Central regions | Finance, business | Transport, logistics
Sberbank VC fund invests in U.S. robots developer
25 Jul '19
A Russian venture fund owned by Sberbank, Russia’s largest savings bank, and run by Fort Ross Ventures, another Russian VC fund with international presence, has invested in Fetch Robotics, a U.S. robotics start-up. The Sberbank fund led a substantial $46m funding round raised by the American developer, the Sberbank website announced.
The money will be used to back further international expansion and technology improvements. The U.S. start-up is developing robots that can transport heavy stuff at warehouses and factories. Fetch Robotics claims its robots already operate at approximately 100 facilities in 11 countries.
Viktor Orlovsky, Managing Partner, Fort Ross Ventures:
“We’re glad to buy into a company that pioneers and contends for leadership in the market for self-contained robots. The global segment for warehousing logistics is very large today and shows huge potential for widespread robotic automation. Cooperation with us will help the company enter the Russian market and assist Russian logistic players in attracting advanced technologies.”