Israeli tech startup BionicHIVE is one of five companies – and the only one from outside the United States – that will receive an investment from the Amazon Industrial Innovation Fund for emerging supply-chain management technologies.
BionicHIVE’s SqUID robot can self-navigate throughout a warehouse and pick up, replenish or sort any item from floor-to-ceiling shelves, powered by an AI-based algorithmic engine.
Through its innovation fund, Amazon plans to invest $1 billion in companies that develop technologies in supply chain management and workplace safety.
“The purpose of the Amazon Industrial Innovation Fund is to support emerging technologies through direct investments, designed to spur invention and solve the world’s toughest challenges across customer fulfillment operations, logistics, and supply chain solutions,” said Katherine Chen, head of the Amazon Industrial Innovation Fund.
“Amazon has recognized BionicHIVE for its differentiated solution capable of optimizing safety around repeated tasks, at any height, in the supply chain workplace, and this is the kind of technology that’s pulling innovation forward,” Chen added.
BionicHIVE is based in Shaar Negev and was founded in 2014 by Liran Raizer and Tomer Amit. The Israeli crowdfunding platform OurCrowd invested in the company’s seed round.
“With Amazon’s funding and support, BionicHIVE is growing its team and operations, establishing a US footprint to expand its customer base and scale go-to-market, as well as increasing R&D,” said Ilan Reingold, CEO at BionicHIVE.
“We couldn’t have asked for a better company whose investment is a validation of the unique approach and capabilities of our platform and whose guidance is invaluable,” Reingold added.