Clearpath Robotics Raises $30M to Expand Indoor Self-Driving Vehicle Market
KITCHENER, Ontario–(BUSINESS WIRE)–Clearpath Robotics, a leading provider of self-driving vehicle solutions, announced today the completion of a $30 million (USD) investment led by iNovia Capital with participation from Caterpillar Ventures, GE Ventures, Eclipse Ventures, RRE Ventures and Silicon Valley Bank.
Clearpath will use the funding to grow the company’s industrial division, OTTO Motors. Clearpath launched OTTO Motors in 2015 to focus on self-driving vehicles for material transport inside manufacturing and warehouse operations.
Companies including GE and John Deere have deployed OTTO’s material handling equipment in their facilities.
Manufacturers need flexible and efficient automation more than ever due to rapidly changing market demands. The U.S. alone anticipates a shortage of more than two million skilled manufacturing workers over the next decade. Meanwhile, consumers are increasingly demanding ethically sourced, domestically made products. OTTO Motors’ self-driving indoor vehicles help fill the labor gap while providing manufacturers an affordable way to keep or return operations onshore. Clearpath is helping create a new industry and category of domestic jobs developing, servicing and working with their self-driving vehicles.
Clearpath previously raised $11.2 million (USD) in a January 2015 Series A round led by RRE Ventures with participation from iNovia Capital, GE Ventures and Eclipse Ventures to develop their OTTO product line. Officially launched in 2009, Clearpath’s founders established the company by participating in a U.S. Department of Defense-funded robotics competition to design a robot that could detect and remove land mines. With help from a $300,000 angel investment the following year, the team pivoted from mine removal to providing unmanned vehicle development platforms for the global research community. After launching the first OTTO product in September 2015, Clearpath established its OTTO Motors division to focus on self-driving vehicles for materials handling.
About Clearpath Robotics
Established in 2009, Clearpath Robotics provides industry-leading self-driving technology, products and services to over 500 of the world’s most innovative brands in over 40 countries. Our self-driving solutions are offered through our research division, Clearpath Robotics, and industrial division, OTTO Motors. For more info, visit www.clearpath.ai.
About OTTO Motors
OTTO Motors, a division of Clearpath, provides self-driving vehicles for safe and efficient material transport inside factories and warehouses. The company’s line of OTTO vehicles use cutting-edge software and sensors to collaborate with workers and intelligently deliver goods – without modifying facility infrastructure or changing current processes. For more info, visit www.ottomotors.com.