Third Wave Automation, an Union City, CA-based provider of autonomous forklifts, received a strategic investment from Qualcomm Ventures and Zebra Technologies.
The amount of the deal was not disclosed. It is known that this investment brought total funding to $70m.
The company intends to use the funds to expand its market offerings, accelerate new solutions for automating other classes of forklifts, including narrow aisle and counterbalance trucks and integrate with automation solutions, such as Fetch Robotics, which is now part of Zebra Technologies.
Founded in 2018 and Arshan Poursohi, CEO, Third Wave Automation aims to alleviate increasing supply chain stress using intelligent automation products and services. Its products, the TWA Reach, a forklift automation solution, offers users the flexibility to deploy their fleet in four modes – fully autonomous, remote operation, remote assist and manual operation. TWA brings people and automated systems together to improve throughput, efficiency and safety beyond what people or automation could achieve alone. Leveraging machine learning and artificial intelligence to create its collaborative autonomy platform, its fleet management system provides the visibility and tools needed to effectively manage fleets of automated forklifts and respond to edge cases in a timely and effective manner.
FinSMEs
15/02/2023