Vecna Robotics raises $14.5M and taps former Motional CEO to lead startup
Reading Time: 2 minutesKarl Iagnemma, an early pioneer in the autonomous vehicle industry who recently stepped down as president and CEO from Hyundai-backed Motional, is back in the AV and robotics game. Vecna Robotics, a Massachusetts-based startup that uses robots to handle materials in warehouses, has hired Iagnemma as CEO.
The robotics startup, which has developed autonomous pallet movers such as forklifts as well as software to help companies manage operations, also said Wednesday it has raised another $14.5 million in funding from existing investors. The startup said the funds will be used to accelerate its automation technology and improve its products for the automotive, general manufacturing, and high-volume warehousing industries. Vecna has raised $179 million to date.
Vecna, which is backed by Tiger Global Management, Proficio Capital Partners, Blackhorn Ventures, and Highland Capital Partners, to name a few, raised $50 million in 2020. Two years later, the company raised $65 million in a Series C round that was extended earlier this summer by $40 million in new funding, including equity and debt.
Iagnemma startled industry insiders in September when he left autonomous vehicle technology company Motional, which has been trying to commercialize a robotaxi service. The former CEO has had a long career in AVs, first in academia and later as a founder. Iagnemma directed the Robotic Mobility Group research laboratory at MIT for 10 years. During that time, he would meet Daniel Theobald, a fellow MIT alumnus and founder of Vecna Robotics.
Iagnemma and Emilio Frazzoli founded the startup NuTonomy in 2013. Four years later, it was acquired by Delphi — now known as Aptiv — for $450 million. When Hyundai and Aptiv formed a $4 billion joint venture in 2019 called Motional to commercialize autonomous vehicles, Iagnemma took the top leadership role.
Motional has made progress but faced an existential moment earlier this year when Aptiv — the other half of the joint venture — said it would no longer allocate capital toward the endeavor. Hyundai stepped forward and in May agreed to invest another $1 billion into Motional. However, there has been a restructuring that included laying off about 550 people, pausing commercial operations, and delaying plans to launch a robotaxi service with its next-gen Hyundai Ioniq 5 robotaxis until 2026.
Iagnemma said he still believes in what Motional is working toward. ‘I actually think Motional is in a good spot,’ he said. He acknowledged that while commercializing AV technology will still take some time, he thought Motional was poised to be a part of the burgeoning industry.
‘If anybody thinks there’s only one winner in the space, that’s crazy talk,’ he said.
Ref: techcrunch
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