Plus One Robotics has announced a Series C funding round worth $50 million led by Scale Venture Partners, which also included participation from Top Tier Capital Partners, Tyche Partners and ROBO Global Ventures. The San Antonio-based firm’s total funding now stands at $94 million, with the money set to be used to expand sales and product development. Plus One Robotics’ focus is on the logistics sector, which has continued to grow despite the pandemic. Founder and CEO Erik Nieves said: “The world needs what we do and our financial performance supported that premise”.
The pandemic has spurred on interest in automation, as the logistics sector has continued to expand despite the global economic downturn. Plus One Robotics’ clients include logistics giants FedEx and DHL and e-commerce firm Pitney Bowes. Pitney Bowes SVP Stephanie Cannon said: “The continued increase in demand we’ve seen in the ecommerce space makes modernizing the way we approach ecommerce logistics imperative”.
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Plus One Robotics has deployed over 130 robots globally and has many other licenses of its software being used independent of robot arms. However, the company has remained lean, with 83 full-time employees, most of whom are based at the company’s headquarters in Texas. Nieves said: “Since our inception, we have punched above our weight when it comes to sales. Our team is small but has managed to win the major accounts in this space. This cash infusion means we can double down on our success and have more account managers onboarding new customers. As always, a portion of the cash is earmarked for product development”.
