Companies

Reliance Industries invests $132 million in robotics company Addverb Technologies

BL Mumbai Bureau | Updated on: Jan 18, 2022

Addverb has the capacity to manufacture 10,000 robots of various kinds

Reliance Industries Ltd has become the largest shareholder in robotics company Addverb Technologies with an investment of $132 million.

Addverb had earlier raised around $11 million in Series A and Pre-Series funding led by Jalaj Dani, Co-Promoter of Asian Paints, making its total funding close to $143 million since its inception in June 2016.

“This round of funding will accelerate the company’s expansion in Europe and US and enable it to set-up the biggest robotic manufacturing facility at a single location. This manufacturing facility will be completely automated and will propel India as a world leader in the robotic sector. Addverb also plans to start an innovation lab with bases in Europe, US and India where the best and like-minded brains will come together to solve the complex problems in the field of Human-Robotic collaboration,” Addverb said in a press statement.

Strategic partnership

Founded in June 2016, by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar, Addverb Technologies is based out of Noida. It has subsidiaries in Singapore, Netherlands and Australia and provides products across four verticals in the automation domain - robotics, utomated storage and etrieval systems, picking and software.

Sangeet Kumar, CEO & Co-founder, Addverb Technologies said, “Reliance was already one of our esteemed clients with whom we had co-created and delivered highly automated warehouses for their Jio-Mart grocery business. The comfort level and the trust factor were already in place which led to this association. This strategic partnership will help us leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots.”

Addverb has the capacity to manufacture a variety of 10,000 robots in a year through its state-of-the-art manufacturing facility in Noida.

Published on January 18, 2022
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