SVT Robotics, a startup whose software accelerates and simplifies deployment of industrial robotics, completed its seed round of $3.5 million led by Cowboy Ventures, with participation from Dynamo Ventures, Schematic Ventures, Ludlow Ventures and NRV.
"We believe supply chain automation will continue, even during these difficult times, as businesses strive to meet increased consumer expectations," said Ted Wang of Cowboy Ventures. "SVT is well positioned to help companies complete their deployments more quickly, less expensively, and with less risk. Although the company had the resources to ride out a downturn, we invested to help SVT expand its product offering, setting them up to become an enduring company."
SVT Robotics CEO and Co-founder A.K. Schultz notes that the current pandemic has accelerated the need for fast and flexible robot adoption to keep up with supply chain demands.
"Our platform gives any company the power to rapidly deploy new, innovative robotics and the flexibility to alter course quickly to meet the needs of the market," Schultz said. "This seed round shows that SVT Robotics has the right product fit for the market today and as it evolves, plus an amazing group of investors who are looking to help solve the problems of tomorrow."
This investment round will enable SVT Robotics to broaden product development efforts for its robotic Integration Platform as a Service (iPaaS). The software platform first launched in 2018, and since then the demand for the platform has continued to grow. SVT is expanding its product feature set to support this customer growth and market demand.
"The response has been terrific, and we're really excited about the roadmap this year," said Michael Howes, Co-founder, COO & CTO of SVT Robotics. "This investment is helping us to go even faster and direct our energy to features our customers need most."
"Large customers have described SVT as 'the missing piece for robot adoption,'" said Julian Counihan of Schematic Ventures. "Last year was about building the pieces, and this year is about putting them in place. We're excited to continue to support SVT Robotics' mission of accelerating the warehouse robot market."
SVT Robotics will also utilize the investment funds to continue to scale up the product and customer success teams to help meet these objectives.
"We at NRV are honored to work alongside the SVT Robotics team of industry experts and developers," said Scott Ukrop, Managing Director at NRV. "Their platform is unique in its ability to seamlessly and quickly bridge robotic hardware and business systems. It's a solution that's needed now more than ever."