Symbotic
NasdaqSYM
IndustryRobotics, Logistics automation
Founded2007; 17 years ago (2007)
HeadquartersWilmington, Massachusetts
Key people
Richard B. Cohen (Chairman & CEO)
Websitesymbotic.com

Symbotic is an American robotics warehouse automation company based in Wilmington, Massachusetts.

The company builds and operates automated warehouse systems for clients in the United States and Canada, using artificial intelligence in its software. The software is used by 1,400 stores, with customers in the grocery, retail and wholesale industries, including C&S Wholesale Grocers, Albertsons, Giant Tiger, Target, and Walmart.[1]

History

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The company was founded in 2007 as CasePick Systems. In January 2012, the company was renamed Symbotic.[2]

In 2014, Target adopted Symbotic’s technology rather than building a new distribution center in Woodland, California.[3]

In 2017, Symbotic began working with Walmart at their distribution center in Brooksville, Florida, where the company’s automated technology was deployed to sort, store, retrieve and pack freight onto pallets.[4] In the same year, the company also began working with Albertsons.[5]

In July 2021, Walmart began introducing Symbotic robots to 25 additional regional distribution centers.[6] In December 2021, the company announced it was going public through a merger with SVF Investment Corp. 3, a special-purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers.[7]

Products and services

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Symbotic’s autonomous robots can travel up to 25 miles per hour, move up and down, and drop off or retrieve one case of products per minute. In contrast with other automation systems, the robots are untethered rather than bolted down or limited to fixed routes.[3]

References

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  1. ^ "Walmart-Backed Symbotic Will IPO Via SoftBank SPAC For $5.5B". The Street. December 13, 2021.
  2. ^ "CasePick relaunches as Symbotic". Boston Business Journal. February 1, 2012.
  3. ^ a b "Fully Autonomous Robots: The Warehouse Workers of the Near Future". Wall Street Journal. September 20, 2016.
  4. ^ "Walmart will be bringing Symbotic robots to 25 distribution centers". TechCrunch. July 14, 2021.
  5. ^ "Meet The Billionaire Robot Overlord Reinventing Walmart's Warehouses". Forbes. December 13, 2021.
  6. ^ "Walmart signs on with local robot maker to automated distribution centers". Boston Globe. July 14, 2021.
  7. ^ "Symbotic going public via Softbank SPAC". The Robot Report. December 14, 2021.