Third Wave Automation is a producer of advanced autonomous industrial solutions

Third Wave Automation has raised USD40 million in an offering supported by existing investors including Toyota Ventures. The additional funds will accelerate growth and commercialisation efforts for the AGV start-up.

"I've been tracking Arshan (Poursohi) and the team at Third Wave for some time and have been consistently impressed," says new director Matt Howard, general partner at investor Norwest Venture Partners. "When I last visited the Third Wave facility and saw its forklifts easily completing picks and places, my jaw dropped, and I knew Norwest needed to be a part of this journey. We are thrilled to support the Third Wave team as they fundamentally alter the warehouse and materials handling industry."

Arshan Poursohi, CEO of Third Wave, says the additional investment will allow the company to accelerate hiring and speed its path to the commercial market following recent successful technical trials. "We are now in active conversations with the top 20 3PLs and retailers in the industry. There is a real need for our technology and we are eager to meet that need."

Third Wave's approach to industrial automation was conceived with artificial intelligence and computer vision at its core. Following years of research and development, Third Wave recently signed a commercial agreement and strategic partnership with industrial powerhouse Toyota Industries Corporation.

Third Wave's first focus is on the forklift, the workhorse of the global supply chain.

The company notes that because of the complex and dynamic tasks required of forklifts, innovation in the category has lagged. It adds that customers are "hungry for technology advancements that will improve safety and efficiency, yielding a tremendous opportunity for Third Wave".

Third Wave Automation was founded in 2018 in Union City, California as a producer of advanced autonomous industrial solutions.