OSARO Raises $30 Million Series C Round Led by Octave Ventures
SAN FRANCISCO--(Business Wire / Korea Newswire) August 18, 2021 -- OSARO Inc, a global leader in the development and deployment of advanced robotic automation for logistics, has announced the completion of a series C funding round led by Octave Ventures. The new round brings OSARO's total funding to date to $67.5 million. New investors include Octave Ventures, J17 Capital, and Tomales Bay Capital. Existing investors AME Cloud Ventures, iRobot Corporation, King River Capital, and Founders Fund also participated.
OSARO plans to use this latest investment to accelerate global growth through market expansion and hiring, as well as extending its solution and support offerings. The company will also continue to enhance its core technology capabilities, including leveraging its machine learning platform into new automation applications. OSARO’s solutions currently enable logistics operators to scale e-commerce order fulfillment, inventory induction & extraction, sortation, and singulation. The company’s robotic automation integrates with ASRS, AMRs, conveyor systems, and other materials handling equipment. The latest funding puts OSARO in a position to further expand its product line during the next two years.
Demand for logistics automation has dramatically accelerated in the past year due to a surge in e-commerce driven by the COVID-19 pandemic. This demand has enabled the company to secure robotics automation deployments in seven countries on five continents.
“This new funding will allow OSARO to expand our solution set and accelerate delivery to our customers,” said Derik Pridmore, co-founder and CEO of OSARO. “With dozens of customers on five continents, OSARO has built a global presence that we’re excited to expand. We look forward to collaborating with our customers to identify new opportunities where robotic solutions can help scale and improve operational performance. Our customers’ success is our success.”
“We are excited to help OSARO scale their business as they continue to widen their geographic targets and grow their product offering,” said Octave Ventures’ Michael Kim. “The market desperately needs this technology, and OSARO’s robotic automation solutions are ready for prime time."
About Octave Ventures
Octave Ventures is a global venture capital investor and Delaware company with a particular focus in deep tech and biotech investments. Under “Octave Life Sciences” and “Octave Tech Investment”, Octave invests in a variety of pre-IPO companies at various stages of their development, several of which have later gone public. Octave is committed to leveraging its experience and knowledge to partner with founders to foster growth and the development of advanced technologies.
OSARO designs and deploys robotics automation solutions in the materials handling industry using software-defined robotics. OSARO automation systems bring together advanced machine learning for object recognition with powerful control software that adapts to customer data and environments. The company’s robotic piece-picking solution is optimized for e-commerce fulfillment center, and warehouse automation markets, where key challenges include high SKU inventories, complex packaging, and fragile items requiring delicate handling. OSARO Solutions have been validated by the world’s top retailers, system integrators, and third-party logistic companies.
This is a news release distributed by Korea Newswire on behalf of this company.