Autonomous indoor drone company Verity completed an additional USD 11 m investment in its Series B funding round. Qualcomm Ventures joined as investor. This extension completes the USD 32 m Series B round that was previously announced in March this year.
The Series B capital will enable Verity to scale the delivery of zero-error warehouses and predictable value across a supply chain industry that is increasingly turning to technology to improve crucial operational impediments - labor shortages, lost productivity, inventory errors, and waste. By combining fully autonomous drone technology with advanced data analytics, Verity enables clients to benefit from real-time visibility and precise control over their inventory, driving operational efficiencies, cost savings, and reductions in CO2 emissions.
With this latest capital raise, Qualcomm Ventures joins a distinguished group of backers including A.P. Moller Holding, Exor Ventures, the venture capital arm of Exor (Ferrari, Juventus FC, The Economist), as well as existing investors including Fontinalis Partners, Airbus Ventures, Sony Innovation Fund, ROBO Global Ventures and Verve Ventures.
“We are thrilled to welcome Qualcomm Ventures as a new investor in Verity”, said Verity Founder and CEO, Raffaello 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. We look forward to leveraging their insights and network.”
"The supply chain of the future is autonomous and automated," said Boaz Peer, Senior Director, Qualcomm Israel Ltd. and Managing Director of Qualcomm Ventures Israel and Europe. "Verity's self-flying drone technology and advanced warehouse inventory analytics are helping transform supply chains by enabling end-to-end, real-time visibility. We're excited to invest in Verity as it scales its operations internationally."
Verity has proven its capability to unlock this value with a fully reliable system that is asset-light and can be installed in one week. With installations across 13 countries, Verity is the market leader in deploying autonomous inventory management solutions, with industry leading clients spanning retailers, third-party logistics provider (3PL), and manufacturers.
(Press release / SK)
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