Author: Neuralnexus

Yesterday, Amazon announced that Agility Robotics is one of the five initial startups benefitting from the company’s $1 billion innovation fund. If I had to guess, I’d say that meant the retail giant was eyeing the Oregon State University spinoff as a potential addition to its warehouse robotics arsenal.

Agility’s Go-to-Market Strategy

After all, logistics has become an increasingly important piece of Agility’s go-to-market strategy for its bipedal Digit robot, while Amazon’s hundreds of thousands of robots are a big part of how it manages to turn around package deliveries so quickly.

The New Investment

This morning, however, the company raised a massive $150 million Series B, including funds from the aforementioned Amazon Industrial Innovation Fund. This time out, however, it was DCVC and Playground Global leading the way for the investment.

"’Agility is set to make a powerful impact, developing and shipping robots that are built to co-exist seamlessly in our lives,’ Playgound’s Bruce Leak said in a release. ‘Since Agility’s earliest days, we’ve believed their unique technical approach stands alone in being able to deliver on the promise of practical everyday robots.’"

Agility’s History

Born out of bipedal locomotion work on a research robot named Cassie, Agility has continued to impress investors along the way, including names like the Sony Innovation Fund. Ford also famously announced plans to utilize Digit as part of a last-mile delivery strategy, though Agility’s more recent focus has shifted to unpacking trucks and moving boxes around warehouses — a need that has only accelerated during the pandemic.

"Unprecedented consumer and corporate demand have created an extraordinary need for robots to support people in the workplace,’ says CEO Damion Shelton. ‘With this investment, Agility can ramp up the delivery of robots to fill roles where there’s an unmet need.’"

The Funding

The round brings Agility’s funding to $180 million to date. That includes a $20.25 million Series A and an $8 million seed two years prior. This is, of course, the large round by a wide margin.

In recent conversations I had with Leak and Agility CTO Jonathan Hurst, both parties pointed out how much the robotics startup has been able to accomplish with a small team and tight margins, delivering Cassie to customers way back in 2018.

The Future of Robotics

This big raise will go toward expanding its operations considerably as it scales to market. In addition to its Oregon and Bay Area offices, it has opened operations in Pittsburgh — no doubt with plans to draw on CMU and the city’s history in robotics and autonomy. All told, Agility is planning to double its headcount by 2024.

Agility Robotics: The Future of Warehouse Automation

With this investment, Agility will be able to focus on scaling up its operations to meet the increasing demand for warehouse automation solutions. As more companies look to automate their supply chains and logistics, Agility’s technology is poised to play a key role in shaping the future of retail.

The Role of AI in Warehouse Automation

As we move forward with warehouse automation, AI will play an increasingly important role in optimizing logistics and streamlining operations. With its focus on developing practical everyday robots, Agility is well-positioned to capitalize on this trend.

A Conversation with Agility’s CEO

In a recent conversation with TechCrunch, Agility’s CEO Damion Shelton emphasized the importance of meeting the needs of customers in the workplace. "We’re not just building robots," he said. "We’re building solutions that can help companies streamline their operations and improve productivity."

The Impact of Warehouse Automation on the Job Market

As we move forward with warehouse automation, there is a growing concern about the impact it may have on the job market. However, Agility’s CEO believes that automation will actually create new opportunities for workers in logistics and supply chain management.

"Automation will free up human workers from repetitive tasks, allowing them to focus on more complex and strategic work," Shelton said. "We’re not replacing people; we’re augmenting their abilities with technology."

The Future of Warehouse Automation: Trends to Watch

As we move forward with warehouse automation, there are several trends that will shape the industry in the coming years. Some of these include:

• Increased focus on AI and machine learning: As companies look to optimize their logistics operations, they will need to leverage AI and machine learning to streamline processes and improve efficiency.
• Growing demand for flexible and adaptable robots: With the increasing complexity of supply chains, companies will need robots that can adapt to changing circumstances and requirements.
• Rise of collaborative robotics: Collaborative robotics is an emerging trend in warehouse automation, where robots work alongside human workers to optimize operations.

Conclusion

Agility Robotics’ $150 million Series B funding round is a significant milestone for the company as it continues to shape the future of warehouse automation. With its focus on practical everyday robots and AI-driven logistics solutions, Agility is well-positioned to capitalize on the growing demand for warehouse automation technologies.

As we move forward with warehouse automation, there are several trends that will shape the industry in the coming years. From increased focus on AI and machine learning to growing demand for flexible and adaptable robots, these trends will have a significant impact on the job market and supply chain management.

This article appears to be the "Robotics Roundup" section of TechCrunch’s newsletter. It discusses recent developments and funding news in the robotics industry.

Here are some key points mentioned in the article:

1. Alphabet/Google: The article notes that Google is developing its own robotics and AI capabilities, which may pay off in the future.
2. Boston Dynamics: There is no mention of Boston Dynamics specifically, but the article mentions Hyundai’s acquisition of the company earlier this year.
3. Xiaomi: Xiaomi’s robotics efforts are considered a question mark, with the company only having success with robotic vacuums so far.
4. Clear Robotics and Mobot: The article reports on recent funding news for Clear Robotics, which has developed a waste-sorting robot called TrashBot, and Mobot, a startup that creates robots to test apps for issues.

Some of the other robotics-related companies mentioned in the article include:

1. Actuator: A company not specifically discussed in the article but mentioned as someone’s Actuator being another person’s treasure.
2. Applitools and Test.ai: Companies that leverage existing emulated testing frameworks to automate testing for mobile apps.

