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MOV.AI, which offers a robotics platform to develop autonomous mobile robots (AMRs) and automated guided vehicles (AGVs), brought in $8.2 million in funding.
BOWE Group led the round, which also included participation from MOV.AI’s existing investors State of Mind Ventures, NFX and Viola Ventures. BOWE Group is a supplier of smart automation and IoT software solutions. The Augsburg, Germany-based company is a subsidiary of Possehl Group.
“We are extremely bullish on MOV.AI’s ability to modernize the robotics market, a market that is a key pillar in modern industrial automation and is poised for hypergrowth,” Joachim Koschier, BOWE GROUP Managing Director, said. “The MOV.AI Robotics Engine Platform enables smooth human-robot collaboration in automation projects – something that BOWE group experienced firsthand as a customer. The digital transformation occurring in the intralogistics space requires flexibility, operational agility, and maintainability. MOV.AI provides the complete infrastructure and tools required to create and operate fleets of any AMR.”
MOV.AI’s Robotics Engine Platform changes how AMRs are built by separating the software from the hardware. AMR development, and deployment, can be expensive and time-consuming, in part due to inflexible robot software that is tightly linked with the robot’s hardware.
The Robotics Engine Platform can speed development and deployment by offering enterprise-grade tools necessary for advanced automation to both AMR manufacturers and automation integrators. With the platform, manufacturers can more quickly differentiate their robots, and automation integrators can deploy in just days instead of months.
“We are excited to have such an innovative leader as BOWE GROUP join our strong group of investors and lead this round,” MOV.AI CEO Motti Kushnir said. “The pressure on supply chains creates an opportunity for AMR manufacturers and automation integrators, who need to develop and deploy robots that meet customer needs quickly. BOWE GROUP is a leader in the world of intralogistics and automation. Their knowledge and expertise will drive forward MOV.AI’s ability to meet customer needs and extend our market reach.
We are thankful to our investors – State of Mind Ventures, NFX, Viola Ventures, and now BOWE GROUP – for their ongoing belief in our vision and in our ability to execute it. Their confidence as evidenced in this round is helping us drive change in the market and provide our customers with a much-needed solution.”
MOV.AI announced a partnership with Ouster, a digital LiDAR sensor manufacturer, in May 2022. The partnership integrates the two companies’ solutions for industrial equipment manufacturers that are interested in automating.