The funding round was led by Wellington Management, with participation from several other venture partners. This nearly doubles the $25 million Series A round the company closed in 2022. GrayMatter's growth is supported by ongoing funding and interest in the company, which is addressing labor shortages in manufacturing through its physics-based AI-powered systems.
Key takeaways:
- Despite a general cooling off in robotics funding, GrayMatter, a Southern Californian firm, is making strides in warehouse and manufacturing automation, with a reported 2-4x improvement in production line productivity and a 30% reduction in consumable waste.
- GrayMatter's systems are currently used by large enterprises such as Boeing and 3M, despite the company only being founded in 2020.
- The company uses a "physics-based" AI-powered system, which contrasts from the purely data-driven methods used by other firms in the industry.
- GrayMatter recently announced a $45 million Series B funding round, nearly doubling the $25 million Series A the company closed in 2022. The round was led by Wellington Management, with participation from several other venture capital firms.