Pickommerce Secures $3.4M Investment to Advance Innovative Robotic Piece-Picking Technology

Rhea-AI Summary

Pickommerce, a warehouse automation innovator, has secured $3.4 million in funding to advance its PickoBot piece-picking robot technology. The investment round was led by IL Ventures and included InNegev, Fusion VC, Israel Innovation Authority, and ZIM Ventures (NYSE: ZIM). PickoBot aims to fill the gap in fully autonomous warehouse workflows by providing a superior solution for various industries.

The technology utilizes advanced computer vision and machine learning to enable safe and intelligent packaging of objects with different sizes, weights, and textures. PickoBot features multiple gripping methods and an AI-driven decision-making algorithm to select the optimal gripper for each item. A recent installation at Havivian Farm showcases the adaptability and precision of Pickommerce's technology in handling fresh produce.

Positive

• Secured $3.4 million in funding for technology development and marketing
• Addressing a growing market projected to reach $9 billion by 2029 (CAGR 53.4%)
• Innovative PickoBot technology fills a critical gap in warehouse automation
• Multiple gripping methods and AI-driven decision-making algorithm enhance versatility
• Successfully installed at Havivian Farm, demonstrating adaptability to fresh produce handling

Negative

• None.

Insights

Financial Analyst

Pickommerce's $3.4 million funding round is a significant milestone for the company's growth trajectory. The investment, led by IL Ventures and including strategic investors like ZIM Ventures, signals strong market confidence in their robotic piece-picking technology. With the warehouse automation market projected to grow at a CAGR of 53.4% to reach $9 billion by 2029, Pickommerce is well-positioned to capitalize on this expanding opportunity.

The company's PickoBot addresses a critical gap in warehouse automation, potentially reducing labor costs and improving efficiency. This could lead to increased profit margins for Pickommerce and its clients. However, investors should note that the company is likely still in its early stages and profitability may take time to achieve. The strategic partnership with ZIM Integrated Shipping Services (NYSE: ZIM) could provide valuable industry connections and potential for future collaborations.

Tech Expert

Pickommerce's PickoBot represents a significant technological advancement in warehouse automation. The integration of multiple gripping methods, including vacuum, finger-based and patented adhesive-based grippers, sets it apart from competitors. The AI-driven decision-making algorithm for optimal gripper selection demonstrates a sophisticated approach to handling diverse objects.

The system's ability to adapt to various industries, from apparel to fresh produce, showcases its versatility and potential market reach. The successful implementation at Havivian Farm, handling delicate organic produce, is a strong proof of concept. However, as with any emerging technology, scalability and long-term reliability will be important factors to monitor. The company's focus on patent-protected technologies could provide a competitive edge, but the fast-paced nature of the tech industry means continuous innovation will be essential to maintain market leadership.

Market Research Analyst

The piece-picking robot market is ripe for disruption, given the global shortage of warehouse workers and the increasing demand for automation. Pickommerce's timing is opportune, aligning with the projected 53.4% CAGR in the warehouse automation market. The company's focus on the "Pick and Pack" step, which has remained largely manual even in advanced warehouses, addresses a critical industry pain point.

The diverse investor base, including industry-specific funds and a strategic investor from the shipping sector, suggests a well-rounded support system for growth. Pickommerce's ability to serve multiple industries (apparel, retail, e-commerce, pharmaceutical, agricultural) indicates a broad addressable market. However, competition in this space is likely to intensify as the market grows. Pickommerce will need to leverage its technological advantages and patent protections to maintain a competitive edge and capture market share in this rapidly evolving sector.

Announces New Installation of PickoBot™, Poised to Disrupt Autonomous Warehousing Ecosystem with Increased Efficiency and Reduced Costs

PETAH TIKVA, Israel, Sept. 17, 2024 /PRNewswire/ -- Pickommerce, a warehouse automation innovator, announced today it has secured $3.4 million in funding to advance the development, production and marketing of its innovative PickoBot piece-picking robot. Pickommerce's technology is poised to disrupt the warehouse automation market, which is projected to grow at a CAGR of 53.4% and reach nearly $9 billion by 2029, according to research firm Mordor Intelligence. The funding round was led by IL Ventures, a fund focused on disruptive technologies for legacy industries, and includes InNegev, Fusion VC, the Israel Innovation Authority and strategic investor ZIM Ventures, the corporate venture arm of maritime shipping company ZIM Integrated Shipping Services Ltd (NYSE: ZIM).

Today's logistics warehouses are increasingly automated, with processes like crate collection and package unloading now predominantly handled by robots. However, the final "Pick and Pack" step largely relies on human pickers, even in the most advanced warehouses. This presents a significant challenge, as there is a global shortage of tens of millions of workers in these roles. To fill this void, piece-picking robots are quickly becoming a critical component of the modern automated warehouse. They increase efficiency by picking and placing inventory for a wide range of items, reducing labor needs for repetitive tasks while improving performance and decreasing errors.

With PickoBot, Pickommerce has delivered the missing link in achieving a fully autonomous warehouse workflow, providing a superior solution for various industries such as apparel, retail (consumer goods, food, DIY, electrical, etc.), e-commerce, pharmaceutical, agricultural and spare parts. PickoBot utilizes an advanced computer vision system powered by machine learning that enables the safe and intelligent packaging of objects of different sizes, weights and textures. It features multiple gripping methods in a single station, including vacuum, finger-based, and patented adhesive-based grippers. An AI-driven decision-making algorithm selects the optimal gripper and grasp configuration for each item. Pickommerce's patent-protected technologies significantly increase the variety of products that can be handled by robots in logistics, as well as the level of autonomy those robots possess.

