Press Release | Technology & Business Solutions (TABS)
RightHand Robotics Secures $66 Million in Series C Funding
Safar Partners, Thomas H. Lee Partners L.P., and SoftBank Vision Fund 2 lead the investment.
BOSTON, February 23, 2022 – RightHand Robotics, a leader in data-driven, autonomous robotic picking solutions for order fulfillment, announces today that it has secured $66 million in a Series C financing led by top growth investors: Safar Partners, a technology venture fund; Thomas H. Lee Partners L.P. (“THL”), a leading investor in automation and supply chain; and SoftBank Vision Fund 2, which is part of the SoftBank Group. Zebra Technologies, Epson and Global Brain also join this round, along with previous investors GV, F-Prime Capital, Menlo Ventures, Matrix Partners and Tony Fadell’s Future Shape. Previous rounds were led by Menlo Ventures and Playground Global.
RightHand Robotics intends to use the funds to accelerate product and business development, while scaling its global presence and partner network. The company will also expand its offices and invest in talent acquisition to support overall growth plans.
“The past few years have been an incredibly exciting time for us,” said Yaro Tenzer, CEO and co-founder of RightHand Robotics. “This Series C funding round attracted top-tier investors who know the space and share our vision that piece-picking automation enables predictable throughput with lights-out item handling, while meeting customer needs for scalable fulfillment services. We are eager to continue expanding our solution set and global presence to meet the needs of warehouse operators worldwide.”
“We have been believers in this company for a few years already,” said Arunas Chesonis, Managing Partner at Safar Partners. “The RightHand Robotics piece-picking solution has demonstrated year after year that autonomous robots are vital to solving the challenges of organizations from retail to pharmacy. The surge in e-commerce will continue even when the pandemic subsides, and we are eager to witness the continued maturation of the robotics industry in response to this global demand.”
“RightHand Robotics identified a challenge in the marketplace and responded with a solution that is intelligent, adaptable, and easy to integrate with adjacent software and automation solutions,” said Mike Kaczmarek, Managing Director at THL. “The company’s piece-picking solution enables customers from a diverse set of end markets such as e-commerce, grocery, and pharmaceuticals to streamline and scale their operations and supply chains.”
“Labor shortages are stretching global fulfillment to breaking point, prompting companies to invest more in automation to help improve efficiency and reliability,” said Ram Trichur, Partner at SoftBank Investment Advisers. “We believe that RightHand Robotics is a leader in supply chain logistics with a flexible, full-stack platform that can be integrated directly into customers’ existing systems to improve throughput while decreasing fulfillment costs. We are delighted to partner with Leif Jentoft and Yaro Tenzer and the team as they expand their international presence.”
“Zebra Technologies has been an active investor and solution provider to help businesses globally digitize and automate their supply chains and augment front-line workers,” said Tony Palcheck, Managing Director of Zebra Ventures, Zebra Technologies. “For customers across the consumer-packaged goods, retail, logistics and other industries, fulfilling orders with higher speed, accuracy, safety and cost savings is key, and RightHand Robotics helps achieve those efficiencies.”
RightHand Robotics delivers its innovative piece-picking solution, RightPick™ 3, with the aid of integration partners such as Element Logic, an AutoStore partner and one of Europe’s leading intralogistics companies; and Okamura, Japan’s leading provider of high-quality products and services for offices, education, commercial facilities and distribution centers. Through these collaborations, RightHand Robotics customers include PALTAC CORPORATION, Japan’s largest wholesaler of consumer packaged goods, and apo.com Group, Europe’s most advanced online pharmacy.
The RightHand Robotics RightPick™ platform streamlines the supply chain processes of warehouses with its innovative piece-picking robotic solution, which leverages AI software with intelligent grippers and machine vision. The result is an integrator-ready autonomous solution that empowers operating teams and meets the evolving needs of today’s fulfillment industry, as seen in this video.
To learn more about RightHand Robotics, visit: www.righthandrobotics.com/.
Cowen served as exclusive placement agent to RightHand Robotics.
About RightHand Robotics
RightHand Robotics builds a data-driven intelligent picking platform, providing flexible and scalable automation for predictable order fulfillment. RightPick, their robotic piece-picking solution, enables retailers to rise up to the new realities of online commerce. RightHand Robotics was founded in 2015 by a DARPA challenge-winning team from the Harvard Biorobotics Lab, the Yale GRAB Lab, and MIT, intent on bringing grasping intelligence powered by computer vision and applied machine learning to bear on real-world problems. The company is based in Somerville, Mass., outside of Boston. For more information, visit www.righthandrobotics.com/ or follow the company @RHRobotics.
About Safar Partners
Safar Partners is a seed- to growth-stage venture fund investing primarily in technology companies out of MIT, Harvard, and the University of Rochester. Safar takes advantage of the principles of private equity to create value as our companies scale beyond initial prototypes. We accelerate the scaling of our portfolio companies through the formation of spinouts or joint ventures to address additional markets, industries, or geographies.
Thomas H. Lee Partners, L.P. (“THL”) is a premier private equity firm investing in middle-market growth companies exclusively in three sectors: Financial Technology and Services, Healthcare and Technology & Business Solutions. THL couples deep sector expertise through our Identified Sector Opportunity (“ISO”) process with dedicated internal operating resources from our Strategic Resource Group (“SRG”) to transform and build great companies of lasting value in partnership with management. The Firm’s domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $30 billion of equity capital, invested in over 160 companies and completed more than 500 add-on acquisitions representing an aggregate enterprise value at acquisition of over $210 billion.