CPE News (5.12.2023) – Mitsubishi Electric Corporation (TSE: 6503) has made a strategic investment in Clearpath Robotics. Financial terms were not disclosed.
Kitchener, Ontario based Clearpath Robotics is a global leader in the development of AMR technology. Its ownership of OTTO Motors, an autonomous mobile robot brand for manufacturing facilities and warehouses, has been instrumental to the introduction of numerous AMR systems to the market
Mitsubishi Electric aims to strengthen its support for complete factory optimization and automation by utilizing AMR systems and continue to contribute to the further development of manufacturing automation through open innovation and investments in companies with diverse ideas and advanced technologies.
Clearpath Robotics has been backed iNovia Capital (together with 2 SPVs), EDC, RRE Ventures, Kensington Private Equity Fund, GE Ventures, Caterpillar Ventures, Eclipse Ventures, McRock Fund II and Silicon Valley Bank (SVB).
photo credit: Clearpath Robotics
News Release
Investment in Clearpath Robotics supports full factory automation Realizing smart factories by using autonomous mobile robots
TOKYO, May 12, 2023 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has made a strategic investment in Clearpath Robotics, a Canadian-based company that develops and sells autonomous mobile robots (AMR). Mitsubishi Electric aims to strengthen its support for complete factory optimization and automation by utilizing AMR systems and continue to contribute to the further development of manufacturing automation through open innovation and investments in companies with diverse ideas and advanced technologies.
Purpose of the Investment
In the global robotics market, as a solution to address labor shortages, the use of mobile robots is accelerating, especially in the logistics and manufacturing industries. Mobile robots are not only used for conveyance but through their connection to IT systems, such as factory and line simulation software, ERP,* and MES,** and they are becoming indispensable items for factory-wide optimization and complete automation.
Clearpath Robotics is a global leader in the development of AMR technology. Its ownership of OTTO Motors, an autonomous mobile robot brand for manufacturing facilities and warehouses, has been instrumental to the introduction of numerous AMR systems to the market.
Mitsubishi Electric, supported by partners such as Clearpath Robotics, is continuously evolving digital manufacturing through integrated solutions that utilize FA equipment, simulators, and other software using real and digital information. In the future, Mitsubishi Electric will envisage smart factories that integrate manufacturing and logistics to realize mass customized production and full factory automation by maximizing the use of the integrated solutions.
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* Enterprise Resource Planning: A method or concept to manage enterprise operations in an integrated manner from the perspective of effective utilization of resources to improve operational efficiency
** Manufacturing Execution System: An information system for the visualization and management of manufacturing through processes, instructions, and resource allocation
About Clearpath Robotics
Name: Clearpath Robotics Inc.
CEO & Co-Founder: Matthew Rendall
Location: 1425 Strasburg Rd. Suite 2A,Kitchener, ON N2R 1H2,Canada
Established: 2009
Number of employees: (as of January 2023) 335
Business: Development, manufacturing and sales of AMRs and related software
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About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 5,003.6 billion yen (U.S.$ 37.3 billion*) in the fiscal year ended March 31, 2023. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥134=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2023