Mind Robotics Secures $500 Million Funding
Rivian spin-off Mind Robotics secured $500 million in Series A funding, valuing the industrial robotics company at $2 billion.
Jason Kwon ·
Mind Robotics, a startup spun out of electric vehicle manufacturer Rivian, announced on Wednesday, March 11, that it has raised $500 million in a Series A funding round. The round, co-led by Accel and Andreessen Horowitz, valued the industrial robotics company at $2 billion.
The Palo Alto-headquartered company is developing a full-stack platform comprising foundation models, purpose-built robots, and deployment infrastructure to automate industrial and manufacturing tasks. This funding, one of the largest Series A rounds for a robotics company, addresses increasing labor shortages and the need for updated production lines in manufacturing. Accel partner Sameer Gandhi will join Mind Robotics' board.
Mind Robotics, founded by Rivian CEO RJ Scaringe, was established as a spin-off in November. Rivian acts as a partner and major shareholder, supplying data for model training and an environment for technology deployment. The company focuses on traditional factory robot designs to develop robots capable of human-like dexterity and adaptability, aiming to bridge gaps in industrial automation. The deal is expected to close later this month.