Robotic fulfillment and inventory optimisation software GreyOrange said it has raised $135 million in the first close of its Series D round of funding, led by Anthelion Capital (formerly Cowen Sustainable Investments).
Established in 2011, GreyOrange is headquartered in both Delhi and Atlanta. It designs, manufactures, and deploys artificial intelligence-based (AI) robotics systems that can automate routine tasks at warehouses and fulfilment centres of large e-commerce and retail firms. It counts Walmart, H&M, COS, Coupang, and GXO Logistics, among its clients.
DealStreetAsia reported about GreyOrange’s plans to raise funds three months back.
GreyOrange said it will deploy the funds to accelerate its technology leadership, continue its global expansion, and further support the adoption of its platform in warehouses, distribution centers, and retail stores.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain,” said Vusal Najafov, Co-Founder, of Anthelion Capital.
The overall growth seen in the warehouse automation sector will continue to be a strong tailwind for GreyOrange, the firm said. According to the 2023 Gartner Hype Cycle for Supply Chain Execution Technologies report, “by 2027, over 75% of companies will have adopted some form of cyber-physical automation within their warehouse operations.”
Excluding the latest funding round, GreyOrange has so far raised $410 million across eight rounds, according to data from Tracxn. It also reportedly features in India’s list of soonicorns or startups that are expected to soon achieve a valuation of $1 billion.
The startup last raised $110 million in growth financing led by Peter Thiel-backed Mithril Capital Management in May 2022. Before that, it raised $140 million from Mithril Capital and Flipkart co-founder Binny Bansal, among other investors such as Blume Ventures, in September 2018.
Founded in 2015, Anthelion Capital is a growth-oriented investment platform, based in New York. It provides flexible capital and data science solutions to environmentally sustainable companies. In 2018, Anthelion Capital partnered with Cowen Inc. to advance growth as Cowen Sustainable Investments.
Earlier this month, its co-founders Vusal Najafov and Ewa Kozicz reacquired the firm and rebranded it back to Anthelion Capital. The platform has $1.3 billion in assets, primarily from large institutional investors including pension plans and sovereign wealth funds.