McRock increases investment in parcel-handling robotics platform
We’re in good company with our latest investment in Plus One Robotics led by Scale Venture Partners. McRock joins Top Tier Capital Partners, Tyche Partners and several other prominent investors in the $50 million Series C funding. This brings the company’s total funding to nearly $100 million.
We’re proud to say we saw their potential before they earned this “new cool kid in town” reputation. We first invested in Plus One Robotics nearly two years ago. They are the perfect example of innovation that marries AI and robotics technology with an essential human component to tackle a persistent challenge that spans multiple industries. And by all accounts, that challenge isn’t going anywhere anytime soon, even in a post-pandemic world. We’re talking about the L word. (Labor, in case it wasn’t obvious.)
Giant global customers like FedEx and DHL recognize the tremendous value Plus One Robotics’ RaaS offering provides them in meeting their logistics challenges in the face on an ongoing universal labor shortage. Plus One Robotics deployments perform more than one million parcel picks each day in production and currently hold an industry-leading metric of more than half a billion parcel picks globally. They’ve recently added e-commerce firm Pitney Bowes to the client roster. And they believe there is plenty of room for even more heavy-weight brands like them.
Plus One Robotics will use the bulk of the funds to grow its capacity, rapidly scale deployment, expand sales efforts as well as invest in product development. We’ve only seen the tip of the iceberg when it comes to what this firm will do. Exciting times ahead!