A startup making robotics-based autonomy stacks for industrial equipment manufacturers has closed on a $7 million funding round, bringing its total outside investment amount to just over $11 million to date.
Thoro.ai, a company Carnegie Robotics spun out in 2020, plans to use the funding to continue building out its workforce, which consists of 24 employees who are based out of the company's headquarters in Lawrenceville.
The company specializes in coordinating hardware and software components that can convert devices like sanitizing scrubbers or pallet movers into fully autonomous robots: It worked with Denmark-based Nilfisk to develop the former, which can be found at PPG Paints Arena, Acrisure Stadium, Pittsburgh International Airport and many hospitals around the region, and it recently signed an agreement with Big Joe Forklifts to develop the latter for use in warehouses.
"Our focus is on building great products and continuing to grow the team," Patrick Mondi, CEO of Thoro.ai, said. "The team has grown a lot; this will give us resources to continue to compete and to continue to develop our tech and to continue to scale in the marketplace. We're excited about that."
Mondi declined to disclose further specifics about the funding round including the names of its investors or its terms. He described it as being akin to a Series A funding round but likened it more to serving as "growth capital" for the startup.
"We've just got to keep executing and growing the business," Mondi said. "Those are the metrics that matter."
Thoro's funding raise comes amid a dearth of significant capital investment for Pittsburgh startups in recent months, especially for robotics-based companies, as national market conditions continue to remain unfavorable for the often-times riskier investments that come for tech startups.
