German robotics company Magazino has raised €21m (£19m) to expand its software platform for intelligent robots.
Magazino’s Acros.AI software stack can be used with third-party hardware. According to the company, it would use the funds to develop Acros.AI and its international sales activities.
Furthermore, Magazino has agreed a partnership with forklift manufacturer Jungheinrich to combine both company’s expertise in the field of mobile automation.
Dr Lars Brzoska, chairman of the board of management of Jungheinrich, said: “Magazino is a highly innovative young company that has outstanding skills in the area of navigation and control software for mobile automation.
“This investment follows our strategy in the field of automation and will make a significant contribution to the accelerated expansion of our business with automated trucks.”
Magazino has predicted double-digit growth rates in automation and the intralogistics sector following persistently strong growth in online trade and the global shortage in logistics specialists, particularly forklift operators.
Frederik Brantner, CEO and co-founder of Magazino, said: “Jungheinrich’s investment in Magazino demonstrates the high market demand for our robotics software ACROS.AI and our robots. With it, Magazino will take on a central role in software in the rapidly growing market for mobile robotics.”
The European Investment Bank is also providing Magazino with financing of up to €12m (£10.8m) as part of its investment strategy to strengthen the sustainability and competitiveness of the European economy.