Vecna Robotics Inc., a supplier of automation equipment for factories and warehouses, has secured $14.5 million in funding from existing investors.

The startup disclosed the raise today in conjunction with the appointment of Karl Iagnemma as chief executive. Iagnemma previously held the same role at Motional and NuTonomy, two autonomous vehicle developers. The former company is majority owned by Hyundai Motor Co., while NuTonomy was sold to auto part maker Aptiv plc in 2017 for $450 million.

Vecna launched a year after Aptiv closed the transaction. It has since raised about $200 million over several rounds, including a 2020 investment from Iagnemma. The company also counts Tiger Global, Drive Capital and several other institutional investors among its backers.

“Karl Iagnemma combines exceptional robotics expertise with hands-on leadership,“ said Drive Capital General Partner Nick Solaro. “We are confident that his extensive network will be instrumental in forging key strategic partnerships, securing the company’s long-term leadership in the market.”

Vecna offers four robots that streamline the task of moving merchandise from one part of an industrial facility to another. They use cameras and radar sensors to navigate. According to Vecna, built-in artificial intelligence software enables the machines to find the fastest path to their destination automatically and maneuver around any obstacles that may be in the way.

The company’s first robot is an autonomous forklift that can cover up to 6.7 miles per hour. It’s available alongside a tugger that trades off some speed for a more than threefold increase in payload capacity. According to Vecna, the machine can tow carts equipped with nearly five tons of merchandise.

The company’s two other robots are geared towards more specialized tasks. One is a so-called autonomous pallet truck optimized to transport merchandise over large distances. Vecna also offers a pallet jack, a compact robot designed for situations where a worker needs to move a relatively small quality of goods up to two hundred feet.

The company’s machines are connected to a backend management platform called Pivotal. It collects technical data about the facility where the robots are deployed, coordinates their work and identifies opportunities to boost operational efficiency. The robots connect to Pivotal wirelessly via a private 5G network that Vecna provides to its customers.

The company will use the proceeds from its new funding round to accelerate product development initiatives. Vecna plans to place an emphasis on addressing the requirements of customers in the automotive, general manufacturing and high-volume warehousing segments.

Image: Vecna