CONTENT FROM BUSINESS WIRE | PUBLISHED AUGUST 18, 2020
Ontario Teachers’ Pension Plan Leads Investment Round, Joined By Honeywell
CALGARY, Alberta & TORONTO--(BUSINESS WIRE)--Attabotics, the 3D robotics supply chain company, today announced $50 million USD in Series C funding led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’) through its Teachers’ Innovation Platform (TIP), along with existing investor Honeywell. The round, which brings Attabotics’ total funding to $82.7 million USD, will be used to further accelerate Attabotics’ commercial deployment, invest in new technologies, scale manufacturing operations, and more.
“We’re privileged and honored to partner with Ontario Teachers’”
Attabotics is the world’s first supply chain solution for modern commerce. The company’s all-in-one fulfillment system makes obsolete the endless aisles, rows, and conveyor belts of traditional warehouses to help retailers meet the needs of today’s consumers in a way that’s cost-effective and environmentally friendly.
Attabotics addresses the challenges of modern commerce in a scalable, cost-effective way, empowering brands and retailers to operate with a system that saves money, boosts productivity, and benefits the environment. The company currently has six live installations in North America spanning customers across retail, B2B, food & beverage, and one of the largest luxury retailers in the U.S., Nordstrom. Microsoft also partners with Attabotics for cloud-based supply chain management on the Azure platform.
Inspired by ant colonies, Attabotics condenses a traditional warehouse into a single, vertical storage structure. Inside the structure, robotic shuttles move in three-dimensional space (X, Y, and Z axes) to store and deliver goods to workers on the perimeter that pick, pack and ship modern commerce orders. Attabotics’ single structure also significantly reduces a retailer’s warehouse footprint (by up to 85%), allowing them to place warehouses closer to cities for faster delivery times and save money on real estate.
“We’re privileged and honored to partner with Ontario Teachers’,” said Scott Gravelle, Attabotics founder, CEO & CTO. "Attabotics has seen a significant uptick in interest from retailers and brands because we have created an innovative way for commerce companies to modernize their supply chain. COVID-19 has drastically accelerated commerce growth and demand for warehouse space, making supply chain efficiency a critical issue for all.”
“We are excited by the opportunity to become a long-term investor because we believe in Attabotics’ differentiated technology and highly skilled team, and how this combination is poised to disrupt existing cube storage solutions currently available in the market,” said Olivia Steedman, Senior Managing Director, TIP at Ontario Teachers’. “We believe Scott and his team have created a unique technology that can rapidly be deployed, and which provides concrete benefits to retailers and their customers, including quicker delivery, reduced inventory, more efficient use of warehouse space and lower overall costs.”
Credit Suisse acted as the lead placement agent in connection with the transaction, with UBS Investment Bank also acting as placement agent to the company.
About Ontario Teachers’
The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with $207.4 billion in net assets (all figures at December 31, 2019). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
Teachers’ Innovation Platform (TIP) focuses on late-stage venture and growth equity investments in companies that use technology to disrupt incumbents and create new sectors. For more information visit https://teachersbeyond.otpp.com/-/from-sidewalk-to-space.