US-based autonomous forklift developer Third Wave completed a $15m series A round yesterday backed by carmaker Toyota, through its Toyota AI Ventures unit.
Venture capital firm Innovation Endeavors led a round that also featured Eclipse Ventures, Homebrew VC and Heartland VC. The startup has not disclosed details of its seed round but said it included Toyota AI Ventures, Eclipse Ventures and Homebrew VC.
Founded in 2018, Third Wave has used machine learning and robotics technology to create an intelligent forklift intended to enhance efficiency and safety in the warehouse by identifying and responding to movement and objects.
Arshan Poursohi, Third Wave’s co-founder and CEO, said: “With the resources we need in hand, a world-class team of engineers, fantastic investors around the table, industry partners ready to go to market with us and customers awaiting the official launch of our products, we could not be more excited about what these next few years have in store.”
