GreyOrange, a Georgian startup that powers e-commerce businesses with AI and robotics, just raised $135 million in Series D funding meant for business growth. This financing round was led by Anthelion Capital and it also involved renewed investments from Mithril, 3State Ventures, and Blume Ventures.
GreyOrange has had a favorable past when it comes to fundraising. Back in 2018, the startup announced $140 million in Series C and the company’s annual revenue as of March 2022 was at $27.5 million. The startup is yet to make any acquisitions or investments.
Throughout its development, the company has focused on creating a comprehensive solution catering to warehouse, fulfillment, and third-party logistics (3PL) requirements. This includes the development of Kiva-style autonomous mobile robots (AMRs), forklifts, and bin systems designed for picking tasks, along with the introduction of its proprietary, hardware-independent fleet management software.
CEO and co-founder of GreyOrange Akash Gupta highlighted that a portion of the funds raised in this round will be allocated towards the deployment of these systems to customers. He also said in a press release:
“As we scale our technology and enhance customer experiences and operational efficiency, we recognize that keeping the needs of our customers at the center of our product and solution roadmap has proven essential for our customers’ success, as well as our own. This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market.”
The online shopping industry has been booming ever since the COVID-19 pandemic forced people into their homes, turning online orders a necessity rather than just convenience. Amazon has always been the undisputed leader in the e-commerce space, but others including Locus, 6 River Systems, and Fetch (now owned by and branded Zebra) have also joined hands with retailer giants to make the most of rising demand. Despite some investment slowdowns amid the global economic downturn, this category of e-commerce continues to grow.
Located in the suburban area of Roswell, Georgia, about 20 miles north of Atlanta, GreyOrange was established in 2011. This was a year prior to Amazon’s influential Kiva acquisition that significantly impacted the industry. Over the past decade or so, the company has secured partnerships with several prominent clients, including Walmart Canada, Nike, and H&M, the renowned fast-fashion brand from Sweden.
