Warehouse robotics firm GreyOrange closes $135 mn Series D funding

Robotics company GreyOrange Inc. has announced the first close of its Series D funding, securing $135 million. Led by Anthelion Capital (formerly Cowen Sustainable Investments), the firm said this investment reinforces its approach to transforming warehouse and retail store operations through a hardware-agnostic software platform, and robotic and sensing technologies. It provides this technology to Fortune 500 customers.

"GreyOrange is one of India's proudest deep tech exports and, despite a massive shift in how warehouse automation is being adopted in the US, GreyOrange is nimbly shifting its business model for the best of Fortune 500 retail and commerce companies, winning market share and confidence," said Karthik Reddy, Blume Ventures, one of the early investors in the firm. "We think it can be the first billion-dollar revenue company in deep tech from India and are proud to further back GreyOrange's growth aspirations, along with our existing partners and new investor Anthelion."

GreyOrange will deploy the growth capital to accelerate the company’s technology and continue its global expansion. It will further support the adoption of GreyOrange’s fulfilment platform in warehouses, distribution centres, and retail stores.

"This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market," said Akash Gupta, co-founder and chief executive officer, GreyOrange.

Vusal Najafov, co-founder, Anthelion Capital, said that not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimises how retailers move their goods across their entire supply chain.

“GreyOrange’s technical and commercial advances reinforce our shared mission to bring game-changing automation and productivity to retail,” said Ajay Royan, Founder and Managing General Partner of Mithril Capital.

The overall growth seen in the warehouse automation sector will continue to be a strong tailwind for GreyOrange. According to the 2023 Gartner Hype Cycle for Supply Chain Execution Technologies report, "by 2027, over 75 per cent of companies will have adopted some form of cyber-physical automation within their warehouse operations."

The Gartner report also said that as companies expand their use of robotics, most will eventually have heterogeneous fleets of robots from different vendors performing various tasks. This will require standardised software that can easily integrate with a variety of agents and robot platforms. These solutions will assign work to the right robots based on the characteristics of immediate and prioritised tasks and communicate with other types of automation (agents) like door or elevator controls.