OTTO Motors raises $29M to take autonomous mobile robots global
The robot maker cites demand for AMRs growing worldwide as manufacturers struggle to find workers and meet post-pandemic needs
The investment was led by Kensington Private Equity Fund with participation from BMO Capital Partners, Export Development Canada (EDC), and previous investors iNovia Capital and RRE Ventures.
This funding will be used to expand OTTO’s global network of delivery partners.
The Kitchener, Ont. company said demand for AMRs has been growing worldwide as manufacturers have struggled to find workers to serve critical needs. The skills gap is projected to leave 2.4 million positions unfilled between 2018 and 2028, according to a 2018 study by Deloitte and The Manufacturing Institute. The need for automation is projected to grow as companies seek ways to improve business continuity during and after the COVID-19 pandemic.
“Mobile robots are no longer a luxury in the workplace; they are a necessity,” said Clearpath CEO and co-founder Matthew Rendall. “In a post-COVID world, AMRs enhance worker safety and bring resiliency to supply chains. As enterprises adapt, AMR demand will accelerate globally. This investment will enable us to grow to meet the evolving needs of the factories and warehouses of the future anywhere in the world.”
Including this Series C round, OTTO Motors has now raised $83 million (USD) in funding.