Vecna Robotics, a leader in flexible material handling automation solutions, announced it has brought on Karl Iagnemma as CEO and raised $14.5 million in additional funding from existing investors. The proceeds of the funding round are earmarked to accelerate technology and product enhancements to address the automation needs of operators in automotive, general manufacturing, and high-volume warehousing.
Iagnemma is a robotics expert and entrepreneur with a strong career blending academic research and industry leadership. And he co-founded and served as CEO of autonomous vehicle technology company nuTonomy, which was later acquired by Aptiv in 2017 for $450 million. Under Iagnemma, nuTonomy launched the world’s first public robotaxi pilots in Singapore. Plus, Iagnemma was also the founding CEO of Motional, a $4 billion robotaxi joint venture between automaker Hyundai Motor Group and Tier 1 supplier Aptiv.
Before his career in industry, Iagnemma directed the Robotic Mobility Group research laboratory at MIT, where he authored publications related to robotics and AI that have been cited over 20,000 times. And Iagnemma is also an inventor with over 50 issued or pending patents in robotics and autonomous vehicles.
While at MIT, Iagnemma met with Daniel Theobald, a fellow MIT alumnus and founder of Vecna Robotics. In 2020, Iagnemma made an angel investment in Vecna Robotics based on the company’s technology leadership and the potential for robotics to revolutionize material handling.
KEY QUOTES:
“Automation in logistics today is similar to the current state of robotaxis, in that there is a massive market opportunity but little market penetration. I join Vecna Robotics at an inflection point in the material handling market, where operators are poised to adopt automation at scale. Vecna is uniquely positioned to shape the market with state-of-the-art technology and products that are easy to purchase, deploy, and operate reliably across many different workflows.”
– Karl Iagnemma
“We are excited to see a skilled technologist and experienced leader like Karl take the helm at Vecna Robotics, guiding the company into its next chapter and further strengthening its leadership in the material handling robotics sector.”
– Griffin Schroeder, Partner at Tiger Global
“Karl Iagnemma combines exceptional robotics expertise with hands-on leadership, making him the perfect fit to drive innovation and propel Vecna Robotics into its next phase of growth. We are confident that his extensive network will be instrumental in forging key strategic partnerships, securing the company’s long-term leadership in the market.”
– Nick Solaro, General Partner at Drive Capital
