Dexterity emerged from a sneak peek last July, raking in about a $56.2 million Series A. The Bay Area-based robotics startup was riding high on increased demand for automation at the height of the COVID-19 pandemic. More than a year later, the pandemic is, sadly, still here, and investor interest in the company has kept up with it.
This morning Dexterity announced a $140 million equity funding and debt Series B led by existing investors Lightspeed Venture Partners and Kleiner Perkins. Obvious Ventures, B37 Ventures and Presidio Ventures also participated in the round, which brings the company’s total funding north to north of $200 million and sets its valuation at $1.4 billion — impressive figures for a young company that’s just starting out. Not yet a household name.
Despite only coming out secretly last summer, the company has been working with customers for two years now, moving more than 14 million items across 50,000+ product SKUs in that time, including “loosely packed Made from deformable polybags, to delicate warm-to-dog buns, floppy tortillas, poorly sealed cardboard boxes, bags of earthworms, trays and crates of consumer food, even melted birthday cakes.
What sets the company apart from a lot of warehouse/fulfillment robotics startups that tend to bubble up is the workload from hardware and software to deployment, to actually getting those systems installed in customer warehouses. And unlike companies like Berkshire Grey, Dexterity’s system is designed to be integrated into existing warehouses rather than a complete ground up approach.
“Customers in retail, consumer goods manufacturing and parcel handling need robots to manage the growing volume and variety of packages through their distribution centers,” CEO Sameer Menon said in a release. “Efficiency is grateful to be at the forefront of delivering intelligent robotic systems into production at existing customer sites with the goal of rapidly transforming our warehouse operations.”
The company says that the funding will go towards deploying its first thousand robots in the world. Its systems are currently being used in North America and Japan.