OTTO Motors taking its autonomous mobile robots global
KITCHENER, Ontario — OTTO Motors, a division of Clearpath Robotics, has closed US$29 million in funding to expand its autonomous mobile robot (AMR) platform. The investment was led by Kensington Private Equity Fund with participation from BMO Capital Partners, Export Development Canada (EDC) and previous investors iNovia Capital and RRE Ventures.
OTTO Motors enables companies to create safer and more productive workplaces with autonomous material handling. This funding will be used to expand OTTO’s global network of delivery partners and accelerate its product roadmap for enterprise customers with emphasis on its autonomous technology.
Demand for AMRs has grown worldwide as manufacturers have struggled to find workers to serve critical needs. The skills gap is projected to leave 2.4 million positions unfilled between 2018 and 2028, according to a 2018 study by Deloitte and The Manufacturing Institute. The need for automation is projected to grow as companies seek ways to improve business continuity during and after the COVID-19 pandemic.
“Mobile robots are no longer a luxury in the workplace, they are a necessity,” said Clearpath CEO and co-founder Matthew Rendall. “In a post-COVID world, AMRs enhance worker safety and bring resiliency to supply chains. As enterprises adapt, AMR demand will accelerate globally. This investment will enable us to grow to meet the evolving needs of the factories and warehouses of the future anywhere in the world.”
Over 70 per cent of the AMRs installed by OTTO are in Fortune Global 500 companies, including GE, Toyota, Nestle, and Berry Global. In recent months, the company says it has seen a surge in demand from essential businesses responding to increased operational risks associated with COVID-19, including food, beverage and medical device manufacturing.
Including this Series C round, OTTO Motors has now raised US$83 million in funding.