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2020-06-06

$29 M is raised to supply autonomous robots to OTTO Motors.

Image:-OTTO motors

With a new investment of $29 million of finance, OTTO Motors is preparing to expand. The Series C funding round, which was announced this week, was chaired by the Private Equity Fund of Kensington with participation by the Bank of Montreal Capital Partners, Export Development Canada (EDC). To date, 83 million dollars have been raised from the company.

The autonomous mobile platform or AMRs of OTTO Motors are used in warehouses and factories to handle materials. According to Rendall, the COVID-19 pandemic and company needs for improving work safety will only accelerate the trend towards robots, and these robots that were once considered a luxury. They are now a necessity.

Robots are often regarded as job killers in manufacturing and, more broadly, automation. But Rendall argues that AMRs help fill the roles currently vacant and enable people to take over the higher qualified and paid jobs.

Rendall said in a recent interview that one of its clients shut down its whole wing because they simply can't get a person. "We tend to see more situations where the operation is at its peak output and not at peak performance because the people are just not able to find them.

The factories are often close to smaller cities or large communities with a limited labor pool, which can be exacerbated by Amazon's launching of a nearby facility.

"There is a type of vacuum which takes skilled talents from the well-established production base or warehouse," he said.

A study conducted in 2018 by Deloitte and the Manufacturing Institute predicts that between 2018 and 2028 a skill gap in the United States would leave 2,4 million positions unfilled. In other countries, OTTO Motors now focuses on skill gaps, including Japan, where the aging population is greater than the younger generation. In fact, even China has a nationwide robotic strategy now, which has historically been viewed as a place with an expanding labor force.

In order to help producers outsource low-value jobs to robots, the company has developed its AMRs. "Walking from points A to B is one of the least valuable thing that you have to pay for your people," said Rendall. "If you are stuck with skill, you want this team to concentrate on what is like mounting an automobile at point A or point B. To walk to a warehouse with a part can be used out of a machine."

The initial client base of OTTO Motors has grown from the car and transport sectors. Six of the 10 OEMs are now available. But Rendall also says that the medical devices and healthcare industry have been successful.

As essential companies in the food , beverage and medical devices industries are trying to lessen the disease-related risk, COVID-19 has stimulated demand. Rendall said.

Article Edited by | Jhon H |

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