(Bloomberg) — Silicon Valley investors are increasing bets on a Pittsburgh company that turns a venerable machine of the past century of industrialization — the forklift — into a driver of the e-commerce boom.
Seegrid Corp., a maker of autonomous forklifts and robot-powered vehicles used to move materials around warehouses and factories, just closed on equity financing totaling $52 million from Menlo, California-based venture fund G2VP LLC and an undisclosed group of tech and robotics investors.
The deal, with UBS Group AG serving as an adviser, brought to $150 million the total amount of funding received by Seegrid, which has a valuation of more than $400 million.
The fresh round of financing during a pandemic underscores the rising demand to shore up supply chains increasingly dependent on warehouses and distribution hubs as consumer dabbling with online shopping turns more habitual. Seegrid expects to double revenue this year and