OTTO Motors announced it successfully closed $29 million in Series C funding in a continued quest to expand its autonomous mobile robot (AMR) platform.
The investment was led by Kensington Private Equity Fund and included participation from BMO Capital Partners, Export Development Canada (EDC), iNovia Capital and RRE Ventures. The funding will help the company satisfy its customers’ needs during and after the coronavirus pandemic, according to Matthew Rendall, CEO of OTTO’s parent company Clearpath Robotics.
As coronavirus-related worker shortages loom over manufacturing and warehouse facilities, OTTO has swooped in to assist businesses as they accelerate the rollout of mobile robots. Citing growing demand for AMRs, Rendall claims: "Mobile robots are no longer a luxury in the workplace; they are a necessity.”
"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,” Rendall explained.
OTTO is ready to take on this demand surge, according to Rendall. The company already boasts big-name clients like GE, Nestle, Toyota, Berry Global and more.
OTTO has already helped Berry Global satisfy increasing customer demand despite facing labor shortages at its Kentucky-based plant. To combat these labor shortages while addressing customer demands, Berry Global deployed 19 OTTO AMRs to operate 24/7.
"Our mission to ensure a safe and productive work environment, along with the challenges of persistent labor constraints, has led us to increase investments in creative automation solutions," said Scott Spaeth, director of corporate automation at Berry Global. "The OTTO vehicles address those challenges and deliver improved operations reliability while enhancing the working environment for our employees."
Since launching in 2015, OTTO Motors has emerged as a leader in its industry. It’s installed 70% of its AMRs in Fortune Global 500 companies according to the company.
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