Path Robotics raises $300 million at a $2.45 billion valuation

Path Robotics said on 10 November that it raised $300 million in a Series E at a valuation of $2.45 billion. The company says Georgian led the round. The announcement names Lockheed Martin Ventures and HII among the participants. Chief executive Andy Lonsberry said the company started with welding because it is one of the harder factory jobs to automate, and that the capital will be used to scale welding and to work on tasks before and after welding. The announcement does not state revenue, a customer count, or a production target.

The Next Web, citing the company and Bloomberg, reported further figures that are not in the funding announcement. It said the company says annual recurring revenue grew 17-fold in the past 18 months. It said Lonsberry told Bloomberg that Path is working to fill 50 preorders for Rove, which puts Path’s welding software on a Boston Dynamics quadruped so it can weld where the steel stands, with work due to start next year. It also said Path signed a $600 million performance-based production agreement with HII for US Navy shipbuilding earlier this year. Those three items are in that report. They are not in the company’s funding release.