iFollow changes dimension with a fundraising of 7.5 M€
NewsLetter | iFollow changes dimension with a fundraising of 7.5 M€ | published on : 02.11.2021
French start-up specialized in autonomous mobile robots (AMR), iFollow has just taken a new step in its development, with a fundraising of 7.5 M€. Led by the investment fund Supernova Invest with the support of various historical investors (Axeleo Capital, NCI and Bpifrance), this operation will allow the company to increase its production capacity, strengthen its international presence, and double its workforce by the end of 2022 (from 40 to 80 employees). We will soon be moving our current 500 square meter production site in Gentilly, in the Val de Marne, to another 2,500 square meter site in Arcueil, in the same department,” said Nicolas Menigoz, iFollow’s CEO. iFollow is also planning to open a subsidiary in the United Kingdom, is looking to set up a branch in Japan through its local integrator partner PMT Corporation, and is aiming to conquer the North American market through major international accounts such as GXO. Its British structure will not only aim to consolidate the local customer base but also to serve as a bridgehead to develop the American and Asian markets, relying on specialized integrators, says the start-up in its release. The British market is very interesting because the industrial and logistics sectors operate 24 hours a day,” notes Nicolas Menigoz. While international business currently accounts for 20% of our activity, this share should reach 80% by 2022. By then, the start-up founded by Vincent Jacquemart (CEO) and Nicolas Menigoz (MD) anticipates the delivery of 400 new AMRs. And its product catalog should be expanded with new solutions dedicated to e-commerce and heavy load transport. The start-up currently offers robots with carrying capacities ranging from 300 to 1,000 kg, solutions that have been installed or tested by companies such as Toupargel and Schoeller Allibert in France. The company has five integrator partners, including Wiio (IT) and Marceau (handling systems). AD
With its second round of funding since its inception in 2017, iFollow’s workforce will grow from 40 to 80 employees.
© iFollow
