Plus One Robotics, located in San Antonio, Texas, has achieved a $50 million Series C round of funding, taking their total capital raised up to $94 million. The venture was led by Scale Venture Partners, with other major investors including Top Tier Capital Partners, Tyche Partners and ROBO Global Ventures. This is despite the current slowdown of venture capital investments.
Most of the money is set aside for broadening our sales, states Erik Nieves, the founder and Chief Executive Officer of the organization. Since the start, we have achieved great success with respect to sales in spite of being a tiny company; our staff has managed to gain major accounts in this space. This additional money will allow us to increase our success and hire more account managers to acquire new clients. As usual, some of the money will be used for product advancement.
The vertical warehouse/logistics is still the principal area for automation growth. This increasing curiosity in automating processes was triggered when the pandemic began, and as we remain in short supply of labor and dealing with logistic impediments, it seems to have grown stronger.
Plus One operates solely in the realm of logistics, an area of business which never had a chance to cool off. Shipping and package delivery actually served as an important connection for those who had been cut off from the rest of the world. According to Nieves, this factored into securing a rapid influx of funding during the global economic downturn.
He states that the world requires the services his company provides, which is demonstrated by the successful financial results. As soon as Scale Ventures joined in, the entire process of completing the round was finished in a matter of six weeks, from the time they received the terms sheet to when they received the money.
The organization has established connections with some of the world’s most significant entities, such as FedEx and DHL for transport, and most recently Pitney Bowes for e-commerce services, which is best known for their mailing devices. Getting assistance from these partners is certainly advantageous.
Stephanie Cannon, Senior Vice President at Pitney Bowes, commented in a statement that their alliance with Plus One, a well-known automation company, will allow them to achieve their objectives in regards to the profitability and sustainability of their physical operations. Furthermore, Cannon added that due to the ever-increasing demands of the ecommerce field, it is crucial to improve the way we deliver ecommerce services.
Nieves won’t reveal how many products the Pitney Bowes agreement encompasses, just noting that “we have more than 130 robots deployed worldwide using our vision systems, as well as countless licenses of our software functioned with no robot arms.” To this day, Plus One is still a small team, seven years after its establishment.
Nieves states that there are 83 workers employed full-time, mostly concentrated in the Texas head office. Additionally, they have offices in Boulder, Pittsburgh, and a Dubai branch to cover their international users.