Insider Brief
- PHINXT Robotics secured £2 million in an oversubscribed funding round led by Sure Valley Ventures, with participation from Ada Ventures, Heartfelt, and Atlas Ventures, to expand their AI-driven robotics software platform.
- The company’s decentralized edge AI platform simplifies warehouse automation, reducing costs and increasing productivity by enabling seamless robot coordination without a central server.
- Funding will support team growth and expansion into European markets, as well as further development of their platform for broader applications like autonomous vehicles and drones.
PRESS RELEASE —LONDON/August 6, 2024— PHINXT Robotics, an AI-led robotics software company, has secured £2 million in an oversubscribed funding round, led by Sure Valley Ventures with participation from Ada Ventures, Heartfelt and Atlas Ventures. PHINXT has developed a decentralised edge AI software solution to enable robotics automation at any scale.
Founded in 2022, PHINXT Robotics is redefining the landscape of warehouse automation with its innovative cloud-based platform, designed to streamline robotic deployments and support a flexible monthly subscription model. Traditionally, adopting robotics in warehouses has been hindered by exorbitant setup costs — often exceeding £500,000 — and the complexity of on-site deployment. Consequently, over 90% of warehouses remain fully manual.
PHINXT Robotics addresses these challenges head-on with its proprietary technology, which coordinates robots at the edge, simplifying robotic deployments by a factor of ten. PHINXT’s platform supports a wide range of robots, allowing customers to select and deploy the exact type of robotics they need. As a result, businesses leveraging PHINXT’s technology have experienced remarkable improvements, including doubled profit margins and up to four times increased productivity.
PHINXT has received significant traction in the market and secured several contracts, particularly with a major UK grocery retailer, following a successful pilot programme, which is expected to scale into a multi-year contract. The company will use the funds to grow its engineering and sales teams and begin expansion into mainland Europe where the team sees considerable opportunity. Globally, the total mobile robot market is projected to reach $16 billion, with 2.4 million mobile robots by 2027.
PHINXT’s long-term vision is to extend beyond warehouse robotics automation to encompass delivery drones and autonomous vehicles. Given the core decentralised edge computing technology enables coordinating machines within a distributed network, continued development of the platform will enable PHINXT to deploy solutions in frontier technologies such as autonomous vehicles.
The Company recently graduated from the Female Foundry Visionaries AI Incubator in partnership with Google Cloud, having been identified as one of the most innovative European female-led startups leveraging AI within the future of software.
PHINXT’s CEO and Co-Founder, Yanwen Chen, is an expert in this space with two PhDs specialising in computer science and synchronisation communications for robotics. Yanwen developed the algorithm that allows robots to self-orchestrate safely even when they lose connections to central networks. She co-founded the company with Quirino Zagarese, PhD, an expert in distributed systems, to collaborate on building a scalable architecture and product.
Yanwen Chen, Co-Founder and CEO, PHINXT Robotics, said: “At PHINXT, our mission is to revolutionise the logistics industry with our cloud-based platform that seamlessly integrates any type of robot, enabling them to collaborate and coordinate in a shared space without the need for a centralised server. Our robot-agnostic platform supports warehouses at every stage of their automation journey, providing unparalleled flexibility and efficiency. We aim to be the gateway for the logistics industry, facilitating the integration of these robots into operations and helping businesses achieve a rapid return on investment. By accommodating different types of robots, we ensure that warehouses can optimise various tasks, from picking to transportation, enhancing overall productivity.
“This investment will empower us to expand our team and enter new markets, driving further growth and innovation. We are excited to partner with value-add investors who recognize the uniqueness of our technology and its transformative potential across autonomous robots, drones, and autonomous vehicles.”
Brian Kinane, Founding Partner at Sure Valley Ventures, said: “PHINXT’s unique edge computing technology helps warehouses to drastically increase performance and profitability, providing a highly flexible and cost-effective robotics solution that will enable far greater adoption. From day one, what stood out to us was the strength of PHINXT’s founding team, Yanwen and Quirino, who have spent years specialising in robotics automation and distributed systems. As a specialist AI investor, we believe this is one of the strongest AI propositions to come out of the UK this year. PHIXNT has a clear advantage in terms of cost, simplicity and flexibility, and with their cutting-edge proprietary technology, are extremely well-positioned to disrupt this market globally.”
Check Warner, Partner at Ada Ventures & Co-founder of Diversity VC, added: “Yanwen Chen, CEO and co-founder of PHINXT, is without doubt one of the strongest technical founders we’ve met at Ada. Yanwen has not one but two PhDs focusing on optimization of distributed and autonomous systems and 11 years of experience in robotics managing engineering teams and building software. She developed the algorithm that allows robots to self-orchestrate safely even when they lose connection to central networks. We are delighted to be investing in a such a visionary founder who is shaping the future of edge computing, robotics and autonomous systems. We look forward to supporting Yanwen and PHINXT’s next phase of growth.”
The round was led by AI VC Sure Valley Ventures with participation from Ada Ventures, Heartfelt and Atlas Ventures. The company previously raised £600k from Fuel Ventures, Amar Shah (the co-founder of Wayve and founder of Dhyan Ventures), Atlas, APX, Prequel Ventures, Ventures Together syndicate and Alma Angels.
About PHINXT Robotics
PHINXT’s platform uniquely enables any type of robot to collaborate seamlessly, creating autonomous ecosystems for warehouses and entire supply chains. PHINXT Robotics (pronounced “FEE-next”) works on a per robot leasing model for easy, low-cost adoption and to get the best-fitting robots for the customers. Unlike other server-based services, PHINXT’s unique platform can coordinate robots on the edge to to easily add new robots at low cost. Starting with warehouse automation, ecommerce providers can use PHINXT to double their profit margins and 4X their productivity, getting more done with less spend. PHINXT’s ultimate vision includes autonomous vehicles and drones self-directing and collaborating on the edge, opening up vast usability and scalability for autonomous machines. PHINXT was founded by two PhDs in computer science, Dr. Yanwen Chen and Dr. Quirino Zagarese. Find more information at phinxt.com
About Yanwen Chen, PHINXT Robotics Co-Founder & CEO
Yanwen Chen, is an expert in this space with two PhDs specialising in computer science and synchronisation communications for robotics. Yanwen developed the algorithm that allows robots to self-orchestrate safely even when they lose connections to central networks.
