Third Wave Automation, Inc. has announced the closing of its Series B financing, a $40M round led by Norwest Venture Partners including participation from prior investors Innovation Endeavors and Eclipse, along with Toyota Ventures. The additional funds will accelerate growth and commercialization efforts. As a part of the announcement, Matt Howard, General Partner at Norwest Venture Partners, will join Third Wave’s board of directors.
“I’ve been tracking Arshan and the team at Third Wave for some time and have been consistently impressed,” said Howard. “When I last visited the Third Wave facility and saw its forklifts easily completing picks and places my jaw dropped, and I knew Norwest needed to be a part of this journey. We are thrilled to support the Third Wave team as they fundamentally alter the warehouse and material handling industry.”
“While we weren’t actively raising, having the opportunity to bring Norwest and Matt’s expertise into our orbit was too good to pass up,” said Arshan Poursohi, CEO of Third Wave. “This extra capital will allow us to accelerate hiring and speed our path to the commercial market following our recent successful technical trials. We are now in active conversations with the top 20 3PL’s and retailers in the industry. There is a real need for our technology and we are eager to meet that need.”
“Third Wave’s machine learning first approach to industrial automation has enabled them to develop a solution that has previously been unavailable to the global supply chain,” added Seth Winterroth, who led Third Wave’s seed funding for Eclipse. “Since our initial investment in 2018, the team has executed tirelessly to build a product that arms their customers with the operational efficiency and resiliency needed in today’s heavily burdened supply chains. With this funding, Third Wave is poised to become the most significant industrial automation company of the modern era.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.