Nomagic, a provider of AI-powered robotics for warehouse and fulfillment operations, has raises $44m (€41.8m) to drive the expansion of AI robotics in Europe.
The investment round was led by the venture capital arm European Bank for Reconstruction and Development’s (EBRD).
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The investment round included support from existing investors Khosla Ventures and Almaz Capital, as well as Venture Debt from the European Investment Bank (EIB).
Nomagic plans to use the funding to scale deploymentsover the next two years across Europe and further enhance its AI and robotics technology.
The company aims to build on recent advancements made by its AI team and expand its presence in industries.
Nomagic CEO Kacper Nowicki said: “This funding round marks a pivotal moment for Nomagic as we scale our solutions to meet the growing demand from our customers for larger scale high-performing robotic systems.
“With the support of our investors, we’re positioned to be the partner of choice for the largest retailers, e-com distributors and 3PLs who look for robots already operating at scale.”
With increasing demand from both existing and new customers, Nomagic expects to expand the number of sites operating with more than ten robots.
The latest financial boost comes on the heels of Nomagic’s 220% growth in contracted annual recurring revenue in 2024, with a target of another 200% increase in 2025.
In May 2024, Nomagic secured an €8m research & development loan from the EIB, earmarked for strategic R&D in AI systems.
This capital infusion is set to accelerate the company’s AI system development, particularly in refining its robotic picking solutions through the enhancement of its ReactAI technology.
ReactAI employs advanced computer vision for video-based anomaly detection, identifying and automatically correcting warehouse picking errors.
With this technology, Nomagic intends to achieve multi-hour autonomy for its robots, enabling them to operate independently.
