Noida-based robotics startup Addverb Technologies is in advanced talks with prominent institutional investors to raise $80-120 million in a fresh round of funding.
The company that builds robotics and automation solutions for factories and warehouses counts Amazon, Flipkart, ITC and Coca-Cola among its clients.
"This round will help us expand globally. Southeast Asia, America and Europe are big markets," co-founder Satish Shukla told Moneycontrol.
Addverb Technologies leverages artificial intelligence, machine learning, automated storage and retrieval system (ASRS), shuttles, IoT along with their in-house software solutions to improve performance and accuracy of warehouse and factory operations.
The company has offices in Australia, Singapore and Netherlands and plans to set up an innovation lab and invest in research and development wings.
It has a manufacturing facility in Noida with the capacity to make 50,000 different types of robots a year. The company plans to set up another unit after the fund-raise.
Addverb offers robots under concepts such as pick to light, pick by voice, pallet shuttle and yard management.
Under pick to light, picking zone light beams when a product is ready to be moved. Pick by voice feature allows a factory operator to use voice commands to confirm what has been picked and dispatched.
Pallet shuttle is a battery-operated system to move products between aisles, while yard management involves identifying the location of a product in a yard.
The company was founded in 2016 by former Asian Paints executives Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar, and Neeraj Sharma.
The company last raised $10 million in 2018 from Jalaj Ashwin Dani of Asian Paints.
According to a report by Fortune Business Insights, globally, the logistics robots market is expected to touch $17.82 billion by 2028. In the Asia-Pacific region, the demand will be driven by the advancements in auto manufacturing, coupled with the escalating growth of the e-commerce industry in India and China.
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