Robotics-as-a-Service Startup Instock Announces New Funding Led by Amazon Industrial Innovation Fund
With the new funding, Instock continues on its plans to democratize automation of storage and retrieval systems (ASRS) using gravity-defying robots. In January 2024, Instock will launch its first production system with a tech-forward 3PL in North America.
Instock Inc, an innovator in customer fulfillment robotics, today announced that it raised $3.2M in new funding, led by Amazon Industrial Innovation Fund - these new investments bring Instock's Seed financing to a total of $6.2M. Instock's Seed round was co-led by OneWay Ventures and Lux Capital, and funding participation also includes Commerce VC, u.ventures, Cybernetix Ventures and other investors active in the robotics and eCommerce ecosystem. With the new funding, Instock continues on its plans to democratize automation of storage and retrieval systems (ASRS) using gravity-defying robots. In January 2024, Instock will launch its first production system with a tech-forward 3PL in North America.
Franziska Bossart, the Head of the Amazon Industrial Innovation Fund, commented on their decision to back Instock, stating, "There is a growing need for highly automated, space-efficient buildings in logistics. Instock's ASRS capabilities have the potential to improve the number of shipments per day and storage density in space constrained environments - all of which can enable faster delivery to customers and lower costs. Part of what makes Instock's ASRS unique is that it can be easily retrofitted into existing environments, allowing for plug-and-play automation in a wide variety of building types. We're excited to support Instock's vision as they scale and offer production systems more broadly."
Fulfillment operators are constantly challenged to improve speed, efficiency, accuracy and service while simultaneously driving down costs and maintaining a competitive advantage. Automation is a key enabler on all fronts, yet a staggering 80% of eCommerce fulfillment still rely on entirely manual labor (Source: SDC). Instock's robotics-as-a-service (RaaS) model breaks this mold by offering a significantly more cost-effective and streamlined way to enhance operations with high-performance automation. "Our mission is to empower business operators with radically accessible goods-to-person automation," said Rebecca Dyer, Chief of Operations. "We provide a tool for high-density storage and quick retrieval of goods that is affordable, easy to use and delivers value on Day 1."
"The technology that Instock has built can have a material impact on the future of eCommerce fulfillment," says Semyon Dukach, Founding Partner of One Way Ventures. "We are excited by the unprecedented speed and efficiency Instock can bring to fulfillment operations across the country."
Instock's modular racking can be built in various shapes up to the clear height of a building. Autonomous mobile robots (AMR's) drive inside the racking along floors, walls, and ceilings to collect bins and present them to operators picking and packing orders at ground-level workstations. Since the mobile robot is the only moving part of the solution, system maintenance is easily encapsulated for either the end user or for a technician located off-site. Instock's focus on self-service is driven by a bold commitment to simplify ASRS robotics for everyday storage and picking operations. According to Yegor Anchyshkin, CEO and Co-Founder of Instock, "Our innovative architecture delivers on the promise of a remarkable 10-fold reduction in fulfillment costs while simultaneously creating flexibility for eCommerce operators. Unlocking this potential and wrapping it in RaaS eliminates risks for 3PLs and retailers, enabling businesses of all sizes to transform their existing spaces starting as small as 1,500 square feet with cutting edge automation."
"Instock has a category-defining, unique solution that can be easily adopted and scaled. We are confident that Instock will become a leader in the logistics space," said Fady Saad, Founder and General Partner of Cybernetix Ventures.
For more information visit www.instock.com.
Founded in 2020, Instock Inc. delivers a fully as-a-Service Automated Storage and Retrieval Solution (ASRS) for eCommerce fulfillment operations. Current market offerings are under-serving the needs of retailers and 3PLs demanding agility and cost efficiency. Instock's breakthrough technology addresses these demands by using a software-driven architecture, a high-fidelity simulation-first approach and by enabling self-service for day to day operations. Instock is making goods-to-person automation accessible to every fulfillment business with radically improved flexibility, modularity, and price point.