RightHand Robotics, a company that specializes in delivering solutions based on integrated robotic piece picking hasraised $23M in a series B funding round.
The funding round was carried out by an active investor in the robotics sector, Menlo Ventures. Apart from Menlo Ventures, other investors who joined the fundings round were- Dream Incubator, Playground Global, GV (former Google investor) and Matrix Partners.
The company plans to utilize the funds to expand their technical and business workforce. Apart from that, the money will also be used to expand the range of product application in support of their rapidly growing customer base.
As per Leif Jentoft, Co-founder of RightHand Robotics, the latest fundings is a testimony to the company’s deep focus on resolving the problems of the customers- for example, how to respond to the rapidly growing e-commerce market given a scarcity of labor. The company is mostly investing intalent acquisition, international growth, and the company’s product line to meet the needs.
The company’s platform takes care of challenges that arise because of the growing online shopping trend and it serves the requirement for retailers to compete by delivering individual goods directly to consumers according to their wish. In order to complete these e-commerce orders, the company depends on labor rather than traditional retail stores restocking, based on the number of “touches” each item requires.