Phinxt Robotics, a London-based provider of web-enabled robotic automation solutions for warehouses, has raised £608,000 in a recent funding round.
Some of the investors included Ventures Together, Fuel Ventures, APX, Atlas Ventures, Prequel Ventures and Alma Angels, as well as the founder of autonomous mobility startup Wayve, Amar Shah.
The company’s mobile robotic solutions are designed for a range of warehousing applications, including picking, packing, sorting and material handling processes.
The pre-seed round, which is the earliest stage of the capital funding process, was reportedly oversubscribed.
Phinxt Robotics suggests that less than 10% of warehouses are capable of introducing robot automation due to barriers such as high costs, the complexity of implementation and lead times.
“Robotics automation has become a must for businesses that want to stay competitive in the logistics and manufacturing industries, however, it is still something that only large companies are able to afford,” said Yanwen Chen, co-founder and CEO of Phinxt Robotics.
“We are changing that and, thanks to our tech, we plan to bring the advantages of robotics automation to many SMEs across Europe in the next couple of years.”
The warehouse automation company was founded in April 2022 by Yanwen Chen, who has two PhDs in computer science, and Quirino Zagarese, who has a PhD in software engineering.