The COVID-19 pandemic is understandably proving to be an important driver for the adoption of robotics and automation. The already hot categories are proving even more tempting as companies look to technology amid the spread of a deadly and highly contagious virus.
Warehouses and logistics centers are, of course, a large financing category. Amazon, which continued to operate as an essential service during the pandemic, helped demonstrate the roles robots can play. Unfortunately, it also provided some warning stories about transmission to human workers.
Fox Robotics is the latest startup to reap the rewards of growing interest in the category. The Austin-based startup told ProWellTech this week that it raised $ 9 million in Series A, led by Menlo Ventures. The latest round brings its total funding to date to $ 13 million, with the support of previous investors Eniac, Famiglia, SignalFire, Congruent, AME and Joe.
The company's value proposition is clear enough. Fox builds self-driving forklifts which it claims can increase workplace productivity by up to two to three times. Fox joins a glut of companies currently looking to automate the workplace, but the company's value proposition is in the way of flexibility it can deliver across multiple stationary systems. Equally important, it is much easier to integrate into existing warehouses.
"The market demand for warehouse automation is huge and growing. The future of warehouse automation is not for fixed conveyor systems costing several hundred million dollars. These are low-cost, flexible, mobile robots that can be deployed incrementally and quickly, "CEO Charles DuHadway said in the announcement.
At the very least, I think there is value in a system that allows businesses to facilitate automation, compared to more complex systems like those offered by companies like Berkshire Gray. These can be much more expensive and resource-intensive, making them intimidating for smaller companies and those just starting to test the waters of automation for their back channels. Unlike other solutions, it requires direct human supervision, although an employee is able to monitor multiple systems at the same time.
Fox says he has been working with some unnamed "large logistics companies" in pilot mode since last October. He says the funding will be used to increase production and meet current interest.
