Symbotic acquires Veo Robotics to further strengthen its position in logistics automation

In August 2024, Symbotic Inc., a leading developer of logistics automation, acquired "substantially all of the assets" of Veo Robotics Inc. for an undisclosed amount. Symbotic is a developer of robotics and automation equipment that aims to speed up store order processing and improve inventory accuracy by moving goods in a more orderly manner. Walmart is one of its major customers. Veo Robotics, the acquired company, was founded in Cambridge, USA in 2016. It is a developer of industrial robot collaborative technology and has raised $57 million since its establishment. Its products combine advanced computer vision, 3D sensing and artificial intelligence technologies to enable high-performance industrial robots to work collaboratively with people, making manufacturing work units more flexible and efficient.