GreyOrange Secures $135 Million in Extended Series D Round Led by Anthelion Capital
Warehouse and retail automation pioneer GreyOrange has successfully raised $135 million in a combination of debt and equity capital, marking the initial phase of its extended Series D funding. Anthelion Capital, a prominent growth investor based in New York, spearheaded the round.
In participation with returning investors, including Mithril Capital Management, supported by Peter Thiel, 3State Ventures, and Blume Ventures, GreyOrange’s latest funding round follows a previous growth financing round in May 2022 that garnered $110 million. As of April 2021, market research platform Tracxn valued GreyOrange at $500 million.
The raised capital is earmarked for key initiatives such as advancing technology hiring, global expansion efforts, and promoting the adoption of GreyOrange’s fulfillment orchestration platform across warehouses, distribution centers, and retail establishments.
Founded in 2011 by Samay Kohli and Akash Gupta, GreyOrange initially specialized in mechanical bots for warehouse functions in the retail sector. Since 2022, the company has transitioned to a software-first approach, exemplified by its GreyMatter software utilizing machine learning for efficient inventory movement. Additionally, GreyOrange introduced its mobile-first SaaS app, gStore, dedicated to in-store inventory management.
Commenting on the funding, Akash Gupta, Co-founder, and CEO of GreyOrange, emphasized the company’s commitment to technological scalability and customer-centric solutions. Gupta stated, “This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market.”
Following a leadership team restructuring in April 2023, Akash Gupta assumed the role of CEO, succeeding Samay Kohli, who transitioned to an advisory role.
Vusal Najafov, Co-founder of Anthelion Capital, praised GreyOrange’s innovative approach, stating, “Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain.”
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