Toyota’s Woven Capital Invests $27 Million in Third Wave Automation’s Shared Autonomy Forklifts

Toyota’s Woven Capital Invests $27 Million in Third Wave Automation’s Shared Autonomy Forklifts

Third Wave Automation, a leader in autonomous forklift technology, has closed a $27 million Series C funding round led by Toyota’s growth fund, Woven Capital. This investment brings Third Wave Automation’s total capital raised to $97 million. Return investors, including Innovation Endeavors, Norwest Venture Partners, and Qualcomm Ventures, also participated in this round.

Scaling Shared Autonomy for Warehousing

Third Wave Automation plans to use the new funding to scale its innovative Shared Autonomy Platform and expand manufacturing of its multimode TWA Reach forklifts. The company is also investing in future technology development to enhance the deployment of autonomous forklifts in warehouse environments. Woven Capital’s Principal, Prashant Bothra, highlighted Third Wave’s unique blend of AI-powered autonomy and human expertise, which is designed to optimize labor efficiency and boost safety. With Toyota’s industrial automation experience, Third Wave Automation is positioned to reshape the future of intelligent material handling.

Empowering Warehouse Operators with Advanced Automation

Third Wave’s CEO, Arshan Poursohi, emphasized the significance of this partnership with Toyota’s Woven Capital. By collaborating, the companies aim to bring AI-powered autonomous forklifts to a broader range of U.S. warehouses, enhancing productivity and flexibility while addressing critical labor challenges. The Shared Autonomy Platform’s adaptability allows operators to deploy forklifts in multiple modes, including fully autonomous, remote assist, remote operation, and traditional manual modes.

Transformative Technology for Dynamic Material Handling

The TWA Reach forklifts offer several advanced features, including high-reach capabilities, end-to-end task support, and a four-mode operational system. Utilizing automotive-grade 3D lidar and an industry-leading perception system, these forklifts can autonomously navigate complex warehouse environments while detecting obstacles and providing operators with enhanced visibility. The integrated Armada Fleet Management System enables a single operator to manage multiple forklifts, streamlining workflows and maximizing efficiency and safety.

Brien Downie, President of Holman Logistics, praised Third Wave’s autonomous forklifts for their transformative potential in streamlining processes and improving safety for team members. The forklifts’ flexibility and cutting-edge safety features are poised to revolutionize warehouse operations and elevate customer fulfillment standards.

About Third Wave Automation

Founded in 2018, Third Wave Automation specializes in developing intelligent automation solutions to address supply chain challenges. Its TWA Reach forklifts are the only high-reach autonomous forklifts that offer flexibility across four operational modes. With the combination of its Shared Autonomy Platform and Armada Fleet Management System, Third Wave Automation integrates seamlessly into existing warehouse workflows.

About Woven Capital

Woven Capital is Toyota’s dedicated growth fund focused on advancing mobility and automation technologies. Founded in 2021, Woven Capital is committed to connecting promising innovators with Toyota’s automotive expertise, investing in startups that redefine mobility and automation.