GreyOrange, an AI-powered robotics company has raised $140 million in the latest round of Series C funding led by Mithril Capital, a venture firm co-founded by Ajay Royan and early Facebook investor Peter Thiel. The valuation is estimated to be between $400 million and $500 million, according to sources familiar with the matter. The funding was comprised of existing investors Blume Ventures and Flipkart founder Binny Bansal.
Akash Gupta, Co-founder, GreyOrange, said that the startup will use the fundraising to structure its own manufacturing supply chain and invest in R&D. Gupta further added that the company plans to launch more new products in the future as it expands its capabilities in warehousing automation. Earlier in August, it established a new R&D centre in Boston and proposes to expand across Asia and Europe.
Flipkart and other eCommerce platforms Myntra, Jabong and Pepperfry and country’s logistics players such as Aramex, DTDC, Delhivery and Mahindra Tractors are some of GreyOrange’s clients in India. While its overseas customers include Kerry Logistics (Hong Kong), Ninja Van (Singapore), Nitori, Trusco and Daiwa (Japan), Loggi (Brazil), and Pos Indonesia (Indonesia).
Founded in 2011 by BITS Pilani graduates Samay Kohli and Akash Gupta, GreyOrange designs, manufactures and positions advanced robotics systems for automation in warehouses, distribution and fulfilment centres for large e-commerce and retail firms. It produces nearly 1,500 robots every month. Headquartered in Singapore, it has offices in India, Japan, Germany and USA, and two state-of-the-art research and development centres in USA, Singapore and India. In total, it has five regional offices and more than sixty installations.
Besides the current product line, GreyOrang announced its beta launch of a new generation of Butler PickPal, an autonomous picking solution powered by Artificial Intelligence(AI) and Machine vision. It decides and picks a variety of packages up to 4 kgs or 8.8lbs. Designed to revolutionize auto-fulfilment process along with a warehouse operator, this collaborative robot is quite time-efficient.