Avidbots Corp. Funding, Investors & Competitors

Avidbots Corp. has raised $106M across 8 funding rounds, most recently a $70M Series C in September 2022.

Last Avidbots Corp. funding round

$70M

Series C · Sep 2022

Cumulative funding Avidbots Corp. raised

$106M

across 8 funding rounds

Key investors in Avidbots Corp.

  • SOSV
  • GGV Capital
  • True Ventures
  • HAX
  • Golden Ventures
  • N47
  • 500 Global
  • Felicis

Avidbots Corp. Overview

About Avidbots Corp.

Avidbots Corp. is a Kitchener, Ontario-based robotics company manufacturing NEO, an autonomous floor-scrubbing robot deployed in airports, hospitals, malls, and warehouses. NEO navigates spaces up to 100,000 square feet using LiDAR and AI pathfinding, reducing labor costs by 80 percent. Founded in 2014, Avidbots serves over 200 customers in seven countries including Toronto Pearson Airport and Singapore Changi Airport.


Founded

2014

HQ

CanadaKitchener

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Avidbots Corp. Funding History

Avidbots Corp. has raised a total of $106M across 8 funding rounds.

Avidbots Corp.'s first fundraising round was a $200K seed round in August 2014. The most recent completed round was a $70M Series C in September 2022.

Avidbots Corp. funding rounds

Avidbots Corp. funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2022Series CJeneration Capital (lead); N47; HAX; True Ventures; BDC Capital Corporation; GGV Capital; SOSV; Eastward Capital Partners; Nicola Wealth Management; Kensington Capital Partners Limited; BMO Capital Markets; Golden Ventures$70MAvidbots Corp., a Kitchener, Ontario-based robotics company founded in 2014, develops autonomous floor-cleaning robots like the Neo 2 for commercial environments such as airports, warehouses, shopping malls, department stores, and auto dealerships. The Neo 2 is deployed in over 1,000 units across North America, Asia, Europe, the Middle East, and Australia, with customers including U.S. airports in Huntsville and Cincinnati/Northern Kentucky, and Singaporean rail operator SMRT Trains. On September 27, 2022, Avidbots raised $70 million USD in a Series C funding round led by Jeneration Capital, with participation from existing investors True Ventures, Next 47 (N47), SOSV, GGV Capital, BDC Capital, Golden Ventures, and Kensington Capital Partners, plus new investors BMO Capital Partners (or BMO Capital Markets), Golden Vision Capital (possibly Eastward Capital Partners), and Nicola Wealth Management (or Nicola Wealth). HAX is also listed among participants. This brought total funding to over $107 million USD to date. The proceeds will accelerate new product development, enhance autonomous driving software and services for existing customers, expand the robot fleet, improve underlying software, and increase headcount by around 100 over the next year. CEO Faizan Sheikh highlighted the milestone and thanked customers and employees, while Jeneration Capital's Tony Zhang emphasized Avidbots' value in reducing employee workload in commercial cleaning automation.
Mar 2019Series BTrue Ventures (lead); N47; Real Ventures; KCPL; BDC Capital; GGV Capital; SOSV; Business Development Bank of Canada; 500 Global$24MAvidbots Corp., based in Kitchener, Ontario, designs and builds autonomous robots for everyday use, with its flagship product Neo being an advanced industrial floor-cleaning robot that operates via touchscreen controls and provides real-time reporting through the Command Center web app. Founded in 2014 by CEO Faizan Sheikh and CTO Pablo Molina, the company targets repetitive cleaning tasks in commercial settings, competing with players like Brain Corp. in the estimated $5 billion global commercial floor cleaning market. On March 21, 2019, Avidbots closed a $23.6 million Series B funding round led by True Ventures, with participation from returning investors GGV Capital, SOSV, Real Ventures, and 500 Startups Canada (now 500 Global), and new investors Next47 (N47), BDC Capital, and KCPL (KCPL). This brought total venture capital raised to $36 million, following a $3 million Series A in May 2018. The funds were earmarked for accelerating talent acquisition, engineering, marketing, and sales to expand Neo's deployment worldwide amid strong demand. Avidbots continued raising capital post-2019, including a $70M Series C in 2022 and Series D in 2024, reaching over $96M total funding.
May 2018Series AGGV Capital (lead)$3M-
Jan 2018SeedHAX; SOSV$4M-
May 2017Seed-$4M-
Feb 2016SeedSOSV$2M-
Feb 2015Seed-$600K-
Aug 2014SeedTechammer; Felicis; Golden Ventures$200K-

Who has invested in Avidbots Corp.?

