Mytra’s 3D Robotics Are Transforming Warehouses Today
Founded by Former Tesla and Rivian Engineers, Mytra Announces $78M of Funding Through Series B
Many founding teams we meet define their total addressable market (TAM) as some astronomical figure that bears no sense of reality. Every now and then, teams come along building their companies with a TAM so enormous that the size of the opportunity needs no embellishing. Mytra falls squarely in the latter.
The scale of global distribution centers is enormous, as an estimated 80% of warehouse labor is moving material. Per Mytra, there are 250,000 distribution centers around the world, representing a TAM of $1.5 trillion. Squeezing every basis point of efficiency out of these models can result in tremendous savings and increased gross margins for large corporations. Incredibly, material flow continues to be antiquated in distribution centers. While solutions exist, these tend to be expensive as well as overly customized and complex.
Based in San Francisco, Mytra is building something special: full 3D robotic movement carrying up to 3,000 pounds in a simple matrix structure powered by an edge-intelligent AI software platform. The team calls it “radical simplicity,” and this automated solution benefits from the confluence of AI and hardware robotics to dramatically change industrial efficiency.
We have known Chris Walti, Founder and CEO of Mytra, for many years now, as we backed his first startup in Chicago thirteen years ago. Chris went on to join Tesla in 2014, ultimately leading their Optimus Humanoid group before leaving to found Mytra. Being able to invest again in hard-working, successful founders is rare, and we are fortunate to be able to invest again in Chris and the tremendous Mytra team, now 60+ strong. Ahmad Baitalmal, who led factory software at Tesla and Rivian, cofounded Mytra alongside Chris.
Mytra’s proprietary system has already been deployed in production at Albertson’s, and its pipeline includes other Fortune 100 grocery, retail and warehouse-dependent customers.
Promus Ventures invested in Myrta’s Series A, led by Eclipse Ventures, as well as in the recent Series B, led by Greenoaks. The team has emerged from stealth and announced $78M of funding through its Series B.
We are excited to be on this incredible journey with Mytra. We expect great things from a team that has its eyes set on nothing less than dramatically changing the way that global companies operate their internal warehousing facilities and supply chains.
More on Myrta’s new funding can be found here.
Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Mapbox, ICEYE, Bellabeat, Spire (NYSE: SPIR), Swift Navigation, AngelList, Behavox, Gauss Surgical, Halter, The Exploration Company and numerous others.
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