NEWS PROVIDED BYGrayMatter Robotics Inc.
Jun 20, 2024, 11:00 ET
- In a $2.5+ trillion industry, GrayMatter continues to set new standards with a 2~4x improvement in production line productivity, 30% or more reduction in consumable waste, and a system availability of over 95%.
- GrayMatter has a growing customer base across industries including aerospace & defense, specialty vehicles, maritime, metal fabrication, and consumer products such as sports equipment.
- Led by Wellington Management, with participation from NGP Capital, Euclidean Capital, B Capital, and other existing investors, the new Series B funding brings the total amount raised to date to $70.4M.
LOS ANGELES, June 20, 2024 /PRNewswire/ — GrayMatter Robotics, an AI-powered robotics leader empowering humans with intelligent automation, today announced $45 million in Series B funding. Wellington Management led the round, which also included NGP Capital, Euclidean Capital, Advance Venture Partners, SQN Venture Partners, and other existing investors 3M Ventures, B Capital, Bow Capital, Calibrate Ventures, OCA Ventures, and Swift Ventures.
The $2.5 trillion U.S. manufacturing industry is grappling with a growing backlog of unfilled orders due to a severe labor shortage. Many of these roles are hazardous and demand extensive training, leading to a critical gap of 3.8 million unfilled jobs. With nearly half of these manufacturers’ orders on hold waiting to be fulfilled, GrayMatter’s solutions are crucial in addressing these challenges.
GrayMatter’s smart robotic cells are future-proofing high-mix, high-variability manufacturers’ businesses by increasing productivity, enhancing quality consistency, and reducing costs. They autonomously handle complex tasks such as sanding, polishing, grinding, coating, and finishing—traditionally labor-intensive and ergonomically challenging jobs—allowing businesses to meet global demand while significantly improving the quality of life for shop-floor workers.
“We founded GrayMatter to enhance productivity while prioritizing workforce well-being,” said Ariyan Kabir, co-founder and CEO. “With our physics-based AI-powered systems, we are fulfilling our mission while unlocking new levels of efficiency and productivity. With our investors’ support, we are making a real difference for shop workers and addressing the critical labor shortages in manufacturing today.”
With the new capital, GrayMatter, founded in 2020 by SK Gupta, Ariyan Kabir, and Brual Shah, is actively hiring for a wide range of roles to meet customer demands, expanding its Los Angeles headquarters, and accelerating the development and deployment of its next-generation AI-powered robotic solutions.
“GrayMatter is driving a pivotal transformation in manufacturing with their advanced AI solutions,” said Sean Petersen, sector lead for private climate investing, Wellington Management. “Their ability to enhance productivity, energy efficiency and safety while managing costs, positions them uniquely in the market. We are excited to support their journey towards scaling these innovative technologies across various industries.”
GrayMatter’s technological advancements continue to set new industry standards. Its proprietary GMR-AI™ technology enables robots to self-program and adapt to high-mix manufacturing environments, providing consistent quality and reducing cycle times. Over the past two years, GrayMatter Robotics has deployed robots across North America in aerospace, defense, specialty vehicles, marine, recreation, and general manufacturing industries, processed over 7.5 million square feet of product surface area, and holds ten patents.
“The combination of AI-driven technology and depth of domain expertise in the GrayMatter solution blew us away”, said Debjit Mukerji, Partner at NGP Capital. “It is incredibly challenging to develop high-performance and ultra-reliable robots for such difficult manufacturing conditions. We are thrilled to help the company execute on its impressive commercial trajectory.”
“We are excited to partner with GrayMatter Robotics, as their AI-driven robotic solutions have enabled us to more efficiently address major demand growth in our operations stemming from increased football participation and market share gains, ensuring consistent quality and throughput despite workforce staffing challenges,” said Drew Dixon, Director Of Distribution and Strategy at Riddell. “Collaborating with GrayMatter Robotics underscores Riddell’s ongoing commitment to innovation and excellence in both its manufacturing operations as well as the protective equipment it delivers to the field.”
GrayMatter Robotics’ solutions work 2-4x faster than manual operation, and training that usually takes six months for humans now only takes less than a day. The robot helps businesses address sustainability goals, resulting in a 30% or more reduction in consumable waste and reduced energy consumption than traditional methods. Manufacturers have nearly uninterrupted operations with a system availability of 95~98%, and most of the contingencies can be resolved in under five minutes. Representative products includes Scan&Sand™, Scan&Polish™, Scan&Buff™, and Scan&Grind™.
“GrayMatter helps us replace some of our more taxing manual labor. We are proud to partner with GrayMatter in an effort to provide longevity in the workforce. We’re constantly working toward a healthier work-life balance, with a focus on working to live rather than living to work,” said Melanie Protti-Lawrence, President of Lawrence Brothers Inc. “Their robots are not just tools but enablers of growth. They allow our workers to engage in more meaningful and less physically taxing tasks, contributing to a healthier and more productive work environment.”
“Going to market with GrayMatter Robotics aligns with our mission to foster innovative solutions that drive efficiency and sustainability in manufacturing,” said Adi Leviatan, President, 3M Abrasives Division. “This technology addresses critical industry challenges and delivers significant value to our customers.”
GrayMatter Robotics’ solutions are used by a diverse range of industries, including aerospace & defense, specialty vehicles, maritime, metal fabrication, and consumer products. By providing turnkey solutions in a Robot-as-a-Service (RaaS) format, GrayMatter Robotics helps manufacturers improve productivity, enhance production capacity, and reduce costs associated with scrap, repair, and rework.
About GrayMatter Robotics
GrayMatter Robotics is an AI and advanced robotics company delivering autonomous robotic solutions for tedious and ergonomically challenging tasks. It bundles its proprietary AI technologies with off-the-shelf robots, sensors, and tools and provides application-specific turnkey solutions to customers in a Robot-as-a-Service (RaaS) format. GrayMatter Robotics is helping manufacturers improve the quality of life of shop floor workers, enhance production capacity, and reduce scrap, repair, and rework costs.
About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.2 trillion for clients, including pensions, endowments and foundations, insurers, and global wealth managers. Wellington offers investment solutions that span global equity, fixed income, currency, commodity, alternatives, and private markets. Wellington’s Private Investing platform has raised more than US$8.5 billion in global assets and invests in venture capital and private credit across multiple sectors (consumer, technology, health care, financial services, biotechnology, energy, industrials, climate technology, and real estate) and geographies (Asia, Europe, and the Americas). The Private Investing Team leverages Wellington’s 1,000+ investment professionals around the world, combining deep private market experience with public market expertise, extensive networks, and robust research to benefit both investors and entrepreneurs. For more on Wellington’s Private Investing platform, please visit wellington.com/privateinvesting.
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SOURCE GrayMatter Robotics Inc.