19 investors have backed Avidbots Corp. across its funding rounds, including SOSV, GGV Capital, True Ventures, HAX, Golden Ventures and N47.

Lead investors include Jeneration Capital, True Ventures and GGV Capital.


Avidbots Corp. Investors

Investors in Avidbots Corp. by funding rounds participated
InvestorHQRoundsRoleFirst check
SOSVUnited StatesPrinceton, NJ4ParticipantFeb 2016
GGV CapitalUnited StatesSan Francisco, CA3LeadMay 2018
N47United StatesSan Francisco, CA2ParticipantMar 2019
HAXUnited StatesSan Francisco, CA2ParticipantJan 2018
True VenturesUnited StatesSan Francisco, CA2LeadMar 2019
Golden VenturesCanadaToronto2ParticipantAug 2014
TechammerUnited StatesNew York City, NY1ParticipantAug 2014
Jeneration CapitalHong KongHong Kong1LeadSep 2022
FelicisUnited StatesSan Francisco, CA1ParticipantAug 2014
Real VenturesCanadaMontreal1ParticipantMar 2019
BDC Capital CorporationUnited StatesUnited States1ParticipantSep 2022
KCPL--1ParticipantMar 2019
BDC CapitalCanadaMontreal1ParticipantMar 2019

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Avidbots Corp. Competitors

Avidbots Corp. competitors include listed companies like UBtech Robotics and Infleqtion, and private ones like Figure, Skild AI, Shield AI and Saronic.

Public and private companies comparable to Avidbots Corp.
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
UBtech RoboticsChinaChinaPublicly listed$298M($108M)$5.1B9.5x
FigureUnited StatesSan Jose, CAPrivate--$39B-
Skild AIUnited StatesPittsburgh, PAPrivate$30M-$14B-
Shield AIUnited StatesSan Diego, CAPrivate$540M-$13B23.5x
SaronicUnited StatesAustin, TXPrivate$200M-$9.3B46.3x
InfleqtionUnited StatesUnited StatesPublicly listed$29M($52M)$3.1B64.5x

Avidbots Corp. Public Comps

Avidbots Corp. is still privately-owned, but its public comps include Tesla, Stryker, Unitree Robotics, Zebra, Aurora Innovation, Cognex, Aptiv, Mobileye, Symbotic and UBtech Robotics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tesla$95B$10B15.0x13.8x140.8x97.4x
Stryker$25B$6.3B4.7x4.5x18.8x15.6x
Unitree Robotics$253M$55M118.8x-548.5x-
Zebra$5.4B$853M3.6x3.2x22.6x13.8x
Aurora Innovation$3M($786M)3957.3x1040.1x(15.1x)(15.5x)
Cognex$994M$214M10.0x9.0x46.4x31.7x
Aptiv$20B$2.2B0.7x0.9x6.3x5.4x
Mobileye$1.9B$140M2.8x2.7x38.5x12.3x

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Common questions about Avidbots Corp.

When was Avidbots Corp. founded?Avidbots Corp. was founded in 2014.
Where is Avidbots Corp. headquartered?Avidbots Corp. is headquartered in Kitchener, Canada.
Is Avidbots Corp. publicly listed?No, Avidbots Corp. is a private, VC-backed company.
How much funding has Avidbots Corp. raised?Avidbots Corp. has raised $106M across 8 funding rounds.
What was Avidbots Corp.'s last funding round?Avidbots Corp.'s last funding round was a $70M Series C in September 2022, led by Jeneration Capital.
Who are Avidbots Corp.'s investors?Avidbots Corp.'s investors include SOSV, GGV Capital, N47, HAX, True Ventures, Golden Ventures, Techammer, Jeneration Capital, Felicis, Real Ventures and 9 others.
Which companies are comparable to Avidbots Corp.?Companies comparable to Avidbots Corp. include UBtech Robotics, Figure, Skild AI, Shield AI, Saronic and Infleqtion.

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