Bowe groupa leading provider of integrated automation technology, has completed an $8.2 million investment round MOV.AI – a startup revolutionizing the development of autonomous mobile robots (AMR). The round is led by Bowe Group and includes existing investors from MOV.AI, State of Mind Ventures, NFX and Viola Ventures. The investment reflects Bowe’s strategic view of robotics in the future of automation and is a vote of confidence in MOV.AI’s innovative approach to robotic software.
Automation is playing an increasingly important role in the supply chain, especially in intralogistics, with robots at the forefront of this trend. ABI Research estimates that global shipments of mobile warehouse robots will experience a compound annual growth rate (CAGR) of nearly 40% from 2021 to 2030, reaching over 500,000 shipments worldwide in 2030.
Until now, the development – and especially the deployment – of autonomous mobile robots (AMRs) has been an expensive and time-consuming task due to the monolithic, inflexible robotic software that is tightly coupled with the robotic hardware.
“We are extremely optimistic about MOV.AI’s ability to modernize the robotics market, a market that is a key pillar in modern industrial automation and is poised for strong growth,” said Joachim Koschier, Managing Director of Bowe group. “The MOV.AI Robotics Engine Platform enables smooth human-robot collaboration in automation projects – something Bowe Group has experienced first-hand as a customer.
“The digital transformation in intralogistics requires flexibility, operational agility and maintainability. MOV.AI provides the full infrastructure and tools needed to build and operate fleets of any AMR.”
MOV.AI’s Robotics Engine Platform is changing the way AMRs are built by separating software from hardware and providing both AMR manufacturers and automation integrators with the enterprise-class tools they need for advanced automation. The Robotics Engine Platform helps AMR manufacturers quickly develop and differentiate their robots. Automation integrators can deploy in days instead of months, ensuring secure, non-disruptive operations in ever-changing business and operational environments.
“We are delighted to have such an innovative leader as Bowe Group join our strong group of investors and lead this round,” said Motti Kushnir, CEO of MOV.AI. “Pressures on supply chains create an opportunity for AMR manufacturers and automation integrators who need to design and deploy robots that quickly meet customer needs. The Bowe Group is a leading company in the world of intralogistics and automation. Their knowledge and expertise will drive MOV.AI’s ability to meet customer needs and expand our market reach.
“We are grateful to our investors – State of Mind Ventures, NFX, Viola Ventures and now Bowe Group – for their continued belief in our vision and our ability to execute it. Your trust, demonstrated during this round, helps us to drive changes in the market and offer our customers a much-needed solution.”
Following the investment, Joachim Koschier, Managing Director of Bowe Group, and Mike Swift, Managing Director of Red Ledge North America, will join the MOV.AI board. The company will use the proceeds from the round to expedite product delivery, meet the needs of more customers, and engage with the ROS developer community.