Seegrid, a provider of automated guided vehicles and autonomous mobile robots for materials handling, closed a $25 million growth equity investment round from G2VP, a venture capital firm focused on investing in industrial technology companies.
The specific financial terms were not disclosed; however, the company indicated that the investment reflects a multi-hundred million dollar valuation.
Jim Rock, CEO of Seegrid, said. “The investment from G2VP allows us to more quickly meet demand and accelerate new product introductions previously scheduled for 2021 and 2022 – as well as support our significant growth and hiring plans.”
Seegrid provides turnkey automation solutions for some of the largest brands, including global leaders in manufacturing, warehousing, distribution, and e-commerce fulfillment. The company’s vision guided vehicles (VGVs), fleet management software, and services teams help manufacturing, warehousing, and logistics facilities achieve Industry 4.0 and material handling automation initiatives, making facilities safer and more productive. Seegrid focuses on delivering solutions that transform the world’s supply chain, autonomously moving material as safely, effectively, and efficiently as possible.
“G2VP invests in emerging technology companies that digitize traditional industries and drive market transformations. Seegrid is such a company. Its self-driving vehicle technology is indisputable in its value and safety track record, and we are thrilled to invest in Seegrid and support their mission of helping the world’s leading companies transform into smart factories and distribution centers of the future,” said G2VP co-founder and partner David Mount.
As part of the investment, David Mount has joined the Seegrid board of directors.
UBS Investment Bank acted as financial advisor to Seegrid in connection with the transaction. Eric Moskal, Head of UBS’s Americas Industrials Group, said, “The success of this fundraising despite the COVID-19 environment is a strong testament to the strength of Seegrid’s technology and its growth prospects. Seegrid is well-positioned as a leader in the rapidly growing market for warehouse and manufacturing automation.”
Image Credit: Seegrid