Swiss warehouse and logistics drone services company Verity has gotten a boost in its international scaling ambitions with a new financial infusion increasing its earlier $32 million Series B funding round by nearly 30%.
Within the past year, Verity has been luring a growing number of international logistics clients with its automated drone warehouse inventory and management system. As a result, the company has stepped up its scaling efforts to meet rising current and future customer demand, including organizing a Series B financing round that raised $32 million last March.
This month the Zurich-based startup said it had added an additional $11 million to that figure.
The earlier stake had been largely underwritten by the parent company and venture capital arm of shipping giant Maersk.
Read more: Verity’s warehouse inventory drones get millions from shipping client Maersk’s VC arm
In revealing the additional backing this month of its drone warehouse services business, Verity said new investor Exor Ventures – representing companies Ferrari, Juventus FC, and The Economist – joined existing supporters Fontinalis Partners, Airbus Ventures, Sony Innovation Fund, ROBO Global Ventures.
Verity’s automated drone inventory solution is already in use at around 30 warehouse and stockpiling sites in 13 countries. It added 16 Ikea stores across Europe to that list last March.
The company says its UAV platform provides a faster, more accurate, and safer means for companies to keep track of warehouse volumes than habitual manual scanning performed out by workers on elevated platforms.
Verity’s automated drone fleets are typically operated at nights or on weekends, when warehouse traffic is reduced. They rotate between scanning barcodes – which are fed into the client company’s digital accounting system to detect omissions or repetitions – and returning to docks for recharging stints.
Verity CEO Raffaello D’Andrea said rising demand for the startup’s automated drone services is driven in large part by warehouse owners seeking to resolve problems from labor shortages, diminishing productivity, inventory errors, and waste.
The arrival of additional investors to the Series B round pool, he noted, is a reflection of investor belief a far larger potential market awaits the company.
“We are thrilled to welcome Qualcomm Ventures as a new investor in Verity,” said D’Andrea. “Their clear vision of supply chain transformation is perfectly aligned with Verity’s mission. Their extensive expertise and global resources make them an ideal partner as we continue to innovate and scale our autonomous inventory management solution.”
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