Otto Motors, the industrial arm of Canada-based robotics equipment producer Clearpath Robotics, has closed a $29m series C round led by Kensington Private Equity Fund.
The round included BMO Capital Partners, a subsidiary of financial services firm Bank of Montreal, as well as government export credit agency Export Development Canada and venture capital firms Inovia Capital and RRE Ventures.
Launched in 2015, Otto provides autonomous robots used to transport materials within industrial warehouses and manufacturing plants. The series C proceeds will help develop the spinoff’s product and partner network, and it said it has now raised $83m altogether.
The total may include the $30m round announced by Clearpath in 2016 that was led by Inovia and which included Caterpillar Ventures and GE Ventures, on behalf of construction equipment manufacturer Caterpillar and industrial technology manufacturer General Electric.
Eclipse Ventures, RRE Ventures and Silicon Valley Bank also contributed to the round, which followed a $11.2m series A for Otto in 2015 that was led by RRE and which also featured GE Ventures, Inovia Capital and RRE Ventures.