IAM Robotics receives investment from Silicon Valley early-stage investor, NewGen Capital, to expand sales of its autonomous material handling solutions.
NewGen Capital, a Silicon Valley early-stage investor which focuses on globally, disruptive and transformative technologies, invested in IAM Robotics to accelerate the support and sales of its commercially available material handling solutions.
Logistics providers and manufactures are facing increasing pressures on cost and delivery time from the exploding eCommerce industry. IAM Robotics’ Swift Solution Suite ™ addresses these concerns by letting robots perform manual tasks such as walking and picking, which frees workers to focus on more value-added activities. IAM Robotics’ intelligent autonomous material handling technology enables its robots to navigate through human-friendly environments, identify the location of objects, and pick individual items or bins – all at human-level speeds and accuracy. With Swift, companies can outperform their competition by providing faster order fulfillment capabilities that meet increasing consumer demands without adding costs or sacrificing flexibility in their operations.
IAM Robotics launched the industry’s first fully autonomous mobile picking robot in January 2017 at Rochester Drug Cooperative (RDC). The robot works on a third shift performing picking duties for RDC’s over-the-counter eCommerce order fulfillment process. RDC plans to increase utilization of the first robot and add additional units to automate more picking zones in its operation. Other companies are working with IAM Robotics as well to embrace automated material handling as a competitive advantage in their respective market segments.
IAM Robotics is using the investment from NewGen Capital for customer deployment and support, and to increase capacity for sales, marketing, and new product development. “The partners at NewGen Capital have tremendous experience in founding companies and a very strong background in technology. Their expertise and funding can help IAM Robotics in many areas. We’re excited to work with them on building new partnerships within Silicon Valley and beyond,” said Tom Galluzzo, Founder and CEO of IAM Robotics.
“NewGen Capital is excited to join the IAM Robotics team,” noted Lu Zhang, the Founding and Managing Partner of NewGen Capital. “There is a great potential of applying the AI technology to improve the supply chain and logistics efficiency. IAM Robotics has one of the best products and teams in the industry for this endeavor. We are excited to help accelerate the company for its next stage of partnership and market expansion.”
About NewGen Capital: NewGen Capital is an early-stage venture capital firm supporting entrepreneurs who build globally disruptive, platform technologies and business models with potential to drive systemic change. NewGen Capital focuses on business models which have a high technology barrier and/or the ability to reach and retain billions of customers via the mobile internet. The firm’s connections into Asian markets provide growth advantages for partnerships and expansion.
About IAM Robotics: IAM Robotics provides a fully operational intelligent, autonomous material handling solution built for order fulfillment and material handling in logistics and manufacturing. IAM Robotics’ solutions allow organizations to address increasing labor shortages, maintain operational flexibility, and address costs related to non-value-added activities. The company was founded by robotics experts previously with Carnegie Mellon University (CMU), the defense technology industry and global, industrial companies.