$30million is to be spent on developing Clearpath robotics’ self-driving ‘OTTO Motors’ materials handling vehicles.
The funding, put forward by iNovia Capital with participation from Caterpillar Ventures, GE Ventures, Eclipse Ventures, RRE Ventures and Sillicon Valley Bank, will go towards developing self-driving vehicles designed for warehouse operations.
“Factories operate like small indoor cities, complete with roads, traffic, intersections and pedestrians,” said Matt Rendall, CEO and co-founder of Clearpath. “Unlike city streets, a factory floor is a controlled environment, which makes it an ideal place to introduce self-driving vehicles at scale. Companies like Google, Tesla and Uber are still testing, whereas our self-driving vehicles are commercially available today.”
“The market for self-driving passenger vehicles will be over $80 billion by 2030,
“We believe the market for self-driving materials handling vehicles will be equally significant.
“Clearpath has a big head start, and this new funding will allow us to further accelerate the development of the best self-driving software in the industry – and bring more OTTOs into the world faster.”