Overall, the article provides a snapshot of recent developments and funding news in the robotics industry.

In Brief
Posted: 9:46 AM PST · January 4, 2025

NYC Congestion Pricing Takes Effect with Lyft Credit for Riders

The highly anticipated New York City congestion pricing program is set to take effect on Sunday, but with a twist. For the entire month of January, Lyft has announced that it will be crediting its passengers who pay the congestion fee.

Background on NYC’s Congestion Pricing Program

New York City’s congestion pricing program aims to reduce traffic in lower Manhattan and generate revenue for mass transit. However, the initiative has been met with controversy and delays since its inception. In June 2023, Governor Kathy Hochul paused the program due to concerns over its implementation. After a series of revisions, the program was eventually reinstated at a reduced price.

How Congestion Pricing Works in NYC

Under the new program, there are different prices for vehicles based on their size and the time of day they travel through Manhattan below 60th Street. For regular cars, the congestion fee will be $9 during daytime hours (7am to 8pm). Ride-hailing services like Uber and Lyft will pay a lower fee of $1.50 per ride.

Lyft’s Credit for Congestion Fee

While passengers will be charged the full congestion fee, Lyft has stepped in to offer a credit that can be applied to future rides or Citi Bike usage. The credit is intended as a "small gesture" to help riders adjust to the new expense. For every $1.50 paid by passengers, they will receive a corresponding credit of $1.50 that can be used on Lyft or Citi Bike for the following week.

Additional Fee on Top of Congestion Pricing

It’s worth noting that the congestion fee is in addition to an existing $2.75 congestion fee for rides that begin, end, or pass through Manhattan below 96th Street. This means that passengers will need to pay a total of $12.75 ($9 congestion fee + $3.75 Lyft fee) during daytime hours.

Reaction from Lyft

Lyft’s decision to offer a credit is seen as an effort to alleviate the financial burden on its riders. The company stated, "We’re committed to helping our passengers navigate these changes and ensuring that the cost of riding with us remains affordable." While the credit may provide some relief, it’s unclear how long-term solutions will be implemented to address the increased costs associated with congestion pricing.

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In a surprising move, Xalts, a Singapore-based fintech startup founded just 18 months ago, has acquired Contour Network, a digital trade platform established by eight major banks including HSBC, Standard Chartered, and BNP. The terms of the deal were not disclosed, but it is reported to be in the high single millions, comprised of both cash and stock.

Background on Xalts and Contour Network

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, who previously held senior executive positions at HSBC and Meta, respectively. Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based applications. Contour Network, on the other hand, was started in 2017 by a consortium of eight banks with the goal of digitizing trade.

The Deal

According to sources, the acquisition price was undisclosed but is believed to be in the high single millions. The deal will see Xalts integrate Contour’s platform into its own, creating a rail connecting banks, corporations, and other institutions. This integration will enable Xalts’ clients not only to build applications but also connect with each other securely and compliantly.

The Future of Trade Finance

Global trade is expected to reach $30 trillion by 2030, but traders still face significant friction in their transactions. Information is often exchanged manually between importers, exporters, banks, logistics companies, and customs, resulting in lengthy processing times. Xalts aims to address this issue by enabling banks and logistics companies to offer embedded trade and supply chain apps on a single platform to their customers.

The Growth Potential of Xalts

Kaur notes that the company’s biggest growth area is enabling banks to be more connected with corporate customers, offering B2B finance solutions, including trade finance and lending. An example she gives is a global fast-fashion conglomerate with vendors in Vietnam and Bangladesh. Even if the conglomerate’s bank isn’t present in those countries, it can help vendors access financing through a one-click solution on its internal vendor portfolio using Xalts to build integrated apps.

Why This Acquisition Matters

The acquisition of Contour Network by Xalts is significant for several reasons:

• Integration of platforms: The deal will see the integration of Contour’s platform into Xalts’, creating a seamless experience for clients.
• Increased efficiency: By enabling banks and logistics companies to offer embedded trade and supply chain apps, Xalts aims to reduce processing times and increase efficiency in global trade finance.
• Enhanced connectivity: The acquisition will enable Xalts’ clients to connect with each other securely and compliantly.

Conclusion

The acquisition of Contour Network by Xalts marks a significant milestone for the fintech industry. By integrating platforms, increasing efficiency, and enhancing connectivity, Xalts aims to revolutionize global trade finance. As the company continues to grow and expand its services, it will be interesting to see how this deal impacts the industry as a whole.

About Xalts

Xalts is a Singapore-based fintech startup founded in 2022 by Ashutosh Goel and Supreet Kaur. Backed by Accel and Citi Ventures, the company enables financial institutions to build and manage blockchain-based applications. With its innovative approach to global trade finance, Xalts is poised to make a significant impact on the industry.

About Contour Network

Contour Network was established in 2017 by a consortium of eight banks with the goal of digitizing trade. With its platform currently used by 22 banks and over 100 global businesses, including Tata Group, Rio Tinto, and SAIC, Contour is a leading player in the digital trade finance space.

Sources

• TechCrunch: "Xalts Acquires Contour Network to Digitize Global Trade"
• Xalts: "Introducing Xalts: Revolutionizing Global Trade Finance"

Related Topics

• Fintech: The intersection of finance and technology, enabling innovative solutions for financial institutions and customers.
• Blockchain: A decentralized ledger technology that enables secure and transparent transactions.
• Digital trade finance: The use of digital platforms to facilitate global trade and commerce.