XN
Canvas Category Consultancy : Company : Venture Capital
XN is a New York based hedge fund.
Assembly Line
$73 M Series C Funding Will Bring Infrastructure Into the 21st Century
Gecko Robotics, a leader in robotics and industrial asset management software, today announced their Series C funding round of $73 million, led by XN with participation from Founders Fund, XYZ, Drive Capital, Snowpoint Ventures, Joe Lonsdale, Mark Cuban, Gokul Rajaram, and others. This latest funding round accelerates Gecko’s stated mission, “To protect today’s critical infrastructure, and give form to tomorrow’s.”
Co-founded by Jake Loosararian (CEO) and Troy Demmer (Chief Product Officer), Gecko focuses on essential industries such as power generation, oil and gas, heavy manufacturing, and defense. Gecko’s robots capture data at previously unheard-of scale and fidelity, climbing pipelines, boilers, tanks, ship hulls, and much more in search of damage, no matter how subtle. Gecko’s software, in turn, enables human experts to contextualize that data and translate it into action.
Shapeways is officially a Publicly-Traded, AM Company via Merger with Galileo Acquisition Corp.
Following the business combination and related PIPE investment, Shapeways will receive $103 million of gross proceeds, including a $75 million fully-committed common stock PIPE anchored by top-tier investors including Miller Value, XN, and Desktop Metal. The PIPE also includes investments from existing Shapeways investors Lux Capital, Union Square Ventures, INKEF Capital and Andreessen Horowitz. Proceeds will be used primarily to accelerate the Company’s additive manufacturing capabilities, accelerate the rollout of its SaaS offering, expand its material and technology offerings to extend market reach and grow customer share of wallet, as well as to provide additional working capital.
AMP Robotics raises $55 million for AI that picks and sorts recyclables
AMP Robotics, a Denver, Colorado-based startup creating robotic systems that sort recyclable material, this morning announced it has closed a $55 million series B funding round led by XN. The startup says it will use the funds to scale its business operations and develop AI product applications that integrate into materials recovery facilities to increase recycling rates for its customers.
AMP Robotics claims its platform delivers higher pick rates (80 items per minute) than manual processes, as well as holistic monitoring of material streams without retrofitting. It is modular in design, enabling facilities managers to adapt it to existing workflows, and it’s tailored to individual brands and SKUs of recyclable objects. AMP Robotics’ products can sort not only metals, batteries, capacitors, plastics, PCBs, wires, cartons, bottlecaps, cardboard, cups, clamshells, lids, aluminum, and thin film by color, clarity, and opacity, but also materials made of metal, mixed wood, asphalt, bricks, concrete, and mixed plastics (e.g., .polyethylene terephthalate, high-density polyethylene, low-density polyethylene, polypropylene, and polystyrene).