PITTSBURGH, Pennsylvania – Seegrid Corporation has closed a US$52 million growth equity financing round, bringing the company’s total funding to date to more than $150 million.
The investment round previously was announced when lead investor G2VP funded the first $25 million of the round. The company had the right to top off the round, which was oversubscribed, resulting in a total round of $52 million with additional funding from technology and robotics investors.
Seegrid intends to use the additional capital for a previously announced 40 percent boost in the size of its workforce. The investment also will fund new product development. The company said in a statement that it also is considering possible acquisitions.
“Seegrid is having a fantastic year,” said Jim Rock, the company’s CEO.
“We expect to double revenues again this year and are seeing increased customer demand as the Covid-19 pandemic is driving many companies to greater use of automation across the material handling industry.”
According to board chairman Steven Kaplan, the company has well over $50 million of cash and no debt.
The company’s proprietary navigation technology uses cameras, algorithms and machine learning to navigate in dynamic environments. Its units have travelled more than three million miles at customer sites without a single personnel safety incident. This achievement came only 36 weeks after reaching two million miles driven – an average of nearly 4,000 miles daily.