Key insights
- Rivian spinout Mind Robotics secured $400M in new funding, valuing the company at $3.4B. This reflects growing investor confidence in AI-powered automation for manufacturing, particularly in the automotive sector. Rivian's facilities provide a real-world environment for Mind Robotics to train and deploy its AI models. While positive for Rivian, the direct impact on broader US equities is limited.
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:
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New investors in the round include Meritech Capital, Redpoint Ventures, SV Angel, Incharge Capital, A-Star Capital, and Garuda Ventures.
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Mind Robotics previously raised $115 million in a seed funding round late last year, followed by a $500 million Series A round in March.
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Investor confidence in AI-powered automation for manufacturing has been growing, particularly as automakers and industrial companies race to modernize factory operations with robotics.
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Mind Robotics develops foundation AI models, purpose-built robots, and deployment infrastructure designed for industrial manufacturing tasks.
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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)