SVT Robotics has announced the completion of its seed round of funding, securing $3.5 million to expand its software platform which simplifies and expedites the deployment of industrial robotics. The SVT Robotics seed funding round was led by Cowboy Ventures, with Dynamo Ventures, Schematic Ventures, Ludlow Ventures, and NRV also participating. The funding will be used to broaden product development efforts for its robotic Integration Platform as a Service (iPaaS), which was first launched in 2018. The company will also be able to expand its product feature set to support customer growth and market demand, while also scaling up its product and customer success teams.
Introduction
Despite pandemic, SVT to expand software platform that enables businesses to rapidly adopt robotics
Seed Round Completion
NORFOLK, Va., May 5, 2020 /PRNewswire/ — SVT Robotics, a startup whose software accelerates and simplifies deployment of industrial robotics, announced today that it has completed its seed round of $3.5 million. Cowboy Ventures led the investment round, with Dynamo Ventures, Schematic Ventures, Ludlow Ventures, and NRV all participating.
Market Positioning
“We believe supply chain automation will continue, even during these difficult times, as businesses strive to meet increased consumer expectations,” said Ted Wang of Cowboy Ventures. “SVT is well positioned to help companies complete their deployments more quickly, less expensively, and with less risk. Although the company had the resources to ride out a downturn, we invested to help SVT expand its product offering, setting them up to become an enduring company.”
Platform Flexibility
SVT Robotics CEO and Co-founder A.K. Schultz notes that the current pandemic has accelerated the need for fast and flexible robot adoption to keep up with supply chain demands.
“Our platform gives any company the power to rapidly deploy new, innovative robotics and the flexibility to alter course quickly to meet the needs of the market,” Schultz said. “This seed round shows that SVT Robotics has the right product fit for the market today and as it evolves, plus an amazing group of investors who are looking to help solve the problems of tomorrow.”
Product Development
This investment round will enable SVT Robotics to broaden product development efforts for its robotic Integration Platform as a Service (iPaaS). The software platform first launched in 2018, and since then the demand for the platform has continued to grow. SVT is expanding its product feature set to support this customer growth and market demand.
“The response has been terrific, and we’re really excited about the roadmap this year,” said Michael Howes, Co-founder, COO & CTO of SVT Robotics. “This investment is helping us to go even faster and direct our energy to features our customers need most.”
Customer Support
“Large customers have described SVT as ‘the missing piece for robot adoption,'” said Julian Counihan of Schematic Ventures. “Last year was about building the pieces, and this year is about putting them in place. We’re excited to continue to support SVT Robotics’ mission of accelerating the warehouse robot market.”
SVT Robotics will also utilize the investment funds to continue to scale up the product and customer success teams to help meet these objectives.
About SVT Robotics
About SVT Robotics
Founded in 2018, SVT Robotics is a software company that’s revolutionizing robot deployments in warehousing and manufacturing industries. SVT’s software platform enables companies to easily connect their enterprise systems to any robot or automation, in a fraction of the time, empowering them to compete in a quickly changing marketplace. Learn more about SVT Robotics at svtrobotics.com, Twitter, Facebook, and LinkedIn.
Contact Information
Contact: Jim Hodson, pressroom@svtrobotics.com
SOURCE SVT Robotics
Question & Answer
What is the total amount of funding secured by SVT Robotics in its seed round?
SVT Robotics secured $3.5 million in its seed round of funding.
Which venture capital firm led the investment round for SVT Robotics?
Cowboy Ventures led the investment round for SVT Robotics, with Dynamo Ventures, Schematic Ventures, Ludlow Ventures, and NRV also participating.
What is the main focus of SVT Robotics’ software platform?
SVT Robotics’ software platform focuses on simplifying and expediting the deployment of industrial robotics.
How does SVT Robotics plan to utilize the funding from the seed round?
The funding will be used to broaden product development efforts, expand product feature sets, and scale up product and customer success teams.
