Self-Driving Industrial Vehicle Company Seegrid Secures $25 Million

By Dan Anderson ● March 31, 2020
  • Seegrid, a leader in self-driving industrial vehicles for material handling, announced it raised $25 million in growth equity investment from G2VP

Seegrid — a leader in self-driving industrial vehicles for material handling — announced it raised $25 million in growth equity investment from G2VP. The terms of the deal were undisclosed but the investment reflected a multi-hundred million dollar valuation.

What does Seegrid do? Seegrid provides turnkey automation solutions for some of the world’s largest brands, including global leaders in manufacturing, distribution, and e-commerce fulfillment. And Seegrid’s vision guided vehicles (VGVs), fleet management software, and industry-leading services teams help manufacturing, warehousing, and logistics facilities achieve Industry 4.0 and material handling automation initiatives thus making facilities safer and more productive.

Seegrid is focused on delivering solutions that transform the world’s supply chain, which autonomously moves material as safely, effectively, and efficiently as possible. And Seegrid is a standout in the growing and evolving automated guided vehicle (AGV) and autonomous mobile robots (AMRs) industry.

This new investment round will enable Seegrid to further capitalize on its position as a market leader. And the company leads the category by pairing the most robust, flexible, and reliable technology with unmatched service and support.

Seegrid’s proprietary navigation technology — which uses cameras, sophisticated algorithms, and machine learning to navigate in dynamic environments along with its leading safety record. And it is fundamental to reaching nearly 3 million miles at customer sites without a single personnel safety incident.

Seegrid currently leads the world in miles logged by an infrastructure-free AGV company.

UBS Investment Bank had acted as a financial advisor to Seegrid in connection with the transaction.

Key Quotes:

“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.”

-Seegrid chief executive officer Jim Rock

“G2VP invests in emerging technology companies that digitize traditional industries and drive market transformations. Seegrid is such a company. Its self-driving vehicle technology is indisputable in its value and safety track record, and we are thrilled to invest in Seegrid and support their mission of helping the world’s leading companies transform into smart factories and distribution centers of the future. Seegrid’s best-in-class service goes above and beyond to ensure their impressive portfolio of customers are successful, which is a winning combination for sustainability and growth.”

-G2VP co-founder and partner David Mount — who has joined Seegrid’s board of directors

“The success of this fundraising despite the COVID-19 environment is a strong testament to the strength of Seegrid’s technology and its growth prospects. Seegrid is well positioned as a leader in the rapidly growing market for warehouse and manufacturing automation.”

-Eric Moskal, Head of UBS’s Americas Industrials Group