New investor Athera Venture Partners and existing investors Blume Ventures, Exfinity Venture Partners, and MFV Partners also participate
BENGALURU, India and DETROIT, July 21, 2023 /PRNewswire/ -- Ati Motors, maker of autonomous industrial robots, today announced the close of its Series A funding round in the amount of US$10.85 million. The investment, occurring alongside the company's product launch event, will further accelerate the development and deployment of Ati Motors' robotics technology for automating work in industrial environments and warehouses.
The Series A round is led by True Ventures, a Silicon Valley venture capital firm focused on early-stage technology companies. Athera Ventures Partners, also joined as a new investor, bringing its extensive experience in deep tech investments. The round saw significant participation from previous investors: Blume Ventures, Exfinity Ventures and MFV Partners. The latest funding will empower Ati Motors to expand into markets in the US, South East Asia, Japan, and Europe while exploring untapped opportunities across pharmaceuticals, chemicals, maritime, and injection molding sectors. Ati Motors will continue to invest in research and development to launch new products and capabilities in the market.
At the product launch event, the Ati Motors team showcased new models of its advanced autonomous mobile robots designed to enhance productivity and efficiency across various sectors. The company's robots are inspired by self-driving cars in terms of how they combine artificial intelligence, computer vision, and hardware to perform complex tasks in dynamic environments. Key use cases have spanned industries such as warehousing, logistics manufacturing, and more. The company has achieved strong product market fit within factories in the automotive, tyres and electrical industries.
"The autonomous robots space is brimming with immense opportunities, and we're at the forefront of this revolution as we transform industrial operations," said Saurabh Chandra, CEO of Ati Motors. "This funding will fuel our expansion into new markets and industries. With the support of our investors who share our vision, we're well-positioned to continue pushing the boundaries of robotics technology and meet the evolving needs of our customers."
"Ati Motors has developed a remarkable platform that has the potential to revolutionize multiple sectors," said Rohit Sharma, partner at True Ventures. "We're excited to lead this funding round and support the Ati Motors team in their mission to deploy intelligent robots to solve complex challenges in Industrial applications today. This team, combined with a relentless focus on innovation, positions them as a key player in the autonomous robotics space."
"We are pleased to back Saurabh and his team at Ati. The team's ability to design autonomous robots that operate in demanding manufacturing environments, is a testament to the availability of multidisciplinary skills in the Indian start-up ecosystem," said Parag Dhol, partner at Athera Ventures. "We look forward to working with the Ati team to create a leading robotics company from India."
Ati Motors counts Bosch, TVS Motors, CEAT and Hyundai amongst some of its key customers across India and US. The demand for autonomous mobile robots is rapidly increasing, driven by the need for efficient and flexible solutions in a changing world. Ati Motors' robots have demonstrated their ability to reduce costs, optimize workflows, and improve safety in various industries; crucial steps for businesses striving to stay ahead in a competitive landscape.
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About Ati Motors
Ati Motors is a leading autonomous mobile robot manufacturer dedicated to transforming industries through innovative robotics technology inspired by self-driving cars. With a focus on artificial intelligence, computer vision, and cutting-edge hardware, Ati Motors develops autonomous mobile robots that optimize productivity and streamline operations in sectors such as warehousing, logistics, and manufacturing.
Previously, Ati Motors had raised US$3.5 million in Pre-series A funding led by Blume Ventures, Exfinity Venture Partners, and MFV Partners in 2021. The company has also received seed funding from Village Global, an early-stage fund based in the Bay Area and backed by Bill Gates, Mark Zuckerberg, and Jeff Bezos, among others. Learn more at www.atimotors.com.
About True Ventures True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. The True team believes creativity flourishes when founders are supported fully and empowered to pursue brave ideas. To that end, the True Platform offers programs that inspire professional and personal growth. To date, True has helped more than 350 companies launch and scale their businesses, creating over 85,000 jobs worldwide.
For more information, visit www.trueventures.com.
About Athera Venture Partners
Athera (formerly Inventus India) has a rich history of backing entrepreneurs in the technology space. The Athera team has 35+ years of operating and entrepreneurial experience, and 60+ years of early-stage venture experience. The Athera team has backed over 60 Indian technology start-ups in their venture careers.
For more information, visit www.atheravp.com
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