Third Wave Automation, developer of high-reach autonomous forklifts, has announced a $27 million Series C funding round led by Toyota’s Woven Capital, with participation from Innovation Endeavors, Norwest Venture Partners, and Qualcomm Ventures. This funding brings the company’s total raised to $97 million, supporting the expansion of its Shared Autonomy Platform and increasing the manufacturing capacity of its multimode TWA Reach forklifts.
Prashant Bothra of Woven Capital, who joins Third Wave’s board, emphasized the transformative role of combining AI-driven automation with human oversight in addressing warehouse labor challenges. “With Toyota’s expertise in automation and mobility, we see Third Wave as a key player in intelligent material handling, unlocking new value in global logistics,” he stated.
The TWA Reach forklifts offer four operating modes—autonomous, remote assist, remote operation, and manual—designed to navigate complex warehouse tasks such as loading, replenishing, and outbound handling. These forklifts incorporate a comprehensive warehouse perception system with 3D lidar, enabling fast and accurate mapping of warehouse environments, while the Armada Fleet Management System allows a single operator to manage multiple forklifts seamlessly.
Arshan Poursohi, CEO of Third Wave, highlighted the partnership with Toyota as crucial in advancing their strategic mission. “This collaboration enables us to bring AI-powered autonomous solutions to more U.S. warehouse operators, addressing productivity and safety challenges and providing strong ROI,” he said.
