Germany-based robotics provider Magazino has completed a $24.8m financing round led by Körber Group, a diversified conglomerate that operates in industries such as automation, logistics and industrial equipment.
E-commerce company Zalando, supply chain services provider Fiege Logistics and Cellcom Resources, an investment vehicle for Peter K. K. Lee, a vice-chairman of conglomerate Henderson Group, also took part in the round.
Founded in 2014, Magazino is working on automated robots equipped with cameras and 3D sensors that are used in the logistics industry to handle, sort and move packages. Its lead product, Toru, can pick out small objects while its newest robot, Soto, can move heavier items.
In addition to investing, Fiege is also one of Magazino’s customers. It has used several Torus in its logistics operations to pick out shoes that have been ordered online, and has ordered another 30 robots from the company.
Jens Fiege, a member of Fiege’s executive board, said: “We will now be further consolidating our two-year partnership with Magazino and look forward to contributing even more towards the shared development of robotics in logistics.”
David Schröder, Zalando’s senior vice president of convenience, added: “Our investment into Magazino grants us access to a leading technology that is highly compatible with our existing infrastructure and can be deployed flexibly to support employees in our fulfilment centres.”
Public-private venture capital fund High-Tech Gründerfonds joined two undisclosed angel investors to provide an undisclosed amount of funding for Magazino in 2014, before selling its stake to industrial technology producer Siemens the following year.
– Image courtesy of Magazino GmbH.