Dive Brief:
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New York City-based hedge fund Tiger Global has led a $30 million investment in GreyOrange, a Singapore-based robotics firm specializing in e-commerce logistics.
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GreyOrange employs robots for super-efficient warehouse fulfillment and package sorting.
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GreyOrange says it will use its Series B funding to continue its research and development, hire more executives, and expand internationally, especially in its target markets in Asia, the Middle East, and Europe.
Dive Insight:
This is another vote for robotics in logistics by Tiger Global, which is the sweet spot for robotics in retail, according to David Lloyd, president of virtual agent software firm IntelliResponse.
While many retailers, like Lowes and Bloomingdale’s are trying out robots that interact with customers, giving advice from the store floor or at the dressing rooms, Lloyd told Retail Dive that those kinds of connections may be best left to what he calls “a shard of glass that everyone’s carrying around, called a mobile device.”
And while robots, ala the movie Minority Report, may seem enticing, their strong suit may be in speedy and efficient sorting and packaging, behind the scenes and away from customers—but, nevertheless, an important factor in customer satisfaction.