Robotics start-up GreyOrange said that it has raised $140 million in Series C funding round led by Mithril Capital, co-founded by Ajay Royan and billionaire investor Peter Thiel.
The round also included Flipkart co-founder Binny Bansal and other existing investors such as Blume Ventures. They join Japanese conglomerate Mitsubishi and Flipkart as investors in the start-up.
GreyOrange, which provides robotics systems for automation in distribution and fulfillment centres, was founded by two graduates from the Birla Institute of Technology and Science in Pilani — Samay Kohli and Akash Gupta — in 2011. It would use the funding to accelerate the fulfillment of its vision to develop the next generation of flexible supply chain systems.
“As we continue to invest heavily in the R&D of our products, we will solve new problems for our customers,” said Samay Kohli, co-Founder and CEO, GreyOrange.
The start-up said it plans to build on the strong growth it has experienced over the past five years by expanding operations across Asia, Europe and the U.S.
“The team will build on its strengths, especially in AI and machine learning, to launch new generation products for flexible automation,” said Binny Bansal, Flipkart co-founder and group CEO.
GreyOrange recently established its U.S. headquarters and manufacturing facility in Atlanta, Georgia, and unveiled a major R&D centre in Boston, Massachusetts.
