Path Robotics raises $300 million at $2.45 billion valuation

Path Robotics announced a $300 million Series E led by Georgian at a $2.45 billion post-money valuation. The company said the financing will fund growth in its robotic welding business and the development of systems for manufacturing tasks before and after welding.

Those plans include more investment in the production data, computing capacity and AI model development needed for the new applications. Path Robotics also intends to develop new robotic forms as it expands beyond welding, but did not disclose how the $300 million will be divided among those efforts.

Path Robotics calls its systems physical AI: robots that use AI models and production data to perform work in factories and other industrial settings. Its products include Rove, a mobile welding system that brings the company’s Obsidian welding capabilities to a quadruped robotic platform.

Existing investors Addition, Drive Capital, IronArc Ventures, Tiger Global, Yamaha Motor Ventures and affiliates participated in the round. D. E. Shaw Ventures and NAVER Ventures also invested.

The company also reported that annual recurring revenue increased 17-fold during the 18 months before the announcement as it expanded deployments with North American industrial customers. The figure was not independently audited in the opened sources.

With the new financing, Path Robotics said it has raised more than $610 million since its 2018 founding. Emily Walsh, a partner at Georgian, will join the company’s board of directors.