Clearpath Robotics Receives $30 Million for Indoor, Self-Driving Vehicle Division
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Clearpath Robotics can now expand its OTTO Motors division, thanks to a $30 million investment led by iNovia Capital.
The OTTO Motors division is dedicated to creating self-driving vehicles that handle materials and operate inside of manufacturing and warehouse buildings.
The money raised will primarily be used for increasing manufacturing, hiring employees and expanding the company’s marketing strategy. Other participants in the investment included Caterpillar Ventures, GE Ventures, Eclipse Ventures, RRE Ventures and Silicon Valley Bank. GE and John Deere have been using Clearpath’s tools in their headquarters.
According to Matt Rendall, CEO and co-founder of Clearpath, the self-driving, materials handling vehicles’ industry is a major market with infinite potential.
“The market for self-driving passenger vehicles will be over $80 billion by 2030,” said Rendall. “We believe the market for self-driving materials handling vehicles will be equally significant. Clearpath has a big head start, and this new funding will allow us to further accelerate the development of the best self-driving software in the industry – and bring more OTTOs into the world faster.”
Clearpath started off developing robotic technology that could detect and remove land mines. In 2010, the company moved to developing unmanned vehicle platforms for the global research community.
