Through this strategic partnership, the six-year-old company has raised $143 million in total to date. Addverb previously raised $11 million in funding led by Asian Paints co-developer Jalaj Dani.
“The company is valued at $270 million after this transaction,” Sangeet Kumar, co-founder and CEO of Addverb Technologies, told ET. The co-founders together hold about 24-25% of the company’s capital after this agreement. The remaining stake is held by early backers, including Dani of Asian Paints.
“Addverb also plans to start an innovation lab with bases in Europe, the United States and India to find solutions to complex problems in the field of human-robotics collaboration,” Kumar said.
Currently, the company expects to close the financial year with revenue above Rs 410-415 crore and expects it to reach Rs 2,000 crore in the next 24 months. Kumar added that he expects revenue to reach Rs 7,500 crore over the next five years.
With the new manufacturing plant in fiscal year 2022-23, the company would have the capacity to produce 50,000 robots in one year.
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Founded in June 2016 by Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar, Addverb Technologies provides warehouse and factory automation products powered by robotics, AI, machine learning, l deep learning, computer vision and IoT.
He works with companies such as Reliance, Flipkart, HUL, Asian Paints, Coco-Cola among others as clients.
The Noida-based company operates 100% subsidiaries in Singapore, the Netherlands and Australia.
Addverb manufactures its own robots and develops the software to control them, allowing the company to offer customization and easy integration with existing infrastructure and customer software systems.