BionicHIVE, a company developing an autonomous warehouse solution, caught Elon Musk's attention back in January. The Tesla and SpaceX founder tweeted early in 2021 that “the robot future is coming.” Musk’s comment was about a video posted of BionicHIVE’s SqUID warehouse robot in action.
The Israeli startup hasn't announced plans for an impending IPO since it’s a privately held company. What exactly does BionicHIVE do and what can we expect in the future?
BionicHIVE SqUID warehouse robots
BionicHIVE’s core product is its orange and black SqUID robot, which can handle a variety of warehouse tasks automatically to streamline production and improve supply chains. According to Crunchbase, BionicHIVE’s solution has multiple autonomous robots with three-dimensional movement and a floor-to-ceiling picking face.
The autonomous robot is intended to automate tasks in existing warehouses and is able to retrofit the infrastructure already in place. The Times of Israel reported recently that many companies have started testing the BionicHIVE system, largely due to an increase in e-commerce amid the COVID-19 pandemic, which has led to a shortage of warehouse workers.
According to the company, the SqUID is “the only warehouse fully-automated solution that easily adapts to the customer’s current working model of operation.” It employs an embedded control system and real-time data analysis to its algorithmic engine, which enables it to analyze problems and apply solutions.
Liran Raizer, BionicHIVE's co-founder and chief product officer, told Times of Israel, "Our rails just snap in like Lego, onto any shelf." The SqUID robots can navigate warehouse floors with in-built cameras. They have the ability to avoid both static and moving objects (including people). Therefore, working alongside human warehouse employees is safe and feasible.
BionicHIVE CEO Ilan Reingold noted that while many automated solutions tend to be specific, which causes companies to have to build new warehouses to fit those specifications, SqUID is generalized to fit nearly any existing warehouse setup.
Who owns BionicHIVE?
BionicHIVE is privately owned and is reportedly in the process of completing a Series A fundraising round, according to Pitchbook data.
Reingold says that companies are in search of new innovations to adapt to an increased quantity of e-commerce impacting warehouse business.
BionicHIVE's valuation and funding
BionicHIVE is fairly early in its company funding and there isn’t much information publicly available. It might be working on a Series A funding round, although the company hasn’t released names of any core investors or the amount of funding to be raised. BionicHIVE's valuation is also unknown.
Can you buy BionicHIVE stock?
Although robotics enthusiasts might be eager to get their hands on BionicHIVE stock, the company isn’t publicly traded. So, retail investors are out of luck for the time being.
Will BionicHIVE go through a public IPO?
Reingold hasn't announced any plans to pursue a BionicHIVE IPO. The company should see growth in the coming years. The market for automated robotic warehouse systems is growing at about a 14 percent rate annually and is projected to reach $30 billion worldwide by 2026, according to LogisticsIQ.