Path Robotics Secures $100M in Funding

Path Robotics Secures $100 Million in Series C Funding

Path Robotics, headquartered in Columbus, Ohio, recently announced a $56 million Series B funding round in May. This initial investment was considered substantial within the robotics sector.

However, the startup swiftly returned to the market, securing a “pre-emptive” Series C round just two and a half months later.

This latest funding totals $100 million, with Tiger Global leading the investment. Silicon Valley Bank, a previous investor, also participated in the round.

This new capital brings the total funding for the robotic welding company to $171 million.

Addressing the Skilled Welder Shortage

Path Robotics attributes the heightened interest in its technology to a persistent deficit of qualified welders. This issue predates the global pandemic, though the pandemic has likely intensified the problem, mirroring trends in other labor markets.

The company reiterates a study by the American Welding Society, which forecasts a shortage of approximately 400,000 welders in the U.S. by 2024.

Expanding Beyond Welding

The company appears to be looking at opportunities beyond its initial focus on welding. The construction industry represents a significant market, offering substantial potential for robotics companies.

Securing an additional $100 million in funding will undoubtedly accelerate the company’s growth initiatives.

“Traditional robots simply execute pre-programmed instructions, lacking the capacity for self-improvement,” stated CEO Andrew Lonsberry. “The evolution of manufacturing depends on highly adaptable and intelligent robotics.”

Future Plans and a Modular Ecosystem

While the company hasn’t detailed its specific future plans, it intends to build upon its existing imaging and AI capabilities.

The goal is to develop a modular ecosystem specifically for the construction robotics sector.

Griffin Schroeder, a partner at Tiger Global, alluded to these plans in a statement. “Path’s innovative use of computer vision and unique AI software enables robots to perceive, comprehend, and adjust to the complexities of each welding project.

He continued, “We anticipate that this groundbreaking technology can be applied to numerous other applications and products, extending beyond welding, to comprehensively serve their customer base.”