One of India’s largest robotics firms is setting up shop in North Texas.
Marking its expansion into the North and South American markets, warehouse and factory automation startup Addverb Technologies announced plans to set up corporate offices in Texas, which its website lists as located in Frisco’s Hall Park development at 3010 Gaylord Pkwy.
“The supply chain disruptions caused by the pandemic have accelerated the demand for automation globally and we are looking forward to expanding…to deliver the next generation of Industry 4.0 automation to the customers,” said Sangeet Kumar, co-founder and CEO of Addverb Technologies, in a statement.
Drone delivery co-founder tapped as U.S. CEO
Addverb did not respond to questions about what operations or how many employees will be located at the Frisco offices before publication. However, it said that it has tapped Mark Messina, former co-founder and CTO of autonomous drone delivery company DroneTerminus, as the CEO of its U.S. subsidiary. Addverb also named Luke Lee as its marketing head of Americas. He previously held a similar role at warehouse automation solutions company HAI Robotics.
In addition to its offices in Frisco, Addverb is also planning an “experience center” in San Diego. The company’s expansion to North and South America follows entrances into Australia, Singapore, and Europe last year.
Expansion fueled by $132M funding
The company’s expansion is being fueled by a $132 million Series B funding round led by Retail Reliance Ventures that it landed earlier this year, giving the subsidiary of India’s Reliance Industries Limited a 54% stake in Addverb. According to The Robot Report, that brought the company’s total raise to around $143 million, giving it a valuation of about $265 million.
Launched in 2016, Addverb provides autonomous robots that handle tasks like carton shuttles and picking technology and are integrated with management software to create an end-to-end automation and logistics solution for warehouse and factory operations. The company counts names like Reliance, Coca-Cola, and Johnson & Johnson among its list of more than 100 customers.
Addverb’s headquarters are located in Noida, India, where the company also operates R&D facilities, as well as a manufacturing facility that it says is able to produce around 10,000 robots per year. Per The Robot Report, about 80% of Addverb’s revenue currently comes from the Indian market.
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