Avidbots snaps $70M funding to roll out autonomous robots for commercial cleaning
Avidbots based in Ontario has snapped $70 million in Series C funding. The financing round was led by Jeneration Capital along with strong participation from existing investors True Ventures, Next 47, SOSV, GGV Capital (which backed a Mexican fintech unicorn Stori), BDC Capital, Golden Ventures, and Kensington Capital Partners.
In addition, BMO Capital Partners, Golden Vision Capital, and Nicola Wealth participated in the round. With this round, the total funding raised by Avidbots accounts for over $107 million.
“This is a special milestone in our company’s development. A special thank you to all our customers around the world as well as Avidbotters past and present for their tireless efforts to help us get here,” said Faizan Sheikh, Avidbots CEO and co-founder.
“We are very excited about the future as this financing allows us to accelerate our timelines for bringing new products to market as well as continuously improve our autonomous driving software and service for existing customers to deliver an even better experience and greater value.”
“We are excited to partner with Avidbots as they continue to deliver best-in-class robotic solutions to meet the industry demand for automation in the commercial cleaning marketplace,” said Tony Zhang, partner at Jeneration Capital.
“Our investment solidifies the confidence we have in robotics players that deliver strong value-add solutions that lessen employee workload and fatigue levels from laborious work. As a result, employees can focus on higher-value activities across the organisation.”