Nomagic picks up $44M for its AI-powered robotic arms

Regions like the U.S. and Europe have been doubling down on rebuilding their industrial muscle, after decades of closing down factories and outsourcing the work to countries like China. To that end, a fast-growing Polish startup called Nomagic, which builds robots — specifically robotic arms — for logistics operations, is announcing $44 million in funding, money it will use for both technology and business development, including breaking ground on its first efforts to sell its robots to customers in regions outside Europe, specifically North America. The investment is key not just for its size — the biggest round for Nomagic to date — but because of who is doing the funding and what is going on in the wider industrial landscape. The perennial question that gets asked about how to make regions more competitive in industry again is a basic one: How? A large part of the workforce that used to run factories and warehouses of the past has moved to other kinds of jobs; and when it hasn’t, ... Read full article.