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SVT Robotics, a software provider that orchestrates robots in warehouses and factories, has raised $ 25 million in Series A financing led by Tiger Global with the participation of Prologis Ventures, the company announced this morning. SVT says it will use the new capital to strengthen its product R & D and expand its customer outreach efforts.
According to co-founder and CEO AK Shultz, SVT’s platform helps customers solve the growing “integration problem” in industrial automation. The industry is severely limited by its capacity to execute, he says. Integrations are typically custom-coded, which translates into long, complex development cycles. A recent piece in Industry Today notes that factors that are among the biggest concerns among manufacturers using automation include the lack of experienced workers to operate the machines, high transition costs, and safety issues.
“It’s expensive and companies are waiting as much as a year or more for new automation to go into the air,” Shultz said in a statement. “Solves that problem with [SVT’s platform] allows the market to grow to its full potential. “
The adoption of automation technologies, including robotics, has accelerated throughout the pandemic. For example, American Eagle deployed robots to help it sort clothes in its department stores to accommodate a wave of online orders. Meanwhile, startup Brain Corp – an SVT rival – reported that the use of robots to clean retail locations in the US increased 24% in Q2 2020 compared to the same period in 2019.
According to Deloitte’s survey on AI adoption in production, 93% of companies believe that AI will be a crucial technology to drive growth and innovation in the sector. However, not all companies are equipped to make the automation transition.
To help, SVT offers pre-built integrations and functionality programmed by its various automation partners. Customers choose which technologies they want, and SVT designs a robotic solution using drag-and-drop tools. The solution can then be implemented on-premises or in the cloud, depending on customer requirements.
Although SVT is not without rivals in the area of industrial automation of over $ 150 billion, the three-year-old startup claims that the implementation of its platform increased 375% from Q4 2020 to July 2021. Current customers include “top companies” within for the warehouse and production site.
“Without any ‘plug-and-play’ integration solution for industrial robotics, department stores and manufacturers have been prevented from quickly implementing the automation they need to keep pace with the dramatic shifts in work dynamics we’ve seen over the last years, “Tiger Global partner Griffin Schroeder said in a press release. “With its [platform]”SVT solves this crucial interoperability problem.”
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