Automation is one of the biggest growth drivers in the intralogistics sector, as per the robotics company, Magazino. Double-digit growth rates are expected in this segment in the coming years. This trend is driven above all by the persistently strong growth in online trade and the global shortage in logistics specialists, particularly forklift operators. In order to ride this growth wave, Magazino has raised €21M.
Series B & financing from EIB
The Munich-based robotics company Magazino has raised €21M in its Series B round of funding. The round was led by intralogistics giant Jungheinrich and the European Investment Bank, with existing investors also participating.
Besides, Jungheinrich and Magazino have also agreed on broad strategic cooperation and intend to combine their skill sets in the field of mobile automation.
The raised capital will be used to expand its international sales activities and to accelerate the expansion of ACROS.AI (Advanced Cooperative Robotic Operating System), its software platform for intelligent robots that can be used for third-party hardware.
In addition to the investments made by the existing investors and Jungheinrich AG, the European Investment Bank (EIB) is providing Magazino with the financing of up to €12M. The investment from the EU bank is secured by a guarantee from the European Fund for Strategic Investments (EFSI).
Robotics for logistics
Founded in 2014 by Frederik Brantner, Lukas Zanger, and Nikolas Engelhard, Magazino develops and builds perception-controlled, mobile robots for intralogistics.
The company has build two products:
1) TORU: A mobile robot that interacts with its environment: TORU can pick small boxes completely autonomously.
2) SOTO 2: A mobile robot for industrial small parts supply. It can handle boxes of upto 20 KG.
These autonomous robots work alongside people and can help streamline the processes in e‑commerce, fashion, and production logistics sectors.
With Magazino’s technology individual objects can be identified on the shelf and localised via 2D and 3D cameras. After this, the objects can be securely grasped, and finally placed precisely at their destination.
“Jungheinrich’s investment in Magazino demonstrates the high market demand for our robotics software ACROS.AI and our robots. With it, Magazino will take on a central role in software in the rapidly growing market for mobile robotics,” says Frederik Brantner, CEO, and Co-Founder of Magazino.
Back in 2016, the company had landed its major clients like Fiege, which now uses Magazino robots for some of its warehouse work, and have recently ordered 30 more robots.
The company has a team strength of 100 employees in Munich, and counts Korber AG, Zalando, and Fiege Logistik among its investors.
Image credit: Magazino