ETtechBengaluru: Warehouse robotics and automation company GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital as well as other existing and new investors. It has also received separate debt financing from funds and accounts managed by investment firm BlackRock.
The company last raised funds in a $140-million round in September 2018.
Mumbai-based Blume Ventures is also an investor in the company, which provides software and hardware that automates multiple functions in warehouses for companies such as Walmart, H&M, COS, Coupang and GXO Logistics.
GreyOrange said it would use the funds to improve its technology, expand to other markets, and increase the adoption of its fulfilment products in warehouses, distribution centres and retail stores.
The company also said it would use a portion of the debt financing to hire over 300 people across its customer service, sales, marketing, product and engineering teams.
“With labour shortages at a record high and projected to grow long-term, 73% of third-party logistics companies reported finding, training and retaining qualified labour as their most critical challenge,” the company said in a statement. “Robotic automation mitigates labour shortage challenges while improving the work environment for fulfilment associates as robots take on repetitive tasks and allow smart management teams to implement upskilling programmes that support employee satisfaction and retention.”
GreyOrange was founded in 2015. It now has a significant presence in the United States. The company also has offices in Germany, the UK, Japan and Singapore.
“Our fulfilment platform revolutionises how the largest and best-known retail brands in the world, such as Walmart and H&M, fulfil their promises to customers, employees and shareholders,” said Samay Kohli, cofounder and CEO, GreyOrange. “As ecommerce sales soar, brands face a stark reality, embrace automation, or cede customers to the competition. We orchestrate fulfilment and optimise inventory in a complex global supply chain environment for more companies that ship millions of items each day than any other player in the market outside of Amazon.”
Ajay Royan, managing general partner at Mithril Capital Management, said GreyOrange is trusted by the biggest names in retail “to help them do what they do best, better.”
“Demand for the GreyOrange omnichannel fulfilment platform continues to increase, consistent with our high expectations, as retailers come to terms with the immediate necessity of robotic automation in fulfilment,” Royan added.
The company last raised funds in a $140-million round in September 2018.
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GreyOrange said it would use the funds to improve its technology, expand to other markets, and increase the adoption of its fulfilment products in warehouses, distribution centres and retail stores.
The company also said it would use a portion of the debt financing to hire over 300 people across its customer service, sales, marketing, product and engineering teams.
“With labour shortages at a record high and projected to grow long-term, 73% of third-party logistics companies reported finding, training and retaining qualified labour as their most critical challenge,” the company said in a statement. “Robotic automation mitigates labour shortage challenges while improving the work environment for fulfilment associates as robots take on repetitive tasks and allow smart management teams to implement upskilling programmes that support employee satisfaction and retention.”
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GreyOrange was founded in 2015. It now has a significant presence in the United States. The company also has offices in Germany, the UK, Japan and Singapore.
“Our fulfilment platform revolutionises how the largest and best-known retail brands in the world, such as Walmart and H&M, fulfil their promises to customers, employees and shareholders,” said Samay Kohli, cofounder and CEO, GreyOrange. “As ecommerce sales soar, brands face a stark reality, embrace automation, or cede customers to the competition. We orchestrate fulfilment and optimise inventory in a complex global supply chain environment for more companies that ship millions of items each day than any other player in the market outside of Amazon.”
Ajay Royan, managing general partner at Mithril Capital Management, said GreyOrange is trusted by the biggest names in retail “to help them do what they do best, better.”
“Demand for the GreyOrange omnichannel fulfilment platform continues to increase, consistent with our high expectations, as retailers come to terms with the immediate necessity of robotic automation in fulfilment,” Royan added.
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