Fox Robotics secured $9 million in Series A Funding round led by Menlo Ventures

Fox Robotics

Fox Robotics, a Texas-based maker of self-driving forklifts that automatically unload trailers, has now secured $9 million in Series A funding round.

Fox Robotics is founded by Charles DuHadway and Peter Anderson-Sprecher. It built robots and led robotic teams at CMU, Stanford, Google Robotics, Bosch, KUKA, and Google X to builds self-driving forklifts that leverage technology similar to the one existing in a self-driving car, customized for the warehouse environment.

Executive Opinion

Mark Siegel, Partner at Menlo Ventures, an active investor in automation, said, "We are proud to back the team at Fox Robotics. The company's value proposition is clear: Their full-stack solution for self-driving forklifts that can increase workplace productivity by 200 to 300 percent. They bring huge efficiency to the supply chain."

Charles DuHadway, CEO of Fox Robotics, said, "The market for warehouse automation is huge and growing. The future of warehouse automation isn't fixed automation systems that cost several hundred million dollars. It's mobile robots that are low-cost, flexible and can be deployed incrementally and quickly. I'm excited to be working with Mark and Menlo Ventures alongside our existing investors as we make robots that work."

Fox Robotics' Latest Funding

The funding round was backed by the Menlo Ventures with participation from SignalFire, Eniac Ventures and La Famiglia, AME Cloud Ventures, and Congruent Ventures.

Post funding, Mark Siegel, the Managing Partner at Menlo Ventures, will join as the Fox Robotics, Board of Directors team.

The company was running its pilot program with large logistics companies since last October. The company, as of now, intends to use the new funds to increase its production to meet growing demand from its customers, notes the announcement.
PC: Pablo, Unsplash

Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)