Billionaire Mukesh Ambani-led Reliance Group has picked up a 54 percent stake in global robotics company Addverb Technologies. The company with $132 million of investment became the biggest shareholder of the robotic company.
Noida-based Addverb Technologies was founded in 2016 by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar. The company is in the business of providing warehouse and factory automation products powered by AI, machine learning, deep learning, computer vision, robotics and IoT.
This robotics and automation tech company has a remarkable client base. The company’s customer list includes e-commerce giant Flipkart, multinational companies like Cocacola, consumer goods major HUL, and Asian paints to name a few. The company has plans to start innovation labs in the US, Europe and India where the talent pool in the field of Human-Robotics is immense. The company also plans to set up the biggest robotic manufacturing facility. The robotic company runs 100 percent subsidiaries in Singapore, Netherlands and Australia.
In April 2020, social media giant Facebook invested Rs.43,574 crore whereas Google has invested $4.5 billion in Reliance Jio. With smartphones in partnership with Google with a new operating system announced by the company their inclination towards technology-related businesses has increased many folds.