Mobile picking robot manufacturer Magazino has raised €21 million (£19 million) in funding, in a move that sees Jungheinrich take a stake in the firm and the two parties agree on a broad strategic cooperation in mobile automation.
Both Jungheinrich and the European Investment Bank (EIB) led a series B funding round at the Munich-based robotics start-up.
Magazino said that the capital raised would be used to expand international sales activities as well as accelerate the expansion of its ACROS.AI software stack — a software platform for intelligent robots developed by Magazino that is also used on third-party hardware.
Frederik Brantner, Chief Executive and Co-Founder of Magazino, said: “Jungheinrich’s investment in Magazino demonstrates the high market demand for our robotics software ACROS.AI and our robots. With it, Magazino will take on a central role in software in the rapidly growing market for mobile robotics.”
“By controlling the robots in this complex environment, Magazino has developed globally unique expertise that we want to expand in the future and integrate into the world of Jungheinrich products,” said Dr Lars Brzoska, Chairman of the Board of Management of Jungheinrich.
In addition to the investments made by the existing shareholders and Jungheinrich, the EIB is providing Magazino with financing of up to €12 million.
“Our investment supports a young, medium-sized company which, with its focus on artificial intelligence and automation, is of particular strategic value for the EU”, said Ambroise Fayolle, EIB Vice President responsible for business in Germany.
“These sectors are to a large extent knowledge-based and crucial for the future innovative capacity of European industry. They make our economy less prone to crises. I am particularly pleased that in such a challenging year we are promoting a project that benefits the company itself but can also initiate new developments with its customers and partners.”