BOWE GROUP announced today it has led an investment round of $8.2 million for MOV. AI, an autonomous mobile robot software maker.
MOV. AI said it will use the proceeds from the round “to accelerate product delivery, meet the demands of more customers, and engage with the Robot Operating System (ROS) developer community.”
The move aligns with Augsburg, Germany-based BOWE GROUP's customer base. BOWE supplies smart automation and IoT systems. MOV.AI makes the Robotics Engine Platform, which helps robotic manufacturers develop software for autonomous mobile robots and autonomous guided vehicles. The platform is based on ROS.
The Tel Aviv, Israel-based company added that the platform can also help integrators speed up AMR deployments from months to days.
“We are extremely bullish on MOV.AI's ability to modernize the robotics market, a market that is a key pillar in modern industrial automation and is poised for hypergrowth,” said Joachim Koschier, BOWE GROUP managing director. “The MOV.AI Robotics Engine PlatformTM enables smooth human-robot collaboration in automation projects – something that BOWE group experienced firsthand as a customer. The digital transformation occurring in the intralogistics space requires flexibility, operational agility, and maintainability. MOV.AI provides the complete infrastructure and tools required to create and operate fleets of any AMR.”
BOWE GROUP looks to MOV.AI to disrupt AMR market
BOWE GROUP cited a study from ABI Research which estimated that worldwide shipments of warehouse mobile robots is projected to grow almost 40% between 2021 and 2030, reaching more than 500,000 global shipments in 2030.
“To date, developing – and more importantly, deploying – Autonomous Mobile Robots (AMRs) has been an expensive and time-consuming task, due to monolithic, inflexible robot software that is tightly coupled with robot hardware,” BOWE GROUP said.
Others involved in the funding round include MOV.AI's existing investors State of Mind Ventures, NFX, and Viola Ventures.
“We are excited to have such an innovative leader as BOWE GROUP join our strong group of investors and lead this round,” said MOV.AI CEO Motti Kushnir. “The pressure on supply chains creates an opportunity for AMR manufacturers and automation integrators, who need to develop and deploy robots that meet customer needs quickly. BOWE GROUP is a leader in the world of intralogistics and automation.
“Their knowledge and expertise will drive forward MOV.AI's ability to meet customer needs and extend our market reach. We are thankful to our investors – State of Mind Ventures, NFX, Viola Ventures, and now BOWE GROUP – for their ongoing belief in our vision and in our ability to execute it. Their confidence as evidenced in this round is helping us drive change in the market and provide our customers with a much-needed solution,” Kushnir added.
Following the investment, Koschier and Mike Swift, managing director of Red Ledge North America, will be joining the MOV.AI board of directors.
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