UK robot start-up raises £2m for cost-cutting warehouse tech
15 August 2024 
A UK start-up which claims it can slash the costs of implementing AMR (autonomous mobile robot) and AGV (automatic guided vehicle) installations in warehouses, has raised £2m in an oversubscribed funding round. London-based Phinxt Robotics has developed a decentralised edge AI software system that supports robotic automation at any scale.
The company will use the funds to expand its engineering and sales teams and start to move into mainland Europe, where it sees considerable opportunities. The global market for mobile robot is projected to reach $16bn by 2027, with 2.4 million robots in use by then.
Founded in 2022, Phinxt Robotics says that its cloud-based platform is redefining warehouse automation, streamlining robotic deployments and cutting costs via a monthly subscription model. Traditionally, the use of robots in warehouses has been held back by their high set-up costs – often more than £500,000 – and the complexity of on-site deployment. More than 90% of warehouses are still entirely manual in their operation.
Phinxt says it is addressing these challenges with its proprietary technology, which coordinates robots at the edge, simplifying robot deployments. It supports a variety of robots, allowing users to choose the exact types of robot they need. The company claims that some initial users have been able to double profit margins and quadruple productivity.
One of Phinxt’s early customers is a UK grocery retailer which is expected to sign a multi-year contract following a successful pilot programme.
Phinxt’s long-term vision is to extend beyond automating warehouses to delivery drones and autonomous vehicles. Its core decentralised edge computing technology allows machines to be coordinated in distributed networks.
Phinxt was co-founded by CEO Yanwen Chen, who has two PhDs in computer science and synchronisation communications for robotics, and Quirino Zagarese, an expert in distributed systems. Chen has developed an algorithm that allows robots to self-orchestrate safely, even if they lose connection to a central network.
“Our mission is to revolutionise the logistics industry with our cloud-based platform that seamlessly integrates any type of robot, enabling them to collaborate and coordinate in a shared space without the need for a centralised server,” Chen says. “Our robot-agnostic platform supports warehouses at every stage of their automation journey, providing unparalleled flexibility and efficiency.
“We aim to be the gateway for the logistics industry, facilitating the integration of these robots into operations and helping businesses achieve a rapid return on investment,” she adds. “By accommodating different types of robots, we ensure that warehouses can optimise various tasks, from picking to transportation, enhancing overall productivity.
“This investment will empower us to expand our team and enter new markets, driving further growth and innovation.”
Phinxt has been identified as one of the most innovative female-led AI start-ups in Europe, and graduated recently from the Female Foundry Visionaries AI Incubator, which is run in partnership with Google Cloud.
The funding round was led by Sure Valley Ventures, with participation from Ada Ventures, Heartfelt and Atlas Ventures. “What stood out to us was the strength of Phinxt’s founding team, Yanwen and Quirino, who have spent years specialising in robotics automation and distributed systems,” says Sure Valley founding partner, Brian Kinane. “As a specialist AI investor, we believe this is one of the strongest AI propositions to come out of the UK this year. Phinxt has a clear advantage in terms of cost, simplicity and flexibility, and with their cutting-edge proprietary technology, are extremely well-positioned to disrupt this market globally.”
Phinxt Robotics: LinkedIn
