Addverb Technologies, a robotics company in India, said Reliance is investing up to $132 million becoming its largest shareholder.
Addverb will use the funding to accelerate its expansion in Europe and the US, enabling Addverb to set up the biggest robotic manufacturing facility at a single location.
Addverb plans to start an innovation lab with bases in Europe, the US and India to solve the complex problems in the field of human-robotic collaboration.
“We deploy 10 percent of our revenue on R&D which has played a pivotal role in helping us create an extensive product portfolio. Companies are transforming supply chains across industries and robotics will play a critical role in making these supply chains more agile and flexible,” said Sangeet Kumar, CEO and Co-founder, Addverb Technologies.
Addverb earlier raised around $11 million led by Jalaj Dani, co-promoter of Asian Paints, making its total funding close to $143 million since its inception in June 2016.
Addverb Technologies has developed automated warehouses for brands such as Reliance, Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC, Marico and others.
Addverb has a capacity to manufacture a variety of 10,000 robots of various kinds at its manufacturing facility in Noida.
