McRock Joins Clearpath Robotics’ US$34 Million Series C Round

mcrock 2. sept 22 2020 mcrock joins clearpath

Toronto, Ontario–(September 22, 2020) – McRock Fund II LP, the latest Industrial Internet of Things (IIoT)  venture capital fund managed by McRock Capital, announced today that it has joined the previously  announced Series C financing in Kitchener-based Clearpath Robotics (Clearpath). McRock’s USD$5M  participation increases the Series C round to USD$34 million. McRock joins Kensington Private Equity  Fund, BMO Capital Partner, EDC, iNovia Capital and RRE Ventures. Whitney Rockley, Co-founder &  Managing Partner from McRock has joined Clearpath’s Board of Directors.  

Clearpath and its OTTO Motors division, enable the world’s largest companies to create safer and more  productive workplaces with autonomous mobile robots (AMR). This funding will be used to expand  Clearpath’s global network of delivery partners and accelerate its product roadmap for enterprise  customers with emphasis on its industry-leading autonomous technology. 

“We are excited to welcome McRock as an investor and a partner in Clearpath given their strong focus  and experience in industrial automation.,” said Matthew Rendall, Clearpath Robotics CEO and Co-founder.  “Their track record of scaling hardware and software businesses focused on large industrial markets  attracted us to their team.”

“We have been following the exciting progress of Matt Rendall and the team at Clearpath for years,” said  Whitney Rockley, Co-founder of McRock Capital. “Not only are they a global leader in providing safety  certified and rugged AMRs but they have extremely broad and deep bench strength in autonomy and  navigation, which is the future of transportation across a broad array of sectors”. 

Over 70% of Clearpath’s AMRs are installed in Fortune Global 500 companies, including GE, Toyota, Nestle,  and Berry Global. Since the Pandemic began, Clearpath has also seen a surge in demand from essential  businesses responding to increased operational risks associated with COVID-19, including food, beverage  and medical device manufacturing. 

About Clearpath Robotics – Founded in 2009, Clearpath Robotics established itself as a pioneer in  autonomous robotics when it developed one of the world’s first platforms for robotics research. Today,  the Clearpath Robotics platform is used to support robotics innovation in mining, military, agriculture,  aerospace, and academia. In 2015, the company established the OTTO Motors division to focus on the use  of autonomous mobile robots for materials handling in warehouses and factories. 

Visit www.clearpathrobotics.com and www.ottomotors.com or follow on twitter @ClearpathRobots 

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital  fund manager focused on the intersection of sensors and software in large industrial markets and smart  cities. The McRock team has a unique background of building high-growth venture-backed IIoT companies  while also having worked in the power, water, oil and gas industries. McRock is backed by several leading  institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi,  AspenTech and Électricité de France (EDF). 

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital