Robotics startup Instock, backed by One Way Ventures, receives funding from the Amazon Industrial Innovation Fund
The customer fulfillment robotics startup Instock Inc. is one of the investments made by the Amazon Industrial Innovation Fund, it was announced this week.
Amazon led a $3.2 million funding round in which OneWay Ventures, Lux Capital, Commerce VC, u.ventures, Cybernetix Ventures, and other investors participated.
With the additional funding, the robotics startup will be able to use gravity-defying robots to further democratize the automation of storage and retrieval systems (ASRS). The robotics-as-a-service (RaaS) model from Instock provides a more efficient and economical approach to improve operations through high-performance automation.
Its mobile robots are autonomous and can drive to retrieve bins and present them to operators who are picking and packing orders. Its modular racking is also flexible, able to be built to any height of a building.
Said Semyon Dukach, Founding Partner of One Way Ventures, “The technology that Instock has built can have a material impact on the future of eCommerce fulfillment. We are excited by the unprecedented speed and efficiency Instock can bring to fulfillment operations across the country.”
Added Franziska Bossart, the Head of the Amazon Industrial Innovation Fund, “There is a growing need for highly automated, space-efficient buildings in logistics.”
“Instock’s ASRS capabilities have the potential to improve the number of shipments per day and storage density in space constrained environments – all of which can enable faster delivery to customers and lower costs,” said the investor.
The company plans to introduce its first production system in North America in January of next year. Founded in 2020, Instock provides e-commerce fulfillment that defies gravity.