Seegrid, a US-based autonomous industrial vehicle provider backed by grocery retailer Giant Eagle, raised $27m on Tuesday to close a $52m funding round led by venture capital firm G2VP.
G2VP had provided $25m for the round in March this year and was joined by unnamed technology and robotics investors for the extension.
Spun out of Carnegie Mellon University (CMU) in 2003, Seegrid has developed autonomous tow tractors and pallet trucks for use in the manufacturing, warehousing and logistics industries. It also provides fleet management software.
The technology uses stereo cameras, algorithms and machine learning to continuously generate a 3D model of a vehicle’s surroundings and navigate dynamic environments. It is based on research by co-founder and chief scientist Hans Moravec at CMU’s Robotics Institute.
The additional capital will allow Seegrid to hire more staff and accelerate product development and launches. It is also considering strategic acquisitions and said it has has now collected more than $150m in funding altogether.
Seegrid had received $32.6m in debt and equity financing before filing for bankruptcy in 2014, according to regulatory filings. Existing backer Giant Eagle was among a consortium that injected $11.1m in funding in 2015 as the company emerged from its restructuring, and later converted its debt financing to a 40% stake.
Giant Eagle supplied a further $12m in funding for Seegrid in 2016 with an agreement to commit another $13m. A regulatory filing showing the company secured a total of $14m at that time.
