Path Robotics has secured $300 million in a Series E funding round, bringing the company's post-money valuation to $2.45 billion. The round was led by Georgian, with participation from existing investors including Addition, Drive Capital, IronArc Ventures, Tiger Global, and Yamaha Motor Ventures. New investors D. E. Shaw Ventures and NAVER Ventures also joined the round.
The company reports that its annual recurring revenue has increased 17-fold over the last 18 months. Since its founding in 2018, Path Robotics has raised more than $610 million in total capital. The new funding will support the development of additional AI model training, increased compute capacity, and the creation of new robotic form factors beyond current welding applications.
Path Robotics currently employs a workforce that grew 97 percent year-over-year, with plans to reach 400 employees by the end of the year. The company's customer base includes major industrial firms such as HII, Lockheed Martin, and Saronic, as well as various mid-sized manufacturers. Earlier this year, the company signed a $600 million performance-based production agreement with HII.
The company utilizes its proprietary Obsidian model, which integrates machine learning and computer vision to enable robots to identify and execute tasks in real time. Beyond stationary welding cells, Path is expanding its technology to new platforms, such as the Rove system, which pairs its AI model with a quadruped robot to facilitate mobile operations in diverse industrial environments.
