Vecna Robotics raises funding, names industry veteran Karl Iagnemma CEO – The Robot Report

Vecna Robotics as we mutter time announced that it has closed $14.5 million in extra funding from present merchants and introduced about Karl Iagnemma as CEO. The Waltham, Mass.-based entirely firm provides cell robots for provides handling.

Iagnemma has been a robotics researcher and an entrepreneur. On the Massachusetts Institute of Expertise, he authored publications on robotics and synthetic intelligence that had been cited greater than 20,000 cases.

“I got my Ph.D. in 2001 and led the Robotic Mobility Group at MIT from 2001 to 2013, where I did classic research into wheeled cell robots, the foundational technology for self reliant cell robots[[AMRs]and robotaxis,” Iagnemma instructed The Robot Story.

At MIT, Iagnemma met Daniel Theobald, a fellow alumnus and founder and chairman of Vecna Robotics, whereas engaged on a DARPA challenge. In 2020, Iagnemma made an angel investment within the firm.

“I develop into overjoyed that Vecna had the enviornment’s easiest technology to address key workflows on this rental,” he stated. “It’s a $275 billion opportunity, with 2.5 billion sq. toes. of warehouse rental.”

From self reliant vehicles to cell robots

In 2013, Iagnemma co-based and served as CEO of self reliant automobile (AV) developer nuTonomy, which conducted public robotaxi pilots in Singapore.

“nuTonomy launched the first fully Stage 4 self-using vehicles in urban environments,” he recalled. “We raised about $20 million nonetheless seen that we wanted billions to proceed.”

Tier 1 automobile seller Aptiv acquired nuTonomy in 2017 for $405 million.

“We then seen that we wanted an even greater associate,” Iagnemma stated. “That’s what led us to Hyundai in 2019.”

He develop into founding CEO of Motional, a $4 billion joint endeavor between Aptiv and Hyundai Motor Group. In Could well additionally simply 2024, Hyundai acquired shares of Motional from Aptiv for $448 million.

“Automation in logistics as we mutter time is equivalent to the present divulge of robotaxis, in that there is a big market opportunity nonetheless cramped market penetration,” acknowledged Iagnemma.

“I join Vecna Robotics at an inflection level within the field materials handling market, where operators are poised to undertake automation at scale,” he added. “Vecna is uniquely positioned to shape the market with divulge-of-art technology and products that are easy to aquire, deploy, and operate reliably all over many different workflows.”

What’s the finest disagreement between AVs and AMRs?

“With self reliant vehicles, or no longer it’s some distance main to scrutinize out for inebriated jaywalkers, the climate, and cramped one strollers,” answered Iagnemma. “AMRs are ready to be deployed at scale as we mutter time.”

“One in every of the first issues I did after I joined Vecna is I went to a 1.2 million sq. toes. customer intention,” he worthy. “There had been remarkably few other folks, and the robots had been working very reliably. It develop into a more constrained ambiance [than for AVs], nonetheless the robots are tranquil advanced. They’re no longer correct technology nonetheless products that have to operate repeatedly.”

Iagnemma joins as CaseFlow is released

Vecna Robotics makes self reliant forklifts, tuggers, pallet trucks, and pallet jacks. It also presents the Pivotal intention and a round the clock Account for Center to encourage manufacturers, warehouses, and distribution operators automate extreme tasks, maximize throughput, and fleet scale.

“Pivotal is a tall instance of the sizable-scale thinking that is embodied in Vecna,” stated Iagnemma. “Some rivals are constructing widgets for particular workflow products, nonetheless Vecna is environment up an ecosystem. It’s no longer correct a product for one utilize case nonetheless an AI intention that optimizes the efficiency of every asset, including automation and workers.”

Final month, Vecna offered the CaseFlow intention for optimized human-robot case selecting. It presents CaseFlow by a robotics-as-a-service (RaaS) mannequin.

“I develop into infected to affix with the originate of CaseFlow,” Iagnemma stated. “Case selecting is one amongst the most life like likely-ticket workflows, and that is the entirely in actuality flexible plot to attain it. We’ve considered customer web sites with ROI [return on investment] in no longer as a lot as a year, with greater than doubling of productivity. It’s no longer correct a simulation.”

Vecna prioritizes strategic partnerships, enhanced products

In June, Vecna raised greater than $100 million in a Series C round and named Michael Helmbrecht as chief working officer. The firm’s outdated CEOs included Dan Patt and Craig Malloy.

Vecna stated it plans to utilize its newest $14.5 million in funding to jog technology and product enhancements.

“My map as CEO is to proceed investing in product constructing and ‘deepen our moat’ within the automatic forklift rental,” stated Iagnemma. “But another is to end scale by new products and strategic partnerships, no longer at the facility scale nonetheless at the endeavor scale.”

“Karl Iagnemma combines outstanding robotics abilities with fingers-on leadership, making him the fitting match to power innovation and propel Vecna Robotics into its subsequent a part of negate,” stated Slash Solaro, stylish associate at Force Capital. “We’re assured that his wide community shall be instrumental in forging key strategic partnerships, securing the firm’s lengthy-term leadership within the market.”

Discover to talk.