Fox Robotics holds promise to become a Unicorn January 9, 2023
Fox Robotics makes Tracxn’s list of top emerging startups, suggesting the future is bright for warehouse automation
Fox Robotics was recognized as a Minicorn Investment for the second consecutive year by Tracxn, an analyst-led platform that curates startup profiles across hundreds of sectors.
The Austin-based company made the list of emerging startups in the Professional Service Robots sector alongside 74 other startups in industries such as manufacturing, healthcare, and logistics, whose robots perform an array of tasks, including material handling, welding, transportation, and inspection.
With nearly 3,000 startups worldwide, the professional service robots sector is one of the most active sectors for investors. According to Tracxn, investments top $26.9 billion across 2,850 companies. More than one third of that capital was raised in the last three years.
Within this sector, warehouse automation is attracting major funding: 13 of the 74 emerging startups listed offer warehouse automation solutions.
How Tracxn selected the top emerging startups
To compile the list, Tracxn’s internal sector specialist team selected startups showing “promising performance” in relation to market size, investments by marquee investors, execution strength, and future growth potential. Tracxn considered data from several publicly available signals and detailed analyses of startups founded since 2013.
The platform then placed the companies in one of three categories: Unicorns, companies with over $1 billion in valuation; Soonicorns, companies on track to become Unicorns; and Minicorns, early-stage companies with the potential to become Unicorns in the long term.
What emerging startups tell us about the future of warehouse automation
With nearly 20% of startups featured on Tracxn’s list providing warehouse solutions, it’s no surprise that the future of warehouse automation holds promise. In an article for Supply Chain Brain, T.J. Fanning, Senior Vice President of Sales at SVT Robotics, suggests that “warehouses will more actively embrace automation technologies in 2023 to manage tight labor markets, increase inventory capacity and expand visibility into their supply chain operations.”
Heading into 2023, even businesses once reluctant to automate operations will look for autonomous solutions, predicts Fanning, not only to resolve existing challenges but also to gain a competitive advantage.
Learn more about how Fox Robotics’ trailer-unloading robots can provide businesses with a competitive advantage here.