Retail

Canvas Technology Acquired By Amazon

Canvas Technology Acquired By Amazon

Amid its endeavors in robotic technology, Amazon has reportedly bought Canvas Technology. The Colorado-based startup, which was started in 2015, has offered such devices as a fully autonomous cart system, according to reports.

A spokesperson said in a statement per the outlet, “We are inspired by Canvas Technology’s innovations, and share a common vision for a future where people work alongside robotics to further improve safety and the workplace experience.” The spokesperson continued, “We look forward to working with Canvas Technology’s fantastic team to keep inventing for customers.”

The Canvas Autonomous Cart, for instance, taps into in-house software and 3D imaging that works like an autonomous car, in a sense, within a warehouse. The technology, according to reports, does “an impressive job avoiding people and obstacles in the crowded space.”

The company brought in $15 million through a Playground Global-led Series A round of funding.

The news comes after it was reported in January that Amazon had signed a seven-year deal with Balyo, a French robotics company that can turn forklifts into self-driving vehicles with a navigation system. With the deal, it was reported that Amazon would receive stock warrants representing up to 29 percent of Balyo’s capital. The online retailer would also receive the entire 29 percent if it ordered up to $346 million (300 million euros) of company products.

Balyo Chief Executive Fabien Bardinet said, according to Reuters in January, “This agreement … represents an unprecedented opportunity for Balyo to grow its business and supports the soundness of our investments over the years to perfect our robotic solutions.” At the time, it was reported that Balyo forecasted its 2018 revenue to clock in at 23.3 million euros, which would mark an increase of 40 percent from the previous year. The deal was said to be part of the eCommerce retailer’s plan to speed up delivery and cut costs.

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