By Akash Sriram May 13 (Reuters) – Mind Robotics, a spinout from Rivian, was valued at $3.4 billion in a new funding round, up from the $2 billion valuation it secured during its Series A raise in March, according to a source familiar with the matter. The industrial robotics startup has raised $400 million in […]
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Rivian spinout Mind Robotics valued at $3.4 billion in new funding round
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By Akash Sriram
May 13 (Reuters) – Mind Robotics, a spinout from Rivian, was valued at $3.4 billion in a new funding round, up from the $2 billion valuation it secured during its Series A raise in March, according to a source familiar with the matter.
The industrial robotics startup has raised $400 million in the Kleiner Perkins-led round, bringing its total funding to more than $1 billion in less than a year.
Here are some details:
• New investors in the round include Meritech Capital, Redpoint Ventures, SV Angel, Incharge Capital, A-Star Capital, and Garuda Ventures.
• Mind Robotics previously raised $115 million in a seed funding round late last year, followed by a $500 million Series A round in March.
• Investor confidence in AI-powered automation for manufacturing has been growing, particularly as automakers and industrial companies race to modernize factory operations with robotics.
• Mind Robotics develops foundation AI models, purpose-built robots, and deployment infrastructure designed for industrial manufacturing tasks.
• Rivian’s manufacturing facilities provide Mind Robotics with a live, high-volume production environment for training and deploying its robotics AI models.
(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)