Amid layoffs, Pittsburgh robotics company Seegrid has raised $30 million
Amid reported layoffs, Pittsburgh-based autonomous mobile robotics company Gate raised $30 million out of a planned round of $75 million.
New funding will be used for product development, CEO says Jim Rock Told Technically by email. Rock said Seegrid’s investors for this round so far were his “top current investors” – giant eaglethe majority shareholder of the company, and G2VPthe Silicon Valley VC who ran Seegrid’s Series B.
The funding comes at the same time that Seegrid has laid off around 90 employees, while reported earlier this week and confirmed by Rock on Friday afternoon.
“Seegrid has reduced its workforce by approximately 90 positions across all departments,” Rock said. “While regrettable, this decision was made in light of the global economic downturn and to better position Seegrid, the market leader in mobile robots, for long-term growth. Investors, the board and the management team continue to have confidence in the company’s vision, team and growth opportunities. »
Seegrid, which has offices near the Pittsburgh International Airport, is not the only one to make cuts. Amid an economic downturn, Technical.ly reported layoffs at other venture capital-backed companies, including another Pittsburgh robotics company. AI Argo, which laid off 150 employees at the start of the summer. So far in 2022, at least 32,000 technicians were fired by Crunchbase.
Rock did not comment on Seegrid’s current number of employees, or whether the company plans to go public in the future. Seegrid had 280 employees at the time of its October 2020 acquisition of Philly’s Robotic Box.
In the spring of 2022, Seegrid ranked among the top five most innovative robotics companies in the world, according to fast company. The publication cited Seegrid’s introduction of a robot rental business model as the main reason for its high ranking.