CPE News (9.28.2022) – Avidbots has raised US $70 million in Series C funding led by Hong Kong based Jeneration Capital, with participation from existing investors Kensington Capital Partners, True Ventures, Next 47, SOSV, GGV Capital, BDC Capital, Golden Ventures, and new investors BMO Capital Partners, Golden Vision Capital and Nicola Wealth.
Tong Zhang of Jeneration Capital joined Avidbots board of directors.
Osler Hoskin & Harcourt LLP acted as legal counsel to Avidbots.
With this financing, Avidbots has raised more than US $107 million to date.
Kitchener, Ontario based Avidbots is a robotics company with a vision to make robots ubiquitous to unlock humanity’s potential with a hyperfocus on autonomous cleaning. Its groundbreaking product, the Neo autonomous floor scrubbing robot, is deployed around the world and trusted by leading facilities and building service companies.
photo credit: Avidbots
Avidbots Raises $70m in Series C Funding
Maker of the world’s most advanced fully autonomous robot floor cleaner will use funds to accelerate global expansion and bring new products to market.
September 27, 2022 09:00 AM Eastern Daylight Time
KITCHENER, Ontario–(BUSINESS WIRE)–Avidbots, one of the world’s leading robotics companies, today announced it has raised $70 million USD in Series C funding. The financing was led by Jeneration Capital, with strong participation from existing investors True Ventures, Next 47, SOSV, GGV Capital, BDC Capital, Golden Ventures, and Kensington Capital Partners. New investors—BMO Capital Partners, Golden Vision Capital and Nicola Wealth—also joined in the latest funding round. With this financing, Avidbots has raised more than $107 million USD to date.
“This is a special milestone in our company’s development. A special thank you to all our customers around the world as well as Avidbotters past and present for their tireless efforts to help us get here,” said Faizan Sheikh, Avidbots CEO and co-founder. “We are very excited about the future as this financing allows us to accelerate our timelines for bringing new products to market as well as continuously improve our autonomous driving software and service for existing customers to deliver an even better experience and greater value.”
In addition to expanding its fleet of commercial cleaning robots and add-ons, along with enhancing its autonomy software, Avidbots will use the funding to grow its sales and marketing efforts to bring products to more customers in automation growth markets, such as the United States, and worldwide. Strong demand for the company’s commercial cleaning, autonomous floor-scrubbing robot, Neo 2, also has Avidbots looking to add more than 100 employees in the areas of product, engineering, sales and marketing within the next 12 months.
“We are excited to partner with Avidbots as they continue to deliver best-in-class robotic solutions to meet the industry demand for automation in the commercial cleaning marketplace,” said Tony Zhang, partner at Jeneration Capital. “Our investment solidifies the confidence we have in robotics players that deliver strong value-add solutions that lessen employee workload and fatigue levels from laborious work. As a result, employees can focus on higher-value activities across the organization.”
On the heels of the funding announcement, the Canada-based company has doubled down on its investment in Kitchener-Waterloo by securing additional space to support R&D and testing. The new headquarters, located at 45 Washburn Dr, Kitchener, Ontario, is a significant upgrade, expanding from the current 40,000-square-foot location to a new space with more than a combined 70,000 square feet. The new headquarters is conducive to hybrid work, featuring multifunctional spaces along with recreational and rest environments to promote collaboration amongst Avidbotters. The new headquarters will also include a significant expansion to Avidbots’ testing facilities.
Avidbots has continued to develop and expand the capabilities and quality of its autonomous robotic product line, most recently with the launch of the Disinfection Add-On to its Neo 2. Powered by Avidbots Autonomy, Neo understands and reacts to its operating environment and takes action to maximize cleaning productivity while minimizing human intervention. The Avidbots Command Center helps manage, monitor and measure Neo(s) from anywhere in the world 24/7/365.
Today, Neos are being used throughout the world in various high-traffic commercial environments, such as education, healthcare, manufacturing, retail, warehousing, airports and transit hubs. Currently, more than 1,000 robots are deployed in more than a dozen countries throughout North America, Asia, Australia, the Middle East and Europe, cleaning floors for leading organizations.
For more information, visit Avidbots.com.
Avidbots is a robotics company with a vision to make robots ubiquitous to unlock humanity’s potential with a hyperfocus on autonomous cleaning. Their groundbreaking product, the Neo autonomous floor scrubbing robot, is deployed around the world and trusted by leading facilities and building service companies. Founded in 2014 and headquartered in Kitchener, ON, Canada, Avidbots offers comprehensive service and support to customers on five continents. Avidbots is backed by top global venture capital firms, including Jeneration Capital, BDC Capital, BMO Capital Partners, GGV Capital, Golden Ventures, Golden Vision Capital, Kensington Capital Partners, Next 47, Nicola Wealth, SOSV and True Ventures.