IL Ventures' Managing Partner Yoni Heilbronn said, "Pickommerce is disrupting the logistics industry by delivering advanced solutions that streamline automation operations, significantly enhancing their overall efficiency. In an industry where manual picking still overwhelmingly dominates the process, this solution is poised to redefine standards and drive a new era that's more agile, responsive, and cost-effective. Booming demand for Pickommerce's technology shows that the company's solutions cater to an urgent and essential market need."

Pickommerce's recent installation at Havivian Farm, one of the largest organic farms in Israel, showcases the adaptability and precision—or in this case, gentle touch—of Pickommerce's intelligent gripping technology. This organic farming enterprise turned to Pickommerce to reduce operational costs by automating their high-volume fresh produce packing line. Unlike competitive solutions, PickoBot is proficient at adapting to and handling the complexities of picking and packing fresh produce at a rapid pace. This capability is valuable for any supermarket that accepts online orders.

"At Havivian Farms, quality is at the core of everything we do. From planting seeds in the soil to harvesting our crops, we are committed to ensuring our customers receive the freshest, highest-quality goods," said Boaz Havivian, Owner of Havivian Farms. "Pickommerce has been integral to this process. Their PicoBot enables us to efficiently handle and pack our produce for shipment, ensuring it reaches customers in perfect condition."

"We appreciate the commitment from our investors, customers and partners, and we are seeing significant market demand for PickoBot," remarked Kfir Nissim, Co-Founder and CEO of Pickommerce. "We are pushing the boundaries of the industry by offering unmatched flexibility with the PickoBot's diverse gripping abilities. This is achieved through the seamless integration of advanced computer vision, a highly optimized packing algorithm, and AI-powered decision-making."

About Pickommerce

Pickommerce AI Robotics is transforming logistics with its fully autonomous pick-and-pack station, addressing the industry-wide shortage of human pickers in warehouses and logistics operations. Leveraging advanced computer vision, AI, and patented robotic grippers, the company excels in both traditional and automated warehouse settings, enhancing operational efficiency and accuracy. Built on extensive academic research in robotic grasping, the technology seamlessly integrates with existing automation, setting new benchmarks in warehouse operations, lowering costs, and reducing reliance on manual labor. Visit www.pickommerce.com for more information.    

About IL Ventures

IL Ventures invests in disruptive yet tangible technologies that offer deep, actionable insights which drive better business decisions. The fund combines capital with incredibly deep operational experience and an unparalleled global network that helps founders rapidly scale and go global. Backed by top-tier global investors and partners, its team of company builders and industry executives is poised to unlock the full potential Israel's most promising startups. For further information visit www.il-ventures.com.

About ZIM Ventures

ZIM Ventures is the technology-focused investment arm of ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), aimed at creating growth engines by investing in companies that bring disruptive technologies to the shipping industry and broader supply chain and logistics related sectors, as well sustainability related technologies. ZIM Ventures portfolio companies benefit from ZIM's established market position and thereby gain the opportunity to accelerate the development and deployment of their products and solutions.

Founded in Israel in 1945, ZIM is a leading global container shipping company, operating in over 90 countries and across more than 300 ports worldwide. ZIM is recognized for advancing innovation and digitalization in the shipping industry and for leveraging technology to enhance operational and commercial excellence. Additional information about ZIM ventures is available at ZIM Ventures. 

About InNegev

InNegev is a technology incubator focused on fostering Israeli innovation in deep tech and climate tech, and contributing to the development of the Negev region. It is a collaborative initiative between leading industrial, academic, and financial institutions. InNegev supports early-stage startups by providing resources, mentorship, and connections to facilitate the development of cutting-edge technologies. Pickommerce, a company incubated by InNegev, has leveraged this support to achieve significant growth and secured a successful funding round. For further information visit www.innegev.com.

Contact:

Shira Harari, Marketing Manager, Pickommerce
Email: shira_harari@pickommerce.com
Phone: +9725236148090

View original content:https://www.prnewswire.com/news-releases/pickommerce-secures-3-4m-investment-to-advance-innovative-robotic-piece-picking-technology-302250052.html

SOURCE Pickommerce

FAQ

How much funding did Pickommerce secure for its PickoBot technology?

Pickommerce secured $3.4 million in funding to advance the development, production, and marketing of its PickoBot piece-picking robot technology.

Who led the funding round for Pickommerce?

The funding round was led by IL Ventures, a fund focused on disruptive technologies for legacy industries.

What is the projected growth of the warehouse automation market according to Mordor Intelligence?

According to Mordor Intelligence, the warehouse automation market is projected to grow at a CAGR of 53.4% and reach nearly $9 billion by 2029.

What unique features does Pickommerce's PickoBot offer?

PickoBot utilizes advanced computer vision, machine learning, multiple gripping methods (vacuum, finger-based, and patented adhesive-based), and an AI-driven decision-making algorithm to handle objects of different sizes, weights, and textures.

Where has Pickommerce recently installed its PickoBot technology?

Pickommerce recently installed its PickoBot technology at Havivian Farm, one of the largest organic farms in Israel, to automate their high-volume fresh produce packing line.