The production of industrial cleaning robots company Avidbots announced the completion of a $70 million Series C funding round. The company plans to use the round of funding to add more robots to its fleet and improve the software that lets them work on their own.
By putting money into its sales and marketing initiatives, Avidbots hopes to make its industrial cleaning robots available to customers in automation growth markets like the US and around the world. It plans to hire over 100 more people in product, engineering, sales, and marketing over the next 12 months.
“This marks a significant turning point for our business. For their tireless efforts in assisting us to get here, our past and present Avidbotters, as well as all of our customers from around the world, deserve a special thank you, said Faizan Sheikh, co-founder and CEO of Avidbots. The company said in a statement that the financing allows them to accelerate their timelines for bringing new products to market as well as continuously improve their autonomous driving software and service for existing customers to deliver an even better experience and greater value.
Neo 2, the company’s premier robot, is an autonomous floor scrubber. The robot can assist in cleaning warehouses, schools, businesses, and airports.
The funding round was spearheaded by Jeneration Capital, a capital asset manager with a focus on technology and tech-enabled investments in China. The funding round also included existing investors True Ventures, Next 47, SOSV, GGV Capital, BDC Capital, Golden Ventures, and Kensington Capital Partners.The round included new investors: BMO Capital Partners, Golden Vision Capital, and Nicola Wealth.
Tony Zhang, partner at Jeneration Capital, said: “We are excited to partner with Avidbots as they continue to deliver best-in-class robotic solutions to meet the industry’s demand for automation in the commercial cleaning marketplace.” Our investment reaffirms our faith in robotics companies that provide solid value-added solutions that reduce employee workload and fatigue from hard work. As a result, employees are able to concentrate on higher-value tasks across the entire organization as a result.
More than 1,000 robots from Avidbots have been deployed in more than a dozen nations across North America, Asia, Australia, the Middle East, and Europe. The company has raised $107 million to date. Avidbots also disclosed that it had increased its investment in Kitchener-Waterloo by securing extra space to support R&D and testing. These developments came in addition to the funding.
