Third Wave Automation recently secured a strategic agreement with Toyota Industries Corporation to develop an autonomous forklift, and it has since secured an additional $40 million from investors.
According to a Form D submitted to authorities, the California-based business, which was launched in 2018, has secured $40 million in a Series B round headed by Norwest Venture Partners, with participation from former investors Innovation Endeavors and Eclipse as well as Toyota Ventures. The board of directors of Third Wave will now include Matt Howard, general partner of Norwest Venture Partners.
According to Third Wave CEO Arshan Poursohi, the funding came when Howard learned of Third Wave’s collaboration with Toyota Industries Corporation, which produces a third of the forklifts in the world. In accordance with that agreement, which was made public in May, Third Wave and Toyota Industries (TICO) would work together to create an autonomous forklift. The sensor and computation stack from Third Wave will be installed in the machine, which will be produced at a TICO facility. The software side will be supported by Third Wave.
The three co-founders of Third Wave, including Chief Roboticist Mac Mason and James Davidson, have extensive experience in robotics and have frequently collaborated with organizations like Google’s robotics program, Google Research, and Toyota Research Institute.
Every type of robot that exists has been addressed. But ultimately, Google or Sun Microsystems, would decide it’s not worth growing it out because it’s not the primary business or for some other reason, so all of these robots they constructed ended up sitting in a closet someplace. The co-founders decided to start their own business with the goal of concentrating on useful robots that could be deployed right away.
Although the Third Wave is still in its early stages of development, it is moving forward. The firm will be able to accelerate its hiring effort and concentrate on commercialization thanks to the momentum created by the funds and the recently concluded technical testing. They mentioned that Third Wave is now in discussions with 20 third-party logistics providers and retailers.
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