Venture capital firm G2VP has invested $25m in Seegrid, a US-based autonomous industrial vehicle provider backed by retail chain Giant Eagle, at a valuation in the multi-hundred million-dollar range.
Founded in 2003, Seegrid produces autonomous vehicles such as tow tractors and pallet trucks capable of handling tons of weight at a time, for use in factories and industrial settings. It has also built a fleet management software product called Seegrid Supervisor.
The technology incorporates a navigation system that utilises cameras, proprietary algorithms and machine learning to help Seegrid’s vehicles move around facilities. It said it plans to use the investment to strengthen its position as an industry leader.
Seegrid CEO Jim Rock said: “Revenue in 2019 was record-breaking for Seegrid, and despite the Covid-19 pandemic crisis, we already have orders in hand to assure continued growth in 2020.
“The investment from G2VP allows us to more quickly meet demand and accelerate new product introductions previously scheduled for 2021 and 2022 – as well as support our significant growth and hiring plans.”
David Mount, co-founder and partner at G2VP, has taken a board seat at Seegrid in connection with the deal, for which UBS Investment Bank was financial adviser.
The company had received a total of $32.6m in debt and equity filings according to securities filings before filing for bankruptcy in 2014. It emerged the following year with $11.1m in funding from investors including existing backer Giant Eagle, which converted debt to a 40% equity stake.
Giant Eagle subsequently invested $12m in Seegrid in 2016 while pledging a further $13m in growth financing, the most recent financing disclosed by the company before this month.
Image courtesy of Seegrid Corporation.
