Ati Motors, an industrial robotics business, gets $10.85 million in a Series A round that is dominated by True Ventures
Ati Motors, a producer of industrial robots, announced on Thursday that its Series A investment round had brought in $10.85 million. The investment, spearheaded by True Ventures of Silicon Valley, will speed up the development and application of robotic technology to automate work in warehouses and industrial settings, the business said in a statement. Athera Ventures Partners, a new investor, and prior investors Blume Ventures, Exfinity Ventures, and MFV Partners also participated in the round.
According to the business, the most recent capital would enable it to investigate unexplored prospects in the pharmaceutical, chemical, marine, and injection moulding industries and grow into markets in the US, South East Asia, Japan, and Europe.
“This money will support our growth into new sectors and markets. Ati Motors CEO Saurabh Chandra stated, “With the backing of our investors who share our vision, we’re well-positioned to continue pushing the frontiers of robotics technology and satisfy our customers’ changing demands.
Rohit Sharma, Partner at True Ventures, said, “Ati Motors has developed a remarkable platform that has the potential to revolutionize numerous sectors.” More than 350 firms have benefited from the fund’s assistance in starting and growing their businesses. It invests in early-stage tech startups.
The robot hardware is created by Ati Motors using artificial intelligence and computer vision. Previously, in 2021, Blume Ventures, Exfinity Venture Partners, and MFV Partners contributed $3.5 million to the firm as pre-Series A capital. Additionally, it had received initial money from Village Global, an early-stage fund with Bay Area roots that counts among its backers Jeff Bezos, Mark Zuckerberg, and Bill Gates.
The investment was announced the day the business unveiled a new product. Ati Motors unveiled new iterations of their highly autonomous mobile robots. How robots use artificial intelligence, computer vision, and hardware to carry out complex tasks in changing surroundings is modelled by how self-driving automobiles operate. Manufacturing, warehousing, and logistics are a few of the areas where robots are being used extensively.
Its clients in India and the US include Bosch, TVS Motors, CEAT, and Hyundai.
According to the statistics portal Statista, the industrial robotics market in India is anticipated to generate $228.30 million in revenue in 2023 and expand at a 2.96 per cent annual CAGR from 2023 to 2028, culminating in a market volume of $264.10 million.
ATI Motors, a company specializing in autonomous technology and industrial robotics, has recently completed its Series A funding round. True Ventures, a Silicon Valley-based venture capital firm, has led the investment of $10.85 million for the company, which has been successfully raised.
The round marked a significant milestone for ATI Motors, underlining the growing investor confidence in its innovative, autonomous, and robotics-centric approach to reshaping industrial transportation.
Founded in Bengaluru, India, in 2016, ATI Motors is at the forefront of the industrial robotics revolution. The company designs and manufactures autonomous electric vehicles for outdoor logistics within campuses, factories, and warehouses. Its standout product, the Sherpa, is a fully electric, self-driving industrial utility vehicle that has significantly influenced the industry.
True Ventures, a top-tier venture capital firm in Silicon Valley, led this Series A round, signalling a robust endorsement of ATI Motors’ vision and strategy. True Ventures is known for its investment in early-stage technology startups, including 3D printing company MakerBot and connected fitness platform Peloton.
The fresh funding will enhance the Sherpa further and broaden the suite of products offered by ATI Motors. In addition to expanding the team, the funds will improve the company’s operational infrastructure and establish strategic partnerships to expand its global reach.
“We are extremely excited about this partnership with True Ventures. Their belief in our vision for ATI Motors and their support will significantly accelerate our path to making autonomous electric vehicles a reality in industrial transportation,” said Dr Saurabh Chandra, Co-founder and CEO of ATI Motors.
Indeed, the growth trajectory for ATI Motors seems promising. With Industry 4.0, there’s a surging demand for automation and robotics in various sectors, including logistics, healthcare, and manufacturing.
This latest funding round validates the market demand for autonomous solutions in these fields. It reinforces that we are stepping into an era of significant technological advancement where robotics will play a pivotal role.
ATI Motors’ commitment to environmental sustainability also strengthens its market positioning. As industries worldwide are increasingly pressured to reduce their carbon footprints, ATI’s autonomous electric vehicles offer a compelling, green solution to this problem.
In the investment world, True Ventures’ commitment to ATI Motors indicates the venture capital firm’s belief in the profitability of environmentally friendly technologies. It is a testament to the startup’s potential and a nod to the increasing role sustainable solutions are expected to play in our future.
With the newly infused capital, ATI Motors is expected to expand its operations to new markets and diversify its product offerings. This will help the company gain a significant share of the rapidly growing demand for industrial autonomous vehicles.
This funding round generally represents a significant leap forward for ATI Motors and the industrial robotics sector. As ATI Motors continues to innovate and revolutionize the industry, its recent financial success stands as a beacon for the future of autonomous and environmentally-friendly industrial transportation.
By attracting this level of investment, ATI Motors is shaping its future and contributing to the broader adoption of robotics and AI in the industry. This is more than just a success story for ATI Motors; it is a success story for the future of autonomous vehicles and the broader movement towards a more automated, efficient, and sustainable world.
