Soft Robotics receives USD 20mn funding for eCommerce expansion
Category: #retail  By Saipriya Iyer  Date: 2018-05-03
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Soft Robotics receives USD 20mn funding for eCommerce expansion

Soft Robotics Inc., a UK-based firm developing robotic gripping systems as well as automated solutions, is likely to receive nearly USD 20 million funding for expanding across logistics & eCommerce industry. The funding round, led by Hyperplane Venture Capital, included investors such as Honeywell International Inc., ABB Technology venture as well as Scale Venture Partners. Sources claim that Soft Robotics is aiming to introduce robots across industrial settings, thereby imparting in them the capability to pick up & move goods of myriad sizes.

As per sources, with high labor costs & rise in online retail sales, companies are now on the lookout for new automated tools that can effectively pick, pack, and dispatch eCommerce orders. Reportedly, Soft Robotics’ automated system is endowed with integrated automatic & vision-guided software with a gripper constituting soft polymer that shapes itself across a product similar to the tentacle of an octopus. A key official of Soft Robotics has said that the revenues of the firm from the new system were lesser than USD 10 million in 2017, an 80% rise as compared to the year before.

It has been speculated that the firm will launch an innovative retail & logistics application termed as SuperPick that blends AI with human guidance for teaching robots to pick goods of myriad sizes as well as shapes. If the robot’s grasp fails, leading to goods spillage, SuperPick can ask the remote operator for assistance, thereby accelerating the speed of the learning curve.

Vivjan Myrto, the founder of Hyperplane, has proclaimed that the robotic system is a very well-designed combination of artificial intelligence and material science. It is being speculated that the company’s move to introduce new automated technology in the warehouse business is certain to benefit Soft Robotics by providing it an edge over pure machine learning embedded in any other automated system.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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