Addverb Technologies To Raise $80-120 million

The company plans to set up another unit in addition to the Noida unit after it receives this round of funding.

Addverb Technologies is in advanced talks with marquee institutional investors to raise anywhere between $80-120 million in a fresh round of funding. The company provides solutions for warehouses and factories to ITC, Flipkart, Amazon, and Coca-Cola among many other clients. The company plans to set up another unit in addition to the Noida unit after it receives this round of funding.

The Noida-based robotics start-up leverages automated storage, artificial intelligence, and machine learning, IoT, shuttles, along with in-house software solutions to improve the performance and accuracy of warehouse and factory operations. It has a manufacturing facility in Noida with the capacity to make 50,000 different types of robots a year.  The company has offices abroad in Singapore, Australia, and the Netherlands and plans to invest in research and development and set up an innovation lab. The company was founded in 2016 by former Asian Paints executives Sangeet Kumar, Prateek Jain, Shukla, Bir Singh, Neeraj Sharma, and Amit Kumar.

Source: Business World