Warehouse and retail automation company has raised $135 million in the first tranche of its extended Series D round of funding led by New York based growth investor, Anthelion Capital (previously known as Cowen Sustainable Investments), in a mixed debt and equity round.
Returning investors Mithril Capital Management backed by Peter Thiel, 3State Ventures, and Blume Ventures also participated in the round. The company had previously raised $110 million in a growth financing round in May 2022.
According to market research platform Tracxn, GreyOrange was valued at $500 million in April 2021.
The company will utilise the capital to accelerate technology hiring, global expansion, and support the adoption of GreyOrange’s fulfillment orchestration platform across warehouses, distribution centres, and retail stores.
Founded in 2011 by Samay Kohli and Akash Gupta, GreyOrange started with mechanical bots for warehouse functions for retail companies. Since 2022, GreyOrange has moved to a software-first approach with the deployment of its GreyMatter software which uses machine learning for efficient movement of inventory across warehouses, distribution centres and retail stores as well as its mobile-first SaaS app, gStore for in-store inventory management.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognise that keeping the needs of our customers at the centre of our product and solution roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta, Co-founder and CEO, GreyOrange in a statement issued by the company. He added, “This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market.”
Gupta was elevated to the role of CEO from CTO in April 2023 in a restructuring of the company’s leadership team. The position of CEO was previously held by Kohli who has since moved to an advisory role.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimises how retailers move their goods across their entire supply chain,” said Vusal Najafov, Co-founder, Anthelion Capital. He added, “Their capability to improve operational efficiency in various settings and their innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round.”
Edited by Megha Reddy
