Path Robotics Inc. has raised venture capital funds in the amount of $ 100 million. This Columbus startup quickly acquiring industrial customers for its autonomous welding system.
Tiger Global Management LLC led the Series C round with input from return investor Addition Capital and Silicon Valley Bank. Just months after the $ 56 million Series B, this round was preemptive. In fact, the company was presented with a list of conditions when it was not actively seeking investors. The rating is not being disclosed.
Path Robotics raises $ 100 million in funds
These investments are the fifth venture capital funding reaching $ 100 million or more since the start of 2021 for Central Ohio. They also represent the second engagement of this year in Drive Capital LLC’s portfolio companies for Tiger, based in New York, and SVB in California.
Last month, Path announced plans to double its workforce to reach 200 employees, this is part of a state tax incentive of up to $ 1.6 million over nine years if all conditions are met. The company is located at 524 Maier Place, next to Scioto Audubon Metro Park. In addition, it has been extended this year to a second warehouse and a production site in the far west.
After nearly five years of development, Path launched last year production models for its sensor system and software. These adapt the industrial robots so that they can basically see and think. According to the company, US manufacturers are facing a labor shortage of some 400,000 human welders. The robot supports staff and can take on long and boring repetitive tasks.
Companies are interested in Path Robotics projects
In the market, customers and businesses were really feeling the pain of finish welding. The market perception was immediate. The companies were not only interested in the project, but alsoi ready to sign to become one of the partners.
One of those interested parties is Valmont Industries Inc. The latter is a publicly traded $ 2.9 billion manufacturer of agricultural infrastructure and equipment. On his investor day in May, he introduced Path’s technology as the flagship system of his “smart factory”. Moreover, the latter will see the light of day next year.
“Automation robotics isn’t just a buzzword,” said the executive vice president of global operations for the Omaha maker. She adds that the simplicity and efficiency of the welding robot from Path Robotics constitute a disruptive element in the robotic welding sector.
He understands what he needs to weld and how the part may vary from the drawing. Welding parameters are adjusted in real time to produce world class welds every time. The system does not require any technical expertise to operate. All you have to do is feed the parts and press the “go” button.
Path moved to Columbus from Cleveland in early 2019 after Drive’s investment. The company spent the next 18 months developing the prototype it had built. So its customer will be for mass production.