OTTO Motors raises $29M to grow mobile robot market
June 1, 2020 by Manufacturing AUTOMATION
OTTO Motors, a division of Kitchener, Ontario’s Clearpath Robotics, has raised US$29 million in funding to grow its markets for autonomous mobile robots (AMRs).
The funding will be used to expand OTTO’s global network of delivery partners and accelerate its product plans.
“Mobile robots are no longer a luxury in the workplace; they are a necessity,” says Matthew Rendall, Clearpath CEO and co-founder.
“In a post-COVID world, AMRs enhance worker safety and bring resiliency to supply chains. As enterprises adapt, AMR demand will accelerate globally. This investment will enable us to grow to meet the evolving needs of the factories and warehouses of the future anywhere in the world.”
Since launching in 2015, OTTO Motors has specialized in enterprise AMR deployments.
Over 70 per cent of the AMRs installed by OTTO are in Fortune Global 500 companies, including GE, Toyota, Nestle, and Berry Global.
In recent months, OTTO has also seen a surge in demand from essential businesses responding to increased operational risks associated with COVID-19, including food, beverage and medical device manufacturing.
The Series C investment was led by Kensington Private Equity Fund with participation from BMO Capital Partners, Export Development Canada (EDC), and previous investors iNovia Capital and RRE Ventures. Including this Series C round, OTTO Motors has now raised $83 million (USD) in funding.