Kitchener-based Avidbots, maker of a robotic floor cleaner for large-scale commercial spaces, announced a US$23.6-million in Series B raise on Thursday.
Led by returning Bay Area investor True Ventures, Avidbots has now raised US$36 million in venture capital.
“With this new funding, we will accelerate investment in talent acquisition, engineering, marketing, and sales to bring our cutting-edge robots to more customers worldwide,” said Avidbots CEO and co-founder Faizan Sheikh.
Also taking part in the raise are returning investors GGV Capital, SOSV, Real Ventures and 500 Startups Canada.
Avidbots’ signature product is the “Neo,” a robotic floor scrubber that is deployed in more than a dozen countries, including locations such as Charles de Gaulle Airport in Paris, the Rochester Institute of Technology and the Eaton Centre mall in Toronto.
The Neo uses artificial intelligence to learn from its environment and is capable of changing its route to avoid obstacles and learn new floor layouts.
“We invest in industrial automation and robotics companies that have thought deeply about which types of work are best suited for machines,” said Rohit Sharma, Partner at True Ventures. “Repetitive, tedious work like commercial floor cleaning is an effective area of initial focus and we’re thrilled to support Faizan and his team as they pioneer this space.”
Sheikh, a mechatronics engineering grad who moved to Canada from Pakistan at the age of 14, partnered with University of Waterloo classmate Pablo Molina to create the company in 2014. Now with 130-plus employees, Avidbots produces the Neo at its 40,000-square-foot facility on Bleams Road.
“With strong worldwide demand for our Neo industrial cleaning robot, Avidbots has been growing at a tremendous pace, and we’re excited to announce the financial support of world-class investors such as True Ventures, Next47, and GGV Capital as we enter into our next phase of expansion,” said Sheikh.
