Autonomous Manufacturing System Company Path Robotics Raises $100M
Path Robotics, developer of the world’s first truly autonomous robotic manufacturing system, has announced it received $100 million in pre-emptive Series C financing led by Tiger Global. Existing investor Addition also participated in the round, along with Silicon Valley Bank.
“Most robots merely repeat what they are told, with no ability to improve themselves. The future of manufacturing hinges on highly capable, flexible robotics. Robots that can truly see and learn,” said Andrew Lonsberry, CEO of Path.
Path’s autonomous robots solve the world’s hardest manufacturing challenges, with no programming required. For local manufacturers struggling to find skilled laborers, this is powerful. “Path is laser-focused on partnering with manufacturers to empower them to thrive in the resurgence of this critical industry,” says Lonsberry. Through computer vision and artificial intelligence, Path’s system today can see what is in front of it, understand what it is supposed to do, and with the push of a button, execute a weld.
Manufacturers struggle to find skilled welders. There is a projected gap of approximately 400,000 welders needed in the US alone by 2024 – and the population of welders continues to decrease every year. By augmenting a shrinking workforce, Path robots can take on the most rote and uncomfortable tasks, allowing human welders to focus on the more creative work.
“The challenge we face is addressing the diminishing supply of skilled welders, which is a critical skill set… In order to support our growth and address the need for welding capability, we have teamed with Path Robotics” states Rick Mokoski, SVP and COO Americas of Schenck Process LLC.
Adoption of Path robots can be transformative. At Valmont Industries’ 2021 Investor Day, Diane Larkin, EVP of Global Operations, made the following statement: “No longer is automation robotics just a cool thing to do. The world’s shifting demographics make it critical to attract talent and compete… Path Robotics brings fully autonomous welding to bear on our factory floors.”
Welding is only the beginning. Like its robots, Path is continuously innovating to further expand its offering for customers. Griffin Schroeder, Partner, Tiger Global, said: “Path’s innovative approach to computer vision and proprietary AI software allows robots to sense, understand and adapt to the challenges of each unique welding project. We believe this breakthrough technology can be adopted for many other applications and products beyond just welding, to serve their customers holistically. We are excited to partner with the Path Robotics team on this mission.”
“The future of intelligent machines and manufacturing is being created at Path Robotics right now,” said Alex Lonsberry, co-founder and Chief Technology Officer. “Realizing our mission requires a visionary team of partners, and we are pleased to have Tiger Global’s support.”
For more information: www.path-robotics.com