Published on : Nov 15, 2017
Robotics technology is making incessant inroads to the manufacturing and retail sectors, with a key focus on automating tedious tasks. Robots continue to be deployed at retail stores and efforts have been intensated in a number of developed nations to mainstream the technology. With funding pouring in from companies of all sizes in various parts of the world, this will bolster the artificial intelligence (AI capabilities) of these systems and accelerate the deployment. Bossa Nova Robotics, a U.S.-based startup, announced on November 14 that it has raised a US$17.5 Mn in a recent round of series B funding.
Bossa Nova will use the funding majorly for scaling up its robotics business and the robots that the company has designed are used for counting and tracking inventory on store shelves and monitoring stock levels.
Robot Deployment Begun in 50 Walmart Stores
The startup found in 2005 has already enetered into a collaboration with Walmart recently, wherein the later will deploy its robots in as many as 50 stores. The robotic systems being deployed will not only track stock levels, but help locate misplaced ones, by sending in timely data to shop managers.
The round is led by venture capital firm Paxion Capital Partners and include investors such as WRV Capital, Intel Capital, Cota Capital, and Lucas Venture Group. The company has already raised US$14 million in the round announced last year, adding up the entire corpus to US$41.7 million.
Capital Infusion to Bolster Technical Expertise in Robotics
The capital infusion in the retail industry was a needed boost when several retail stores are increasingly looking to adopt technologies for automating shop floor. The funding will be used for roping new talent and bringing in technical expertise to help develop autonomous navigation systems for these robots and help the company to use AI for scanning shelves. Furthermore, Bossa Nova believes that this will strengthen its position in the robotic system market.