Third Wave Automation Closes Series B with $40 mln Investment led by Norwest Venture Partners

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on August 7, 2021

Third Wave Automation is an industrial automation solutions company founded in 2018. Third Wave is headquartered in Union City, California and is a leader in automated material handling technology.

Recently, Third Wave concluded a Series B funding round with a $40 million raised. The round was led by Norwest Venture Partners.

By leveraging shared autonomy, the company’s technology delivers improved efficiency and throughput, which ushers in a breakthrough in the fields of machine learning, computer vision, and robotics.

In addition, there are other investors such as Innovation Endeavors and Eclipse, along with Toyota Ventures. The total investment figure that Third Wave has raised up to this point is $59 million.

This funds will be used to focus on promoting growth and commercialization of its technology. Toyota Industries Corporation has become a strategic partner and jointly signed a commercial agreement with Third Wave.

Furthermore, General Partner of Norwest Venture Partners, Matt Howard will also be a member of Third Wave’s board of directors.

Howard expressed a positive view on Third Wave’s forklift efficiency and has looked forward to working and supporting the company, according to comments he made to the media.

Third Wave CEO Arshan Poursohi will accelerate staff expansion and meet the needs of the commercial market. The core of Third Wave’s unique technology platform is based on developing artificial intelligence and computer vision to approach automation.

The first product that the company put substantial effort into was a forklift, which opened an opportunity for Third Wave. Although the innovative potential of this product is limited, the market for this technology is expected to see further advancements in the near future.

The company provides technology solutions on a proprietary combination of adaptive automation, autonomy and continuous learning.

Eclipse is a technology investment company which is based in Palo Alto, California and was founded in 2015. The company, which has invested in Third Wave, believes that the company has successfully developed a machine learning approach to the supply chain.

With the support it has received, the company is likely to continue on its upward trajectory.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

Read more

More GD News