Startup News: AMR vendor ForwardX Robotics lands $38 million in additional funding

ForwardX Robotics, a leading developer of artificial intelligence (AI)-powered autonomous mobile robots (AMRs) for warehousing and manufacturing environments, announced it has closed its Series B funding by raising another round of more than $38 million led by CDH Investments’s VGC, Eastern Bell Capital, and Dohold Capital. Other investors include Angel Around and ZGC Group.

This funding brings ForwardX’s total Series B funding to over $63 million after an initial round of $10 million in March 2019 and an extension of $15 million in April 2020. Since its founding in 2016, ForwardX has now raised close to $74 million in venture capital.

“Our customers in the warehousing and manufacturing industries come to us to transform their operations and help them unlock new levels of efficiency that were previously unattainable,” said Nicolas Chee, Founder and CEO of ForwardX Robotics. “ForwardX Robotics’s flexible automation platform enables supply chain facilities to elevate worker performance, reduce growing labor costs pressures, and adapt quickly and effectively to changes in the market.”

ForwardX notes that the AMR market is expected to reach revenue of over $9 billion by 2024, according to Interact Analysis.

“With the popularity of digitalization and enterprise transformation, demand for AMRs in traditional supply chain industries will only continue to grow in the future. After 4 years of building a strong foundation, ForwardX Robotics has developed the business acumen and technological capabilities to establish itself as an industry leader,” said Tang Tao, Managing Partner at Eastern Bell Capital. “Recognizing its ability to deliver and scale its solutions at speed and the safety and reliability of its technology, we believe ForwardX has cemented itself as a leader of perceptive mobile robots and accumulated expertise across a wide range of industries. Reaching an inflection point in its growth, we truly look forward to watching ForwardX help enterprises transform as it becomes the world’s largest mobile robot provider.”