarters in Atlanta and has hired Chris Barber from Honeywell Intelligrated to lead as regional CEO, North America.
The company has various international customers that include Kerry Logistics (Hong Kong), Ninja Van (Singapore), Nitori, Trusco and Daiwa (Japan), Loggi (Brazil), and Pos Indonesia (Indonesia). On the other hand, in India, the company counts Flipkart, Myntra, Jabong and Pepperfry, besides logistics players such as Aramex, DTDC, Delhivery and Mahindra Tractors as some of its customers.
The company claimed that they witness the largest demand from e-commerce and omnichannel, as well as fashion brands and retailers in apparel.