Vecna Robotics, a Massachusetts-based startup specializing in robotics for material handling in warehouses, has raised $14.5 million in additional funding from its existing investors. This brings the company’s total funding to $179 million. Backers include Tiger Global Management, Proficio Capital Partners, Blackhorn Ventures, and Highland Capital Partners.
The newly raised funds will be used to accelerate the development of Vecna’s autonomous pallet movers, such as forklifts, and enhance its software designed to optimize operations in industries like automotive, general manufacturing, and high-volume warehousing.
In addition to the funding news, Vecna announced that Karl Iagnemma, a pioneer in autonomous vehicle technology and former CEO of Motional, has been appointed as its new CEO. Iagnemma, who had been an angel investor in Vecna since 2020, described the startup as having “the best technology in the industry” for logistics automation. He emphasized the growing market opportunities in material handling and automation, driven by labor shortages and rising labor costs.
Vecna Robotics has a history of securing significant funding, including $50 million in 2020 and $65 million in a 2022 Series C round, which was extended by $40 million earlier this year. The company continues to position itself as a leader in the automation and robotics space, with Iagnemma now steering its strategic growth.
