Addverb landed $132M in February

Addverb Technologies, which specializes in robots for warehouses, factories and distribution centers, has set up its Americas headquarters in Irvine as part of a global expansion drive.

The new site is home to the company’s project management, implementation, sales, marketing, human resources and customer support functions.

The Irvine office at 5 Park Plaza, part of the Jamboree Center office complex, will support the company’s North and South America expansion and functions, officials say.

The company’s global headquarters remains in India.

Founded in 2016, Addverb’s portfolio includes autonomous mobile robots, carton shuttles, picking technologies, automated storage and retrieval systems, warehouse management and execution software, and industrial IoT products. It aims to “streamline warehouse automation and increase productivity, accuracy, and safety.”

Addverb reports over 100 customers using its products, including Unilever, Flipkart, Coca-Cola, Pepsico, Johnson & Johnson and PAR Pharmaceutical.

The company cites rising demand for its products. The global warehouse robotics market size is expected to grow from $4.7 billion in 2021 to $9.1 billion by 2026, with the U.S. market being a significant portion of this demand, its data shows.

To boost its presence in the U.S., Addverb this month also announced a new research center in Fremont in Silicon Valley.

The Fremont center, running 3,000 square feet, will focus on developing state-of-the-art platforms for autonomous mobile robotics and automated guided vehicles, as well as advanced algorithms for human-machine collaboration and biomedical robotics.

“The opening of this (Irvine) office, and the Research and Development Center in the Bay Area, is in coordination with the company’s continued growth into U.S. market,” a company spokesperson told the Business Journal on Sept. 8.

The parent company in India reported the equivalent of almost $40 million in revenue from operations for the 2022 fiscal year, according to Indian business website Entracker.com.

In February, Addverb announced $132 million in funding from Indian conglomerate Reliance Industries, another customer of the company. Reports from India say the deal gave Reliance a 54% stake in the company.

Overseeing the Fremont research center’s operation is Tapan Pattnayak, who was named director of System Architecture at Addverb in April.

Pattnayak brings extensive product development experience from Google, Nvidia, and Intel to build a world-class research and development team in the Bay Area under the leadership of Mark Messina, CEO of Addverb Technologies USA Inc.

“The new advanced robotics research and development facility will enable us to serve our customers better in the Americas and continue to develop the next generation of robotic technologies,” according to Pattnayak.

“We have unlocked the true potential of automated systems through the synergy of our in-house manufactured hardware and robust software enabling us to charge ahead in the domain of robotics automation,” the company says on its website.

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