Third Wave Automation, Inc., an Union City CA-based autonomous industrial solutions company, raised $40M in Series B funding.
The round was led by Norwest Venture Partners with participation from prior investors Innovation Endeavors and Eclipse, along with Toyota Ventures. As a part of the funding, Matt Howard, General Partner at Norwest Venture Partners, will join Third Wave’s board of directors.
The company intends to use the funds to accelerate growth and commercialization efforts.
Led by Arshan Poursohi, CEO, Third Wave leverages machine learning, computer vision, and robotics tech to provide autonomous material handling solutions. The system renders improvements in safety, efficiency and throughput while delivering functionality such as high rack pick-and-place. Following years of research and development, the company recently signed a commercial agreement and strategic partnership with Toyota Industries Corporation, Inc.