We are pleased to announce that we recently closed a $4 million financing round. The fundraising was led by SOMV and existing investors NFX, and Viola Ventures.
The new funding will enable MOV.AI to accelerate product development and allow the company to better support its customers by establishing a customer support group. Pinchas Buharis, managing partner at SOMV, will join the board of MOV.AI.
Motti Kushnir, CEO of MOV.AI, said, “The new funding round recognizes MOV.AI’s vision for the collaborative robot industry. MOV.AI will continue to fortify its position as a leading company in the field of cobots. We are very excited to win our existing investors’ trust and for our new connection to SOMV that will allow us to develop our industrial automation market solution further. The COVID-19 pandemic has accelerated growth in e-commerce, while reducing workforce availability. This development has led to a massive increase in the demand for automation systems and collaborative robots, which can integrate into existing facilities and work collaboratively with humans. “
Pinhas Buchris, General Partner of SOMV said, “We are very happy to team up with Motti and Limor, two very experienced leaders, whom we have known for a long time and want to collaborate with. We strongly believe in them, in the team they have assembled, and in their vision. Investing in start-ups with offerings that supports the acceleration of the digital transformation of customers in industrial Europe, and globally, is an essential part of the State of Mind Ventures investment strategy, so it was very natural for us to join this promising company. In addition, we are happy to expand our cooperation with other funds.”
Gigi Levy Weiss, General Partner of NFX, said, “We have believed in the company’s vision and team since our first investment in it and are very pleased to join SOMV, which will also help realize the vision of simplifying robotic automation.”
Ronen Nir, General Partner of Viola Ventures, said, “In less than two years, the company has built a revolutionary product that realizes the vision of creating a generic software platform for robotics. The new round will allow the company to strengthen management, continue product development, and increase penetration efforts.”
