Two Pittsburgh companies are teaming up to advance supply chain technology and industrial automation.
United States Steel Corp. (NYSE: X) announced that it has invested in Carnegie Foundry LLC, a venture studio that transforms robotics and artificial intelligence-centered intellectual property produced out of Carnegie Mellon University into products that can spin off into startup companies. The investment is part of a partnership between the two companies, who plan to work together in order to accelerate and scale automation technology.
“The Carnegie Foundry team are clear leaders and innovators in autonomy and this partnership keeps us at the forefront of emerging innovation in robotics and autonomous solutions for industry,” U.S. Steel President and CEO David Burritt said in a release. “These highly advanced technologies will be essential to continue fulfilling our customers’ needs for a robust and resilient supply chain.”
With the investment, Carnegie Foundry will work to commercialize and scale its robotic and AI technologies to a variety of industrial automation solutions, including autonomous mobility, voice analytics and automated warehouses.
U.S. Steel will join another investor in the Carnegie Foundry, the Oshkosh Corp. (NYSE: OSK), on its board of directors. Terms of the deal were not disclosed, but following the investment from Oshkosh, Carnegie Foundry’s valuation was reported to be nearly $100 million.
“We are very excited to have U. S. Steel as a key partner,” Carnegie Foundry CEO Dr. Robert J. Szczerba said. “Our goals are aligned and our innovations in automation complement U. S. Steel’s ongoing work. It’s our good fortune that we found investment, aligned mindsets and large-scale industrial specialization with the team at U.S. Steel.”
