Vecna Robotics, the Waltham-based company behind self-driving forklifts and AI-powered workflow software, closed a $50 million Series B round on Tuesday.
The round was led by Blackhorn Ventures, with participation from new investors Highland Capital and Fontinalis Partners and additional funding from existing investors Drive Capital and Tectonic Ventures. As part of the transaction, Trevor Zimmerman of Blackhorn Ventures and Bob Davis of Highland Capital will join the company's board of directors.
Founded in 1998, Vecna has developed robots for hospitals, NASA and the U.S. military. A few years ago, it pivoted to warehouse logistics to help companies compete with another local powerhouse: Amazon Robotics.
It wasn't until 2017 that the company looked to raise outside capital to power that shift. “What we’ve always said is we would take outside investments when we think we can provide a return to the shareholders,” Vecna founder and CEO Daniel Theobald told BostInno at the time.
In August 2018, Vecna recorded its first outside investment with the SEC: $13.5 million, as reported by Xconomy at the time. Tuesday's Series B financing marks its second-ever venture capital round. The funding will go toward accelerating the development of its current product offerings, especially its AI-powered system "Pivotal," which helps orchestrate workflow inside warehouses.
In the last year, Vecna's hardware and software have been deployed at FedEx Ground, Milton CAT, DHL Supply Chain, GEODIS, Medline and others, according to a press release. Vecna also has partnerships with UniCarriers Americas and RICOH.
"A highly orchestrated solution that leverages the best of robots, manually-operated equipment and the irreplaceable human factor is the key to long-term success for our customers," Theobald said in the release. "This investment cements our position as the world's leading material handling automation company and helps accelerate our growth strategy in the coming year and beyond."
