RoboCV, developer of a range of vehicle autopilot, Raises $3M in A Round
19 February 2015
RoboCV, a developer of a range of vehicle autopilot products, secured $3 million in new investments from I2BF Global Ventures, VTB Capital Russia & CIS Equity Fund, LETA Capital, Columbus Nova, Almaz Capital. The firm also announced the completion of the projects at Samsung’s and Volkswagen’s Russian factories with successful robotization of electric warehouse vehicles.
The vehicles were outfitted with the X-Motion intellectual autopilot system, developed by RoboCV. Thanks to this system, the warehouse vehicles are now able to function and move around the warehouse and the factory fully autonomously in driverless mode, and they are fully integrated into the intralogistics processes of the factory.
X-Motion is an “artificial intelligence” system for warehouse vehicles. The system is targeted at replacing the human driver, and acts much like a driver. The system “sees” the environment with its vision sensors, mathematically builds a model of it, and makes decisions on the preferred route and obstacle avoidance maneuvers based on this model. X-Motion is plugged directly into the guidance system of the vehicle (the steering, acceleration and braking systems), and lets the vehicle move around fully autonomously.
The funds will be directed to development of existing “autopilot systems” for warehouses and to develop a pre-series autopilot RoboCV X-MOTION. Also, RoboCV has plans to implement a full-scale complex projects robotics warehouses and production facilities for Samsung’s and Volkswagen’s Russian factories and other clients and to equip several tens of warehouse machinery systems X-MOTION till 2015.
In addition, funds will be used to develop vehicle autopilot solutions with STILL GmbH, the leading supplier for intelligent control of intralogistics. RoboCV and STILL have plans to get a line of preinstalled on autopilot X-MOTION electric trucks. This product will be sold on the Russia and CIS countries markets at the end of 2015 and on the international market in 2016.
“Robots are becoming more affordable and popular in almost all areas of our lives. We see great potential in the development of RoboCV all over the world," said Alexander Korchevskiy Managing Partner of I2BF Global Ventures.
"In 2013 LETA Capital has announced its investing $500,000 in RoboCV. RoboCV shows excellent dynamic product development, business development. RoboCV works with the world's largest plants, so we support the company new investments," stated Alexander Chachava, Managing Partner of LETA Capital, a member of the RoboCV’s Board of Directors.
Dmitry Smirnov, Cofounder and commercial director of RoboCV: "Now the main problem of robotization of electric warehouse vehicles is an increasing complexity of its implementation and, as a consequence, limited scalability and high cost. Our solution works out this problem. I think that in 2-3 years we will see explosive growth in the distribution of vehicle autopilot products around the world”.
"RoboCV is a resident of the Space and Telecommunications Technologies Cluster of Skolkovo. The company started their project as the participants of the Google X Prize. They developed a vision system for a lunar rover and then changed over to a more commercial use of their project” - said Alexey Belyakov, Vice-President, Executive Director of the cluster.
RoboCV is a Russian developer of a range of vehicle autopilot products aimed at full driving automation of several types of vehicles, including warehouse vehicles, open pit mining trucks and vehicles in areas with restricted traffic. The company was founded in 2011 and is a resident of the Skolkovo Foundation.