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Phinxt Robotics secures £2M funding to scale robotics automation with innovative edge AI platform

August 11, 2024

PHINXT Robotics, an AI-driven robotics software company, has secured £2 million in an oversubscribed funding round to advance its innovative edge AI platform that simplifies and scales robotics automation in warehouses.

The round was led by Sure Valley Ventures with participation from Ada Ventures, Heartfelt and Atlas Ventures.

Founded in 2022, PHINXT Robotics is transforming the landscape of warehouse automation with a cloud-based platform that drastically reduces the cost and complexity of robotic deployments. Traditionally, high setup costs—often exceeding £500,000—have been a barrier to automation, leaving over 90% of warehouses fully manual. PHINXT addresses this with its decentralised edge AI technology, which simplifies the coordination of robots at the edge, making automation accessible to more businesses.

The platform is robot-agnostic, allowing businesses to select and deploy the specific types of robots they need, leading to remarkable operational improvements. Companies using PHINXT’s technology have reported doubled profit margins and productivity increases of up to 400%.

PHINXT has already gained significant traction in the market, securing contracts following a successful pilot with a major UK grocery retailer. The new funds will be used to expand the company’s engineering and sales teams and support its expansion into mainland Europe, where it sees substantial growth opportunities. The global mobile robot market is projected to reach $16 billion by 2027, with an estimated 2.4 million mobile robots in operation.

Looking to the future, PHINXT aims to extend its technology beyond warehouse automation to include delivery drones and autonomous vehicles. The company’s core decentralised edge computing technology, which enables machines to coordinate within a distributed network, positions it to innovate in these frontier technologies.

PHINXT’s CEO and Co-Founder, Yanwen Chen, is an expert in robotics with two PhDs in computer science and synchronisation communications. Her pioneering algorithm enables robots to self-orchestrate even when disconnected from central networks, ensuring safety and efficiency in autonomous operations. Chen co-founded the company with Quirino Zagarese, PhD, an expert in distributed systems, to build a scalable architecture and product.

Yanwen Chen commented on the funding round: “At PHINXT, our mission is to revolutionise the logistics industry with our cloud-based platform that seamlessly integrates any type of robot, enabling them to collaborate and coordinate in a shared space without the need for a centralised server. This investment will empower us to expand our team and enter new markets, driving further growth and innovation.”

Brian Kinane, Founding Partner at Sure Valley Ventures, praised PHINXT’s approach, stating: “PHINXT’s unique edge computing technology helps warehouses drastically increase performance and profitability, providing a highly flexible and cost-effective robotics solution that will enable far greater adoption. With their cutting-edge proprietary technology, PHINXT is extremely well-positioned to disrupt this market globally.”

Check Warner, Partner at Ada Ventures and Co-founder of Diversity VC, highlighted the strength of PHINXT’s leadership: “Yanwen Chen is without doubt one of the strongest technical founders we’ve met. We are delighted to be investing in such a visionary founder who is shaping the future of edge computing, robotics, and autonomous systems.”

This £2 million round follows a previous £600k raise from investors including Fuel Ventures, Amar Shah, and Atlas Ventures, marking another milestone in PHINXT’s journey to redefine robotics automation on a global scale.