Series B Equity and Debt Financing to Support First 1,000 Robot Installations for New and Current Customers
Dexterity, the creators of intelligent robotic systems for logistics, warehouses, and supply chain, today announced that it raised an additional US$140M in Series B equity funding and debt. Major existing investors Lightspeed Venture Partners and Kleiner Perkins greatly expanded their commitment to Dexterity by leading the Series B, with additional participation from Obvious Ventures, B37 Ventures and Presidio Ventures. Dexterity will use the new capital to support the growth of the company as its first thousand robots are deployed into production.
The latest funding round raises Dexterity’s total capitalization over US$200 million at a valuation of US$1.4 billion.
Dexterity’s intelligent robotics approach has enabled logistics providers to automate some of the most complicated tasks in the warehouse without needing to modify their existing infrastructure. The company’s robotic software-as-a-service (SaaS) product solutions equip commodity robots with vision, touch and contextual intelligence to handle unstructured piles of goods with human-like dexterity and speed. Specifically, Dexterity’s solutions excel at handling the hardest to grasp items in any warehouse and without requiring expensive and bulky auxiliary infrastructure. As an industry first, Dexterity’s robotic systems have handled 50,000+ SKUs ranging from loosely packed deformable polybags, to delicate hot-dog buns, to floppy tortillas, to poorly sealed cardboard boxes, to bags of earthworms, to trays and crates of consumer food, to even a molten birthday cake.
“Customers in retail, consumer goods manufacturing, and parcel handling need robots to scale quickly in order to manage the ever-increasing volume and variety of packages moving through their distribution centers,” said Samir Menon, Dexterity’s CEO. “Dexterity is grateful to be at the forefront of delivering intelligent robotic systems in production across existing customer sites with the goal of rapidly transforming their warehouse operations.”
Dexterity’s fleet of installed robots have moved over 14 million items in production at its customers’ sites over the past two years. Dexterity’s full-stack approach includes software, hardware design and integration, deployment, and 24/7 support with a performance guarantee for customers as they scale up.
In addition to closing this Series B round, Dexterity made a series of key hires that fill out the commercial side of their Stanford-originated engineering team. Jason Barton from Realtime Robotics and Rethink Robotics joined the company as Vice President of Partnerships. Jonathan Briggs joined Dexterity as Vice President of 3PL and Parcel Delivery Sales after years at both Quiet Logistics and DHL. Dexterity also hired Michael Perry as its first Vice President of Marketing who joined from Boston Dynamics and DJI, Cliff Kalinowski as Head of Service Operations from Mainspring Energy, Andrew Heck as Head of Strategic Finance from Morgan Stanley, and Sumit Chopra as Head of Software Support from Cisco and Amazon Web Services.
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