- OTTO Motors, a division of Clearpath Robotics, announced it raised $29 million in Series C funding
OTTO, a division of Clearpath Robotics, announced it raised $29 million in Series C funding for the continued expansion of its autonomous mobile robot (AMR) platform. And this 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.
OTTO Motors is known for enabling the world’s largest companies to create safer and more productive workplaces with autonomous material handling. And this funding will be used for expanding OTTO’s global network of delivery partners and accelerate its product roadmap for enterprise customers with emphasis on its industry-leading autonomous technology.
The demand for AMRs has been growing worldwide as manufacturers struggle to find workers for serving critical needs. And the skills gap is projected to leave 2.4 million positions unfilled between 2018 and 2028, according to a 2018 study from Deloitte and The Manufacturing Institute. And the need for automation is projected to grow as companies are looking for ways to improve business continuity during and after the COVID-19 pandemic.
OTTO helped Fortune 500 manufacturer Berry Global Group meet increasing customer demand despite labor shortages at a plant in Kentucky. And Berry Global’s fleet of 19 OTTO AMRs operate 24×7 supplying cases to and from automated production machines.
Ever since OTTO Motors launched in 2015, it has emerged as a leader in enterprise AMR deployments. And over 70% 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.
Including this round of funding, OTTO Motors has now raised $83 million in funding.
“Mobile robots are no longer a luxury in the workplace; they are a necessity. 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.”
– Clearpath CEO and co-founder Matt Rendall
“Clearpath and its OTTO autonomous mobile robots have been on our radar for some time. We see strong trends favoring the acceleration of industrial automation generally, with Clearpath positioned very strongly to benefit from this rapidly growing sector. OTTO’s technology leads the market for core infrastructure for the factory of the future. It is becoming increasingly important for customers across all manufacturing and a compelling opportunity for our investors.”
– Rick Nathan, senior managing director at Kensington
“Our mission to ensure a safe and productive work environment, along with the challenges of persistent labor constraints, has led us to increase investments in creative automation solutions. The OTTO vehicles address those challenges and deliver improved operations reliability, while enhancing the working environment for our employees.”
– Scott Spaeth, director of corporate automation at Berry Global
Trending on Pulse 2.0
- How Microsoft Plans To Help Upskill 25 Million People By The End Of The Year (MSFT)
- EY Partners With Hult To Offer Free Virtual Corporate MBA For Company Employees
- ClickUp: $35 Million Funding And Remote Work OS Product Suite Launched
- Raytheon Technologies (RTX) Names Dantaya Williams As Chief Human Resources Officer