Amazon unveiled on Thursday a new $1 billion venture fund to support startups at all phases of development of consumer fulfillment, logistics, and supply chain technology.
Startups using wearable technologies to improve fulfillment center safety and robotics built to work alongside people are among the first firms to receive money from the Amazon Industrial Innovation Fund.
According to a statement by Alex Ceballos Encarnacion, Amazon’s vice president of worldwide corporate development,“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.”
Amazon CEO Andy Jassy addressed employee treatment and warehouse worker safety in his first-ever annual shareholders letter, which was released last week. Jassy said the business is passionate with further improving safety in our fulfillment network, with a focus on reducing strains, sprains, falls, and repetitive stress injuries.
Amazon has been scrutinized for warehouse worker safety and treatment after hiring more than 300,000 workers last year. According to CNBC, a recent research indicated that its employees had significant injuries at double the rate of competitors last year, with overall injuries rising from 2020 to 2021.
Amazon is also dealing with unionization at a number of its warehouses. For the first time in the company’s history, a section of the company’s U.S. warehouse workers decided to create a union earlier this month in New York City.
The new industrial fund hasn’t set a target number of firms to invest in. The Amazon Alexa Fund and the Amazon Climate Pledge Fund are two comparable venture arms that invest in other firms.
The following are the first firms to receive funding from the Amazon Industrial Innovation Fund, along with Amazon’s descriptions:
Modjoul: Based in Greenville, South Carolina, and founded in 2016, Modjoul is creating wearable safety technology that allows for real-time, individualized warnings and suggestions focused at minimizing injuries, particularly musculoskeletal difficulties.
Vimaan: Based in Santa Clara, California, and founded in 2017, Vimaan develops computer vision and artificial intelligence solutions for inventory management.
Agility Robotics: Located in Corvallis, Oregon, is developing Digit, a bi-pedal walking robot that tackles the mobility limits of traditional robots, allowing machines to assist humans wherever they are.
BionicHIVE: Based in Israel and founded in 2014, BionicHIVE is working on an autonomous robotic system that can adapt to current warehouse shelving racks and boxes and can work from floor to ceiling.
Mantis Robotics : Located in San Francisco, was founded in 2020 and is working on a tactile robotic arm that employs sensor technologies to operate in tandem with people.
