Canvas Technology Inc. today announced that it has raised $15 million in Series A financing. The Boulder, Colo.-based industrial automation provider has built an autonomous system for efficient movement of warehouse robots.
Playground Global led the funding round with participation from previous investors, including Xplorer Capital, AME Cloud Ventures, and Morado Ventures.
The market for warehouse robots will experience a compound annual growth rate (CAGR) of 11.8% between 2017 and 2022 to reach $4.44 billion, predicts Markets and Markets. About 2 million manufacturing jobs will be unfilled in the next decade because of shortages of skilled labor, according to the Robotics Industry Association.
Using computer vision in unstructured environments
Canvas Technology‘s system uses computer vision for continuous mapping to plan the best navigation plan for warehouse robots. The intention is for affordable, safe, and autonomous operations, both indoors and outdoors.
The company’s system includes proprietary 3D sensors and an end-to-end software package that it said can be used on mobile warehouse robots such as the Canvas Autonomous Cart. It’s also designed to connect with warehouse management or enterprise resource planning systems.
Canvas Technology said its platform excels “in unstructured environments such as lean manufacturing, high-growth and dynamic warehouses, outdoor logistics, or construction sites.”
Backing a connected future with warehouse robots
Playground Global backs entrepreneurial companies “building the future of the connected world through software-defined hardware.”
“The Canvas team has created a powerful vertically integrated robot operating system, with perception and speed that rivals anything we’ve seen,” said Andy Rubin, co-founder of Playground Global. “We think it will not only bring enormous gains to the manufacturing and logistics sectors, but [also] to many other industries that need a turnkey autonomous technology.”
“We’re excited for this backing from Playground,” said Jonathan McQueen, CEO of Canvas Technology. “We see incredible demand for both intelligent material moving solutions, as well as autonomous technology that powers a myriad of vehicles and hardware platforms.”
More on Warehouse Robots:
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- Logistics Robots Boom Benefits Locus Robotics as Holiday Season Starts
- British RAS Community Rallies Around Manufacturing, Logistics
- AI for Logistics Leading to Lights-Out Operations, Says Fetch’s Melonee Wise
- Next-Generation Warehouse Automation Provides Speed and Flexibility
- Warehouse Robotics Grows With E-Commerce, Say Automate Panelists
- Canvas Technology Develops Automotive-Level Autonomy for Goods Delivery
- Robots in the Warehouse: Changing the Face of Modern Logistics
- Researchers Tighten Focus on Robot Vision