OTTO Motors Secures $29 Million for Further Expansion

OTTO Motors Secures _29 Million for Further Expansion

OTTO Motors has raised $29 million in Series C funding from Kensington Private Equity Fund with participation from BMO Capital Partners and other investors. The autonomous mobile robots (AMR) said it would use the newly raised capital to expand its global network of delivery partners and speed up its product roadmap for enterprise customers and focus on its autonomous technology.
More than 70% of the AMRs installed by OTTO are in Fortune Global 500 companies, including GE, Toyota, and Nestle, among others. They are used to handle materials within warehouses and factories.

Source: Techcrunch