SOURCE: Bossa Nova

Bossa Nova

November 14, 2017 07:30 ET

Bossa Nova Announces $17.5 Million Series B Round, Led by Paxion

Michael Marks, former CEO of contract electronics manufacturer Flextronics, joins the board of directors

SAN FRANCISCO, CA--(Marketwired - Nov 14, 2017) - Bossa Nova, the leading developer of autonomous service robots for the global retail industry, today announced the close of a $17.5 million Series B financing round led by Paxion with participation from other investors including Intel Capital, WRV Capital, Lucas Venture Group (LVG), and Cota Capital. This round brings Bossa Nova's total funding to date to $41.7 million.

The new funding will support Bossa Nova in its expansion as the company grows its engineering and commercial teams as well as scales its robots and data services.

"Bossa Nova is solving a hard inventory problem that costs retailers billions of dollars every year," said Michael Marks, Bossa Nova board member and general partner at Paxion. "The company has developed a unique set of algorithms and proprietary technologies that give them a strong lead in autonomous robotics and retail data analytics."

This funding news follows the announcement of Bossa Nova's deployment with Walmart, in which Bossa Nova robots and data services will capture and analyze on-shelf inventory data in 50 Walmart stores nation-wide.

"We are ready to scale and are thrilled to have the support of investors who can bolster our financial growth and bring a wealth of expertise in all the areas critical to our success," said Bruce McWilliams, president and chief executive officer at Bossa Nova. "The data Bossa Nova collected from years of real-life operation is the foundation of our best-in-class robots' performance. We have worked closely with our customers to field test our robots and data services and we are now accelerating our deployment."

About Bossa Nova
Bossa Nova creates autonomous service robots for the global retail industry. Bossa Nova technology and services empower retailers to make informed inventory decisions and take rapid action by automating the collection and analysis of on-shelf inventory data in large-scale stores. Retailers can therefore improve their productivity and create a better shopping experience. With a multi-disciplinary team of robotics, computer vision, artificial intelligence, and big data scientists, Bossa Nova has solved the challenges to deploy fully autonomous service robots in busy and crowded environments. For more information, please visit www.Bossanova.com.

About Paxion
Paxion is a multi-family investment office located in Menlo Park, CA, managing the assets of a small group of preeminent Silicon Valley entrepreneurs and investors. Paxion and its partners have a demonstrated track record of growing successful businesses across a diverse range of industries including Flextronics, Silver Lake Partners, The Wolff Company, Globant, GoPro, Crocs, and many others.

Contact Information

  • Contact:
    Inner Circle Labs for Bossa Nova
    Brittany Votto
    T: (415) 684-9406
    E: Email Contact