ThruWave Raises $6.4M in Series Seed Funding Round
ThruWave, the pioneer of 3D millimeter wave (mmWave) imaging for supply chain and logistics, announced that it has closed $6.4 million in Series Seed funding to accelerate ThruWave's 'X-Ray Vision' for supply chain and logistics.
SEATTLE, Sept. 3, 2020 /PRNewswire-PRWeb/ -- ThruWave, the pioneer of 3D millimeter wave (mmWave) imaging for supply chain and logistics, announced that it has closed $6.4 million in Series Seed funding. The funding round was led by E14 Fund and Ubiquity Ventures, and joined by Root Ventures, Blue Sky Capital, WRF Capital, and Tsingyuan Ventures. In-Q-Tel, Inc., a not-for-profit strategic investor for United States Government agencies, joined the round as an investor and customer. ThruWave was additionally awarded a $750,000 Phase II Small Business Innovation Research (SBIR) grant from the National Science Foundation to accelerate the development of its unique millimeter wave technology.
ThruWave's high throughput X2 mmWave Imaging System provides unprecedented supply chain visibility by enabling warehouse and fulfillment center operators to see through packaging to the items inside. Unlike existing X-ray inspection systems, ThruWave's sensors use human-safe millimeter waves to enable safe operation alongside human workers in busy warehouses and fulfillment centers. ThruWave's analytics layer automatically interprets images to measure cube utilization, count items, and detect missing or damaged items, all at conveyor speed. ThruWave systems can automatically image and analyze up to 20,000 boxes per hour.
"ThruWave makes the invisible visible," said ThruWave founder and CEO Matt Reynolds. "Our sensors do what existing cameras can't do - we see through cardboard boxes and plastic totes to look at the items inside. We also detect anomalies such as missing or damaged items. Our computer vision layer analyzes the images to extract critical process variables like item counts, or fill volumes. We enable our customers to dramatically improve accuracy and efficiency in their warehousing and order fulfillment operations."
"ThruWave's groundbreaking millimeter wave technology addresses major pain points in both automated and manual material handling operations," said Calvin Chin, Managing Partner of E14 Fund. "Industry-wide, it is estimated that a typical e-commerce shipment is only 40% full, leading to tremendous waste in packaging material, shipping cost, and carbon footprint. ThruWave's unique sensors and software enable customers to regain control over their shipping cost and environmental impact."
"ThruWave's high-throughput millimeter wave sensors have the potential to enhance national security by enabling the detection of items concealed by packaging," said Eileen Tanghal, Senior Partner at In-Q-Tel. "We are excited to partner with ThruWave to bring this `x-ray vision' capability to government customers who need high throughput, human-safe screening of mail, packages, and other items in an easily deployed form factor."
About ThruWave
Based in Seattle, Washington, ThruWave makes the Invisible Visible with human-safe, 3D millimeter wave imaging. ThruWave sensors and software analytics are an easy retrofit for existing conveyor and robotic material handling systems, enabling supply chain and logistics customers to measure and improve their inbound and outbound item handling. For more information, visit http://www.thruwave.com.
About E14 Fund
E14 Fund is the early stage venture capital firm for the MIT Media Lab community. E14 Fund invests in deep tech startups that are transforming traditional industries across a broad array of market-ready, scalable innovation such as sensors, AI/ML, robotics, health, synthetic biology and more. Officially affiliated with MIT, E14 Fund builds and supports a vibrant community of founders and companies with resources from across the MIT ecosystem. For more information, visit http://www.e14fund.com.
About Ubiquity Ventures
Ubiquity Ventures is a seed-stage institutional venture capital firm that invests in "software beyond the screen" startups. Ubiquity portfolio companies leverage smart hardware and machine intelligence to bring software into the real world, not just buried within computers and smartphones. See more details on the Ubiquity Ventures website at http://www.ubiquity.vc.
About In-Q-Tel
In-Q-Tel, Inc. is the nonprofit strategic investor serving as a trusted partner to government intelligence and national security agencies by sourcing, funding, and accelerating innovative technologies from the commercial startup community to strengthen the security of the U.S. and its allies. Learn more at http://www.iqt.org.
SOURCE ThruWave
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