Path Robotics Raises a $300M Series E at a $2.45B Valuation

Path Robotics said on November 10 that it raised $300 million in a Series E at a $2.45 billion post-money valuation. Georgian led. Bloomberg reported the round nearly quadruples that valuation. The company builds AI welding systems in Columbus, Ohio.

The numbers

• $300 million at a $2.45 billion post-money valuation. The Business Wire release and Georgian's post both use those figures. Bloomberg reported the same amount and said the round nearly quadruples the valuation.
• Georgian led. The release says Emily Walsh, a partner at Georgian, will join the board.
• Existing investors named in the release and by Bloomberg: Addition, Drive Capital, IronArc Ventures, Tiger Global, and Yamaha Motor Ventures. New investors: D. E. Shaw Ventures and NAVER Ventures.
• The company says it has raised more than $610 million since its founding in 2018. Bloomberg reported about $610 million in total. Annual recurring revenue grew 17-fold over 18 months, the company said, and it did not give the dollar base.

Where the money goes

The release says the capital pays for deployments past welding, new robot forms, and model training, aimed at U.S. industrial capacity. Customers named in the release include HII, Lockheed Martin, and Saronic, plus mid-sized shops EK Machine, Millerbernd Manufacturing, TransAmerican Power Products, and TYCROP.

The release says Path signed a $600 million performance-based production agreement with HII earlier this year for Navy shipbuilding work. Georgian's post says that agreement runs seven years through a program called HYPR. The company says headcount is up 97 percent from a year ago, with a plan to reach 400 people by year-end.

We started with welding because it is one of the hardest jobs on the factory floor to automate, and we've proven that our technology can succeed in real production environments.

Andy Lonsberry, CEO and co-founder, in the November 10 Business Wire release

Path calls its welding model Obsidian. The release says the model lets a robot find a joint, plan the weld, and adjust while the part changes. Rove is a mobile welding system that puts the same model on a quadruped, so the robot goes to the part. Bloomberg described Obsidian as software that can weld upwards of 12 different parts on arms and quadrupeds. Those product claims are as the company and Bloomberg stated them.

What we are watching

The $300 million, the $2.45 billion post-money figure, and the Georgian lead match across the company release, Georgian's post, and Bloomberg. The prior valuation is not printed. Bloomberg says this round nearly quadruples it, and stops there. The 17-fold revenue growth is the company's figure, with no dollar ARR attached. The $600 million HII agreement is in the release. The seven-year term is in Georgian's post.