Topics
Latest
AI
Amazon
Image Credits:Motional
Apps
Biotech & Health
Climate
Image Credits:Motional
Cloud Computing
commercialism
Crypto
Image Credits:Vecna Robotics
Enterprise
EVs
Fintech
Fundraising
gadget
Gaming
Government & Policy
computer hardware
Layoffs
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
security measures
societal
Space
Startups
TikTok
DoT
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Karl Iagnemma , an former groundbreaker in the sovereign vehicle industry who of late stepped down as president and CEO from Hyundai - back Motional , is back in the AV and robotics biz . Vecna Robotics , a Massachusetts - free-base inauguration that uses robots to handle materials in warehouses , has hired Iagnemma as chief operating officer .
The robotics startup , which has produce autonomous pallet movers such as forklifts as well as software to aid companies manage operations , also said Wednesday it has raised another $ 14.5 million in support from existing investors . The startup read the funds will be used to accelerate its automation technology and ameliorate its products for the self-propelling , cosmopolitan manufacture , and mellow - bulk warehousing industries . Vecna has conjure $ 179 million to date .
Vecna , which is game by Tiger Global Management , Proficio Capital Partners , Blackhorn Ventures , and Highland Capital Partners , to name a few , raised $ 50 million in 2020 . Two years later , the companyraised $ 65 millionin a Series C round that was stretch originally this summertime by $ 40 million in new financial support , including equity and debt .
Iagnemma , who has dedicated most of his career to self-sufficiency , told TechCrunch he visualize a lot of chance for Vecna to scale commercially . He get word promise in that startup early on ; Iagnemma was an holy man investor in Vecna in 2020.Iagnemma compare automation logistics to the current state of robotaxis . “ There is a massive marketplace chance but little market insight , ” he said . “ What I ’m most excited about is the combination of Vecna hold the good technology in the industry and the profane tailwind around material handling and mechanisation , specifically due to labor supply and increased labor monetary value . ”
Iagnemma startled diligence insider in September when he pass on autonomous vehicle applied science company Motional , which has been trying to commercialize a robotaxi service . The former CEO has had a prospicient calling in Av , first in academe and afterwards as a father . Iagnemma direct the Robotic Mobility Group inquiry science lab at MIT for 10 year . During that metre , he would meet Daniel Theobald , a fellow MIT grad and founder of Vecna Robotics . Iagnemma and Emilio Frazzoli founded the startupNuTonomyin 2013 . Four long time subsequently , itwas acquiredby Delphi — now known as Aptiv — for $ 450 million . When Hyundai and Aptiv formed a $ 4 billion joint venture in 2019 called Motional to commercialize autonomous vehicles , Iagnemma took the top leadership persona .
Motional has made progress but faced an experiential moment sooner this yr when Aptiv — the other one-half of the joint venture — aver it wouldno longer allocate capitaltoward the endeavor . Hyundai stepped forrader and in Mayagreed to investanother $ 1 billion into Motional . However , there has been a restructuring that include set off about 550 masses , pausing commercial-grade operations , and delaying plan to plunge a robotaxi service with its next - gen Hyundai Ioniq 5 robotaxis until 2026 .
Iagnemma say he still believes in what Motional is working toward . “ I actually think Motional is in a undecomposed spot , ” he said . He acknowledged that while commercialize AV applied science will still take some metre , he thought Motional was poised to be a part of the burgeoning industry .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
“ If anybody thinks there ’s only one winner in the infinite , that ’s half-baked talk , ” he said .
