SVT Robotics, a firm offering software for orchestrating robots in warehouses and factories, has garnered a $25 million Series A funding boost. The SVT Robotics funding boost was spearheaded by Tiger Global, with Prologis Ventures also participating. The funds will be used to strengthen product R&D and expand customer outreach. SVT’s platform addresses the “interoperability problem” in industrial automation, offering prebuilt integrations and functionality from its various automation partners. Amid increasing adoption of automation technologies, SVT’s platform deployments have surged 375% from Q4 2020 to July 2021.
From Venture Beat By Kyle Wiggers
SVT Robotics, a provider of software that orchestrates robots in warehouses and factories, has raised $25 million in series A funding led by Tiger Global with participation from Prologis Ventures, the company announced this morning. SVT says that it’ll use the new capital to bolster its product R&D and expand its customer outreach efforts.
According to cofounder and CEO A.K. Schultz, SVT’s platform helps customers to solve the growing “interoperability problem” in industrial automation. The industry is severely limited by its capacity to execute, he says. Integrations are typically custom-coded, translating to long, complex development cycles. A recent piece in Industry Today finds that factors ranking among the top concerns of manufacturers adopting automation include a lack of experienced workers to operate the machines, high transition expenses, and safety concerns.
“It’s expensive, and companies wait as much as a year or more for new automation to go live,” Schultz said in a statement. “Solving that problem with [SVT’s platform] empowers the market to grow at its full potential.”
Robotics orchestration
Adoption of automation technologies including robotics has accelerated throughout the pandemic. For example, American Eagle deployed robots to help it sort clothes in its warehouses to meet a surge of online orders. Meanwhile, startup Brain Corp reported that the use of robots to clean retail locations in the U.S. rose 24% in Q2 2020 compared with the same period in 2019.
According to Deloitte’s survey on AI adoption in manufacturing, 93% of companies believe that AI will be a pivotal technology to drive growth and innovation in the sector. But not every company is equipped to make the automation transition.
To assist, SVT offers prebuilt integrations and functionality programmed by its various automation partners. Customers select which technologies they want, and SVT designs a robotics solution using drag-and-drop tools. The solution can then be deployed on-premises or in the cloud, depending on the customers’ requirements.
While SVT isn’t without rivals in the over-$150 billion industrial automation space, the three-year-old startup claims that deployments of its platform increased 375% from Q4 2020 to July 2021. Current customers include “top companies” within the warehousing and manufacturing space.
“With no ‘plug-and-play’ integration solution for industrial robotics, warehouses and manufacturers have been prevented from quickly deploying the automation they need to keep pace with the dramatic shifts in labor dynamics we’ve seen over the past year,” Tiger Global partner Griffin Schroeder said in a press release. “With its [platform], SVT is solving this crucial interoperability problem.”
Question & Answer
What is SVT Robotics and what do they offer?
SVT Robotics is a firm that offers software for orchestrating robots in warehouses and factories. Their platform addresses the “interoperability problem” in industrial automation by providing prebuilt integrations and functionality from various automation partners.
How much funding did SVT Robotics recently receive and who led the funding round?
SVT Robotics recently received a $25 million Series A funding boost led by Tiger Global, with Prologis Ventures also participating.
How does SVT Robotics plan to use the new capital from the funding round?
SVT Robotics plans to use the new capital to strengthen product R&D and expand customer outreach efforts.
What has been the growth trend in SVT Robotics platform deployments from Q4 2020 to July 2021?
SVT Robotics platform deployments have surged 375% from Q4 2020 to July 2021, indicating a significant growth trend.
