Rivian spinout Mind Robotics valued at $3.4 billion in new funding round

By Akash Sriram

May ‌13 (Reuters) - Mind ​Robotics, ​a spinout from Rivian, was valued at $3.4 billion in a new ‌funding round, up from the $2 billion valuation ⁠it secured during its Series A raise in ‌March, according to a ‌source familiar with the matter.

The industrial robotics startup has raised $400 million in the ​Kleiner Perkins-led round, bringing its total funding to more than $1 billion in less ⁠than a year.

Here are some details:

• New investors in the ​round include Meritech Capital, Redpoint Ventures, SV Angel, Incharge Capital, A-Star Capital, ​and Garuda Ventures.

• Mind Robotics ‌previously raised $115 million in a seed funding round late last year, ⁠followed by a $500 million Series A round in March.

• Investor confidence in AI-powered automation for ⁠manufacturing has been growing, particularly as automakers and ​industrial companies race to modernize factory operations with robotics.

• Mind Robotics develops foundation AI models, purpose-built robots, ‌and deployment infrastructure designed for industrial manufacturing tasks.

• Rivian's manufacturing facilities ‌provide Mind Robotics with a live, high-volume ⁠production environment for ‌training and deploying ​its robotics AI models.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim ‌Zahid)

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