In its latest funding round, logistics technology startup Fetch Robotics Inc. has raised $46 million, allowing it to expand internationally and grow its range of products for the warehouse automation sector. The company reports that its robots are used in 100 logistics, manufacturing and distribution sites across 11 countries.
The Wall Street Journal reports that Fetch has raised $94 million to date. Fetch has yet to provide annual revenue figures or the valuation of the business, but believes it will turn a profit within the next few years.
A tight labor market has created a greater interested in automation, leading companies to invest in robotics. Fetch's robots work alongside humans and can be integrated into existing operations without investing in costly infrastructure.
Fetch aims to use the funding to harness and analyze the data the robots collect as they travel internationally to make operations more efficient.