Fox Robotics Has Closed a $9 Million Series a Led by Menlo Ventures. This Brings Fox’s Total Funding to Over $13 Million.
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.
Recommended AI News: SINTRONES Edge AI GPU Computing Solution Enabling Flexibility: EBOX-7000
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.
“We are proud to back the team at Fox Robotics,” said Mark Siegel, Partner at Menlo Ventures, an active investor in automation. “The company’s value proposition is clear: Their full-stack solution for self-driving forklifts that can increase workplace productivity 200 to 300 percent. They bring huge efficiency to the supply chain.”
Fox’s flexibility comes from using technology similar to what you might find in a self-driving car, customized for the warehouse environment. Fox’s forklifts use modern AI for real-time detection of pallets, trailers and obstacles and don’t need pre-programmed fixed locations. They use sensors and dynamic planning to plan routes on the fly and don’t require hand-drawn or memorized routes.
Recommended AI News: HashCash’s Blockchain Network to Curate COVID Patient Records Across the USA
This investment lets Fox ramp up production to meet existing demand. Fox has been running pilots with large logistics companies since last October.
“The market for warehouse automation is huge and growing. The future of warehouse automation isn’t fixed automation systems that cost several hundred m**************. It’s mobile robots that are low-cost, flexible and can be deployed incrementally and quickly,” said Charles DuHadway, CEO of Fox Robotics. “I’m excited to be working with Mark and Menlo Ventures alongside our existing investors as we make robots that work.”
Recommended AI News: Quantum Integration Unleashes the Power of IoT to Novices and Experts Alike
Comments are closed, but trackbacks and pingbacks are open.