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GreyOrange uses funding to transform retail
- January 2, 2024
- Steve Rogerson
US AI-driven fulfilment automation firm GreyOrange hopes to transform retail store operations following a $135m series D funding round.
Led by Anthelion Capital (formerly Cowen Sustainable Investments), this investment reinforces GreyOrange’s approach to transforming warehouse and retail store operations through a hardware-agnostic software platform and a dynamic range of certified robotic and sensing technologies. The company says its growth and adoption rates with Fortune 500 customers validates GreyOrange’s capability to lead tech transformation in global supply chain automation.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimises how retailers move their goods across their entire supply chain,” said Vusal Najafov, co-founder of Anthelion Capital (www.anthelioncap.com). “Their capability to improve operational efficiency in various settings and their innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round.”
GreyOrange will deploy the growth capital to accelerate the company’s technology, continue its global expansion, and further support the adoption of its fulfilment orchestration platform in warehouses, distribution centres and retail stores.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognise that keeping the needs of our customers at the centre of our product roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta, GreyOrange CEO. “This series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market.”
This funding round also reflects a vote of confidence from existing investors such as Mithril, 3State Ventures and Blume Ventures.
“GreyOrange’s technical and commercial advances reinforce our shared mission to bring game-changing automation and productivity to retail,” said Ajay Royan, managing general partner of Mithril Capital. “GreyOrange’s thoughtful implementation of their pioneering technology has earned the trust of the world’s largest retailers and logistics partners. GreyOrange is leading a major shift in productivity, safety and novel forms of convenience that will benefit hundreds of millions of consumers.”
The overall growth seen in the warehouse automation sector will continue to be a strong tailwind for GreyOrange. By 2027, over 75% of companies will have adopted some form of cyber-physical automation within their warehouse operations, according to a Gartner report that says: “As companies expand their use of robotics, most will eventually have heterogeneous fleets of robots from different vendors performing various tasks, which will require standardised software that can easily integrate to a variety of agents and robot platforms. These will assign work to the right robots based on the characteristics of immediate and prioritised tasks and communicate with other types of automation (agents) like door or elevator controls.”
GreyOrange (www.greyorange.com) is at the forefront of AI-driven robotics systems, transforming distribution and fulfilment centres worldwide. Founded in 2012, GreyOrange is headquartered in Atlanta, Georgia, with offices and partners across the Americas, Europe and Asia.