Magazino has been on the market since 2014 with a mobile picking robot that is capable of to navigate intelligently in the warehouse and precisely pick the right boxesThe system is deployed in the warehouses of various online retailers and logistics service providers. The startup has also developed the ACROS.AI (“Advanced Cooperative Robot Operating System, powered by AI”) software platform for intelligent robots, a modular software toolkit for developing and operating intelligent and cooperative robots in complex and dynamic environments. The software is also deployed on third-party hardware.
Strategic partnership with Jungheinrich
In addition to participating in the financing round, Jungheinrich also agreed to a broad strategic partnership with Magazino. The Hamburg-based company launched its first driverless transport system back in 1962. Since then, the group has developed into one of the leading providers of automated industrial trucks. A close collaboration will now combine Magazino's specialist robotics expertise with the Hamburg-based company's intralogistics know-how.
"Magazino is a highly innovative young company with outstanding expertise in navigation and control software for mobile automation. This investment follows our strategy in the field of automation and will make a significant contribution to the accelerated expansion of our automated vehicle business,"
says Lars Brzoska, CEO of Jungheinrich.
"Jungheinrich's investment in Magazino demonstrates the strong market demand for our ACROS.AI robotics software and our robots. This will enable Magazino to play a central role as a software player in the rapidly growing mobile robotics market,"
explained Frederik Brantner, CEO and co-founder of Magazino.
Money from the European Investment Bank for Magazino
In addition to Jungheinrich and existing investors such as partner companies and customers such as Zalando, Fiege, and Körber, the European Investment Bank (EIB) is also participating in the financing. It is providing Magazino with financing of up to 12 million euros, which is also part of the Series B. The EU bank's loan is secured by a guarantee from the European Fund for Strategic Investments (EFSI). The EFSI is the centerpiece of the Investment Plan for Europe, under which the EIB and the European Commission work together as strategic partners to channel private capital into projects that strengthen the sustainability and competitiveness of the European economy.
The capital raised will be used to expand international sales activities, particularly in France and the UK. The money will also be used to further develop ACROS.AI.
