Warehouse robotic automation startup Plus One Robotics Inc. has raised $50 million in venture capital for its artificial intelligence (AI)-powered vision software for robotic parcel handling, the company said today.
Texas-based Plus One says its technology helps to alleviate the persistent shortage of manual labor in logistics jobs by using robotic solutions to streamline the parcel picking and depalletizing processes. The company plans to use its new backing to increase its capacity and scale up deployment, as well as to expand its sales and marketing efforts in North America and internationally.
The “series C” round was led by Scale Venture Partners, with additional participation from Top Tier Capital Partners, Tyche Partners, ROBO Global Ventures, Translink, McRock, and Pritzker Group Venture Capital. The deal follows a $33 million round in 2021 and brings the company’s total funding to date to nearly $100 million.
“The labor shortage is hitting the shipping industry hard, and parcel picking is an often overlooked yet essential part of the process,” said Scale Partner Rory O’Driscoll, who will now join Plus One’s board of directors. “By automating the parcel handling piece, Plus One Robotics is rapidly modernizing an outdated system that’s no longer sustainable. It is stepping up and leading the way in a $128 billion market, with fundamentals that prove its value.”