We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Third Wave Automation closes $40 million funding round

Third Wave Automation closes $40 million funding round

Startup maker of autonomous forklifts will accelerate hiring, speed path to commercial market with funding from Norwest Venture Partners and others, company says.

Third-Wave-Forklift-Image.jpg
August 5, 2021
Supply Chain Quarterly Staff
No Comments
Autonomous material handling solutions startup Third Wave Automation has closed a $40 million Series B funding round led by Norwest Venture Partners, and with previous investors Eclipse Ventures, Innovation Endeavors, and Toyota Ventures. The company will use the funding to accelerate hiring and commercialization efforts, company leaders said.

Founded in 2018, Third Wave formed a strategic partnership with Toyota Industries Corporation earlier this year. The company is developing technology that enables forklifts to perform complex tasks using shared autonomy; the equipment operates independently, but is able to ask for help when encountering challenges and can be assisted and trained by a human operator.

Third Wave combines three ingredients to make its technology effective and scalable, according to company leaders: adaptive automation that leverages 3D perception technology; shared autonomy that allows a human operator (who manages robots) to train robots as they encounter unfamiliar challenges; and continuous learning that enables all Third Wave-powered robots to learn from guidance to all robots on any site.

“Third Wave's solution is unique among its peers, leveraging a proprietary mix of adaptive automation, shared autonomy, and continuous learning,” the company said in a statement. “The end result is a system that is highly flexible, quickly deployable, capable of constant improvement, and delivers a rapid return on customer investment. Third Wave’s system renders improvements in safety, efficiency, and throughput while delivering unparalleled functionality, such as high rack pick-and-place.”

The Series B funding brings total investment in Third Wave to $59 million. In addition, Matt Howard, general partner at Norwest Venture Partners, will join Third Wave’s board of directors, the company said.

“While we weren't actively raising, having the opportunity to bring Norwest and Matt’s expertise into our orbit was too good to pass up,” Arshan Poursohi, Third Wave’s CEO, said in a statement Wednesday. “This extra capital will allow us to accelerate hiring and speed our path to the commercial market following our recent successful technical trials. We are now in active conversations with the top 20 3PLs and retailers in the industry. There is a real need for our technology and we are eager to meet that need.”

Other previous Third Wave investors include Heartland Ventures and Homebrew.
Logistics Technology Warehousing
KEYWORDS Norwest Venture Partners Third Wave Automation Toyota Industries Corp.
    • Related Articles

      $40 million Series B Funding Round Helps Dray Alliance to Transform Port Technology in US

      Third Wave Automation gains fresh financial backing from Qualcomm and Zebra

      Covariant gains $80 million funding round for its AI-based order picking

    Recent Articles by Supply Chain Quarterly Staff

    More women join trucking industry as technicians

    GE Appliances unveils $450 million upgrade to manufacturing plant in KY

    Freight technology provider Loadsmart acquires computer vision platform provider

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Wabash opens trailer manufacturing facility in Indiana

    • Six defining challenges of omnichannel fulfillment

    • Postal advocacy group says “excessive” July 9 stamp price hike will hurt consumers

    • California bill would require large corporations to disclose their greenhouse gas emissions

    • How companies can lower their ESG footprint through smarter procurement

    Featured Video

    8757b894 244c 4429 b5d8 e6df7b479d82

    Penalties for Wood Packaging Material Violations

    Viewer Contributed
    Our Services Include: Customs Broker Denver Freight Forwarder Denver Global Logistics Denver Cargo Insurance Denver Customs Bond Denver Customs Clearance Denver Customs Duty Denver Isf Filing Denver More details: Phone : 281-445-9779 Email: info@gallaghertransport.com Website: gallaghertransport.com

    FEATURED WHITE PAPERS

    • Five questions to ask before electrifying your indoor forklift fleet

    • Operator assist system myths busted

    • Three layers of forklift safety: Promoting operating best practices

    • The Complete Guide to Automated Packaging

    View More

    Subscribe to Supply Chain Quarterly

    Get Your Subscription
    • SUBSCRIBE
    • E-NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing