Industrial robots manufacturer Ati Motors on Thursday said it raised $10.85 million in Series A funding round. The investment led by Silicon Valley’s True Ventures will be deployed to accelerate the development and deployment of robotic technology to automate work in industrial environments and warehouses, the company said in a statement. The round also saw participation from new investor Athera Ventures Partners and previous investors including Blume Ventures, Exfinity Ventures, and MFV Partners.
The latest funding, according to the company, will help it expand into markets in the US, South East Asia, Japan, and Europe and explore untapped opportunities across pharmaceuticals, chemicals, maritime, and injection moulding sectors.
“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,” said Saurabh Chandra, CEO, of Ati Motors.
“Ati Motors has developed a remarkable platform that has the potential to revolutionize multiple sectors,” said Rohit Sharma, Partner, True Ventures. The fund invests in early-stage tech startups and has helped more than 350 companies launch and scale their businesses.
Ati Motors uses artificial intelligence and computer vision for its hardware to manufacture robots. Previously the company had raised $3.5 million in pre-Series A funding from Blume Ventures, Exfinity Venture Partners, and MFV Partners in 2021. It had 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.
The investment came alongside the company’s new product launch on Thursday. Ati Motors showcased new models of its advanced autonomous mobile robots. “The 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 of the robots span industries including warehousing, logistics manufacturing, and more.
The company serves Bosch, TVS Motors, CEAT, and Hyundai among its customers in India and the US.
The industrial robotics market in India is projected to reach $228.30 million in revenue in 2023 and grow at an annual CAGR of 2.96 per cent during the 2023-2028 period, resulting in a market volume of $264.10 million by 2028, as per the statistics platform Statista.