Brain Corp Raises $36 Million In Series D Funding

by NeoTech Post
Brain Corp Raises $36 Million In Series D Funding

Brain Corp, which develops advanced machine learning and computer vision systems for the next generation of self-driving robots, raised $36 million in a Series D funding round. 

The funding round was led by returning investor SoftBank Vision Fund 1, and includes new investors ClearBridge Investments and Satwik Ventures, and an additional investment from Qualcomm Ventures.

Brain Corp provides AI-enabled software solutions for autonomous mobile robots operating in commercial indoor public spaces. The BrainOS platform and its cloud-connected autonomy service are used by global manufacturing partners to successfully build, deploy, and support commercial robots at scale across industries and applications. 

Through automatic software and controls, BrainOS also enables end customers to easily leverage the power of robotics to offload repetitive, labor-intensive tasks related to floor care, in-store inventory delivery, and shelf-scanning. 

Working with its partners, Brain Corp has deployed over 11,000 robots within retail, grocery, malls, airports, hospitals, warehouses, educational institutions, and other industries. The company’s customers include several Fortune 500 brands, including Walmart, Kroger, Giant Eagle, C&W Services, and Simon Property Group.

Retailers significantly ramped up their use of robotic floor scrubbers as the COVID-19 outbreak grew this year. Autonomous usage of BrainOS-powered machines in retail locations in the U.S. spiked 13.6% in March 2020, compared to the same month last year, and 13% during Q1 of this year, according to internal network data. 

“We have always envisioned a world where robots make the lives of people safer, easier, and more productive,” said Brain Corp CEO Dr. Eugene Izhikevich. “Autonomous robots are playing a vital role in supporting essential businesses and their workers during this health crisis. This investment will help us continue our pace of innovation and fuel our growth as we execute on the opportunity in front of us.”

“We have always envisioned a world where robots make the lives of people safer, easier, and more productive,” said Brain Corp CEO Dr. Eugene Izhikevich. “Autonomous robots are playing a vital role in supporting essential businesses and their workers during this health crisis. This investment will help us continue our pace of innovation and fuel our growth as we execute on the opportunity in front of us.”

BofA Securities acted as placement agent for the company.

Image Credit: Brain Corp