Clearpath Robotics has raised an additional $6.6 million CAD ($5 million USD) as part of its Series C, bringing the startup’s latest round to $45 million CAD ($34 million USD).
Clearpath announced its Series C funding round in June 2020, where the Waterloo-based company obtained $40 million CAD ($29 million USD), to further expand its industrial autonomous mobile robot division, Otto Motors.
Canadian Industrial Internet of Things venture firm, McRock Capital, provided the $6.6 million CAD in equity financing, joining existing investors Kensington Capital Partner, Bank of Montreal Capital Partners, Export Development Canada, iNovia Capital, and RRE Ventures in the round. McRock is the only investor in the Series C extension, though Clearpath may potentially close more capital for the round.
Over the past 10 years, Clearpath has established itself as a leader in autonomous robotics development, creating one of the first platforms for robotics research. The company’s Otto Motors division focuses on the use of autonomous mobile robots for materials handling in warehouses and factories.
The extension brings Clearpath’s latest round to $45 million CAD ($34 million USD). The additional capital helped the Series C surpass the size of Clearpath’s Series B round raised in 2016, which totalled $39 million CAD ($30 million USD). Earlier this year, the originally smaller Series C was attributed to the effects of COVID-19 on the market for raising capital.
Clearpath plans to use the additional capital to continue pushing forward its plans to expand its global delivery partner network and acquire and grow its enterprise customer base. More than 70 per cent of Clearpath’s robots are currently installed in Fortune Global 500 companies, including GE, Toyota, Nestle, and Berry Global.
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