Ship management company

GreyOrange Raises $110M for “Growth Funding”

GreyOrangea robotic fulfillment company, raised $110 million in “global growth funding”, the majority of which came from Mithril Capital Management and a group of current and new investors, as well as separate funding provided by funds and accounts managed by BlackRock.

The growth funding underscores GreyOrange’s technical leadership in a fundamental market shift towards robotic automated execution solutions.

GreyOrange reduces operating costs and speeds delivery for global retail industry leaders including Walmart, H&M, COS, Coupang and GXO Logistics.

GreyOrange has expanded to new customers, applications and geographies while achieving gross retention of over 170% of contract revenue from existing customers in 2021.

The GreyOrange fulfillment platform, which integrates with all nodes of a retailer’s fulfillment network, provides adaptive learning and continuous process automation with high resilience, as well as an ecosystem for development third-party software, robotics and hardware applications.

The company’s GreyMatter software uses machine learning information to orchestrate fulfillment operations to optimize inventory movement in a fully integrated end-to-end solution.

GreyOrange solutions can be installed in as little as 12 weeks to quickly transform execution with minimal disruption to operations.

Ajay Royan, Managing General Partner at Mithril Capital Management, said: “GreyOrange is trusted by the biggest names in retail to help them do what they do best, better.

“Demand for the GreyOrange omnichannel fulfillment platform has continued to increase in line with our high expectations as retailers accept the immediate need for robotic automation in fulfillment.

“We are particularly excited about the ongoing expansion with GreyOrange’s SaaS applications, such as gStore, which offer new and innovative supply chain solutions to the discerning consumers of GreyOrange’s customer base.

Brad Pritchard, Managing Director and Head of Venture Lending at BlackRock Capital Group, said: “The top brands and retailers we spoke to who are using the GreyOrange platform to transform their fulfillment centers and improve the work environment for their associates experienced substantial improvements in their productivity.

GreyOrange will deploy the growth capital to accelerate the company’s technology leadership, continue its global expansion and further support the adoption of GreyOrange’s unique fulfillment platform in warehouses, distribution centers and retail stores.

Pursuing the future of omnichannel fulfillment, GreyOrange’s gStore is a mobile-first SaaS application that transforms stores into personalized and technology experience centers for customers as well as dynamic fulfillment centers for e-commerce using real-time digital management of in-store inventory. .

The gStore software solution deploys either in stores as a standalone solution or as part of GreyOrange’s ecosystem-wide runtime platform.

Samay Kohli, co-founder and CEO of GreyOrange, said: “Our fulfillment platform is revolutionizing the way the world’s largest and best-known retail brands, such as Walmart and H&M, deliver on their promises to their customers. , their employees and their shareholders.

“As e-commerce sales soar, brands face a stark reality: Embrace automation or cede customers to the competition.

“We orchestrate execution and optimize inventory in a complex global supply chain environment for more companies that ship millions of items every day than any other market player outside of Amazon.

“This growth funding allows us to quickly deliver our premium solution to meet expansion demand from existing customers, quickly onboard our high volume of new customers, reach new partners and accelerate our roadmap. unique product with an extensive suite of software solutions and predictive analytics.”

Innovative retailers are rapidly implementing robotic automation as growing labor shortages, unstable timelines, global supply chain challenges and rising costs create ripple effects in commerce global.

With labor shortages at an all-time high and expected to increase over the long term, 73% of third-party logistics companies reported finding, training and retaining a skilled workforce as their most critical challenge.

Robotic automation alleviates labor shortage issues while improving the work environment for execution associates as robots perform repetitive tasks and enable smart management teams to implement development programs that promote employee satisfaction and retention.

GreyOrange’s fulfillment platform enables retailers to process high-volume e-commerce orders 7x faster and with 50% less physical effort.

In a sign of GreyOrange’s market leadership, Walmart recently announced a new high-tech sortable fulfillment center in Rocky View County, Alberta.

The modern facility will be powered by state-of-the-art logistics technology to achieve productivity gains with less physical effort.

For the first time at Walmart, GreyOrange’s innovative robotic technology will be used at the fulfillment center.

This platform will speed up order fulfillment using an advanced operating system that will help associates store, select and sort items using smart and flexible storage capabilities to manage a large and wide variety of inventory.

The result is a faster, easier and more efficient order fulfillment process.

GreyOrange will also use some of the debt funding provided by BlackRock-managed funds and accounts to invest in growing its workforce in key areas, creating 300 jobs across customer success, sales, marketing, product teams. and engineering, with a particular focus on roles that deliver exceptional customer experiences.