McRock Fund II LP, the latest Industrial Internet of Things (IIoT) venture capital fund managed by McRock Capital, announced today that it has joined the previously announced Series C financing in Kitchener-based Clearpath Robotics (Clearpath). McRock’s US$5M participation increases the Series C round to USD$34 million. McRock joins Kensington Private Equity Fund, BMO Capital Partner, EDC, iNovia Capital and RRE Ventures. Whitney Rockley, Co-Founder & Managing Partner from McRock has joined Clearpath’s Board of Directors.
Clearpath and its OTTO Motors division, enable the world’s largest companies to create safer and more productive workplaces with autonomous mobile robots (AMR). This funding will be used to expand Clearpath’s global network of delivery partners and accelerate its product roadmap for enterprise customers with emphasis on its industry-leading autonomous technology.
“We are excited to welcome McRock as an investor and a partner in Clearpath given their strong focus and experience in industrial automation,” said Matthew Rendall, Clearpath Robotics CEO and Co-founder. “Their track record of scaling hardware and software businesses focused on large industrial markets attracted us to their team.”
“We have been following the exciting progress of Matt Rendall and the team at Clearpath for years,” said Whitney Rockley, co-founder of McRock Capital. “Not only are they a global leader in providing safety certified and rugged AMRs, but they have extremely broad and deep bench strength in autonomy and navigation, which is the future of transportation across a broad array of sectors.”
Over 70 per cent of Clearpath’s AMRs are installed in Fortune Global 500 companies, including GE, Toyota, Nestle, and Berry Global. Since the pandemic began, Clearpath has also seen a surge in demand from essential businesses responding to increased operational risks associated with COVID-19, including food, beverage and medical device manufacturing.
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