New York-based hedge fund Tiger Global led a $30 million investment round for GreyOrange, a company that manufactures and deploys robotics systems to automate eCommerce and logistics processes, TechCrunch reported yesterday (Aug. 11).
The Series B funding round also included participation from existing investor Blume Ventures.
GreyOrange utilizes the speed and efficiency of robots to streamline the way companies handle and process orders within the eCommerce and logistics environments. The company told TechCrunch it plans to use the new funding to invest in research and development, grow its executive team and “accelerate” expansion internationally, with specific focus on the Asia-Pacific region, the Middle East and Europe.
One of GreyOranges’s products, its Butler robot, aims to help eCommerce, logistics and manufacturing operations efficiently deal with high-mix, high-volume orders by moving around a warehouse and collecting the products that are due to be dispatched. The Butler system also supports real-time picking, on-demand inventory audits and improved space utilization.
The company’s other offering, Sorter, is a high-speed sorting system that can be used to scan and sort parcels for distribution or fulfillment. The system is comprised of eight separate components, including dimensioning and weighing, sortation conveyor and arm, and a sub-sortation bagging unit. According to GreyOrange, its Sorter system is used by 90 percent of India’s sortation market to address their high throughput packet sorting needs.
The company is registered in Singapore, but has offices in Hong Kong, Gurgaon, Mumbai, Delhi, Bengaluru, and Hyderabad.
Tiger Global’s investment in GreyOrange is only the latest funding move the company has made in India. Its other investments include the backing of media startup News In Shorts, music streaming service Saavn, online taxi and car rental service Ola and fashion scrapbook service Limeroad.