Amazon sets up fund to invest in warehouse technology
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Amazon (AMZN -3.5%) launched a $1 billion fund aimed at investing in improvements in the supply chain, fulfillment, and logistics technologies.
In particular, the Amazon Industrial Innovation Fund will focus on technologies that can increase delivery speed and further improve the experience of warehouse and logistics employees.
"These industries are inherently complex," noted Amazon Vice President of Worldwide Corporate Development Alex Ceballos Encarnacion. "With our scale, Amazon is committed to investing in companies that will ignite innovation in emerging technologies that can help improve employee experiences and safety while seamlessly coexisting with workforces across the supply chain, logistics, and other industries," he added.
Startups already backed by the fund include Modjoul (developing wearable safety technology that enables real-time, personalized alerts and recommendations aimed at reducing injuries), Vimaan (developing computer vision and artificial intelligence solutions engineered to improve inventory management), Agility Robotics (developing a bi-pedal walking robot that addresses the mobility limitations of traditional robots), BionicHIVE (developing an autonomous robotic solution that can adapt to existing shelving racks and boxes in warehouses), and Mantis Robotics (developing a tactile robotic arm that uses sensor technology).
Earlier on Thursday, Amazon (NASDAQ:AMZN) landed on Morgan Stanley's list of top global e-commerce stocks.