Peter Thiel's Mithril Capital leads $110m round in Indian robotics startup GreyOrange

A Li & Fung warehouse in Thailand, part of the company's global empire.   © Li & Fung

Delhi- and Atlanta-headquartered robotic fulfillment and inventory optimisation software GreyOrange has raised $110 million in growth financing led by Peter Thiel-backed Mithril Capital Management, per a company announcement.

“Existing and new investors” participated in the financing, along with funds and accounts managed by BlackRock.

The company last raised $140 million in its Series C funding round from Mithril Capital and Flipkart co-founder Binny Bansal, among other investors, in September 2018.

The company will deploy the growth capital to accelerate its technology leadership, expand globally, and further support the adoption of its solutions. GreyOrange will also use a portion of the funds to invest in scaling its headcount in key areas, creating 300 jobs across the customer success, sales, marketing, product, and engineering teams.

Founded in 2011, GreyOrange designs, manufactures, and deploys artificially-intelligent robotics systems that can automate routine tasks at warehouses and fulfillment centres of large e-commerce and retail firms.

“We orchestrate fulfillment and optimise inventory in a complex global supply chain environment for more companies that ship millions of items each day than any other player in the market excluding Amazon. This growth financing enables us to rapidly deliver our premium solution to meet the expansion demand from existing customers, rapidly onboard our high volume of new customers, reach new partners, and accelerate our unique product roadmap with an expanded suite of software solutions and predictive analytics,” said Samay Kohli, co-founder and CEO, GreyOrange.

GreyOrange has been working with retail industry majors including Walmart, H&M, COS, Coupang, and GXO Logistics.

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