Insider Brief
- Nomagic receives an €8 million loan from the European Investment Bank (EIB) to enhance its AI-based robotics solutions for e-commerce and retail warehouses, with funding supported by the European Commission’s InvestEU programme.
- The company’s intelligent robotics, particularly its Nomagic React.AI, enables robotic arms to handle various goods efficiently, aiming to improve warehouse operations and reduce human workers’ load on repetitive tasks.
- The loan will support Nomagic’s research and development efforts to expand its product range and market presence, reinforcing its unique position in Europe in the field of warehouse automation and furthering collaborations with system integrators and expansion into new sectors.
PRESS RELEASE — LUXEMBOURG/MARCH 22, 2024 — Nomagic, which develops intelligent robotics for e-commerce and retail warehouses, will receive an €8 million loan from the European Investment Bank (EIB) to bolster research and development (R&D). The EIB support will advance Nomagic’s automation solutions, bolster its competitiveness and expand the range of products. The bank’s credit is backed by the European Commission’s InvestEU programme under the Future Technologies window.
“We are pleased to announce our commitment to providing essential capital to Nomagic under the InvestEU programme,” said EIB Vice-President Teresa Czerwińska. “This financial support is aimed at empowering Nomagic in advancing automation solutions for the warehousing sector. With this strategic funding, Nomagic is poised to broaden its operations and fortify its market position, marking a pivotal step forward in its growth trajectory.”
The burgeoning e-commerce and logistics industries have a pressing need for warehouse automation. Nomagic has pioneered an artificial intelligence-based firmware tailored to standard robotic arms. This innovation, called Nomagic React.AI, means robots can adeptly handle a diverse array of goods without product-specific instructions. Nomagic’s robotic arm specializes in executing repetitive picking functions within warehouses, enabling human employees to concentrate on tasks that deliver greater value and diversity.
“Nomagic has built a world-class, lean AI team focused on delivering the best service and return on investment to our customers,” said Marek Cygan, the company’s co-founder and chief AI officer. “This means building a platform and features that may not be easily visible when watching our robots but are essential to provide customer value. Nomagic React.AI, which we will deploy to our production robots with this new funding, perfectly exemplifies our AI capabilities.”
Nomagic’s primary focus is on expanding to new sectors it can serve and deepening collaboration with companies who are system integrators. The company’s unique approach sets it apart as the sole European entity in a segment predominantly dominated by U.S. businesses. The EIB loan will play a pivotal role in supporting Nomagic’s R&D. These investments are essential not only for expanding sector coverage but also for enhancing Nomagic React.AI. In doing so, Nomagic aims to solidify its position in the market and contribute to the evolution of warehouse automation in Europe.
During the five years through 2023, the EIB Group’s investment in Poland in innovations, digitalization and human capital amounted to €4.3 billion, underscoring the bank’s dedication to advancing cutting-edge technologies and fostering the development of human capital.
Background information
The EIB has been working in Poland since 1990, channeling more than €93.09 billion in financing for projects that support the country’s economy. The EIB is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilize around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Agreement. The EIB Group does not fund investments in fossil fuels. It is on track to deliver on its commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in its Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects that directly contribute to climate change mitigation and adaptation, and to a healthier environment.
Around half of EIB financing within the European Union goes to cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Nomagic.ai:
Founded in 2017 and headquartered in Warsaw, Nomagic develops and sells end-to-end robotic solutions for picking via the justPick product line. The team brings expertise in robotics, AI and cloud, as well as experience in logistics, and takes end-to-end responsibility for picking items with its solutions. In addition to hardware, the complete solutions include specialised software that uses Artificial Intelligence (AI) techniques to provide the highest accuracy and, through Deep Learning, increasing throughput performance across a heterogeneous range of items. In addition, the Nomagic performance package includes all safety systems and flexible adaptations, for example with application-specific grippers. Through a strategic partnership with Reesink Logistic Solutions, Nomagic’s system solutions focus on fully automating the processes surrounding AutoStore systems. In addition, Nomagic offers a second product line justInduct for use in high-performance sortation systems. The goal of every product installation is to increase the efficiency and performance of our customers’ intralogistics as a basis for a long-term trustful partnership.
Featured image: Credit: Nomagic
