Seegrid Corp. recently raised $25 million of venture funding in a deal led by G2VP, PitchBook reports. The company intends to use the funds to accelerate new product introductions previously scheduled for 2021 and 2022, as well as support growth and hiring plans.
Terms were not disclosed, but the company said its valuation was in the multi-hundred million dollar region.
Seegrid has raised $61.12 million to date. The Pittsburgh business is led by CEO James Rock.
The technology behind Seegrid’s self-driving vehicles, Seegrid Vision, is the brainchild of visionary roboticist Hans Moravec. After decades of perfecting vision technology at the Robotics Institute of Carnegie Mellon University, Moravec founded Seegrid in 2003, bringing artificial intelligence to materials handling. He remains the business’s chief scientist.
UBS Investment Bank, which served as Seegrid’s adviser for this investment, noted that the fundraising was a “strong testament to the strength of Seegrid’s technology and its growth prospects” despite the COVID-19 outbreak.
