Recently, Amazon announced a $1 billion Industrial Innovation Fund to fund companies and startups at all stages. The fund will likely help these companies with customer fulfillment, logistics, and supply chain technology. Additionally, Amazon stated that the company seeks an opportunity to “look beyond our own experience and empower companies developing emerging technologies.”
Moreover, Amazon remarked that many companies might “share their curiosity and excitement to invent.” Additionally, Amazon stated the investment might help these companies grow or lead them to work with Amazon. Consequently, the company is grateful to help advance these technologies as people seek convenience and time-saving via online shopping.
What companies will benefit from Amazon’s investment?
Here is a list of some of the startups and fund companies Amazon will support through the Industrial Innovation Fund –
- Agility Robotics (makes bipedal robots for warehouses)
- Modjoul (produces wearable safety tech)
- Vimaan (uses computer vision to manage inventory)
- BionicHIVE (makes automated shelf-stacking robots)
- Mantis Robotics (manufactures tactile robot arm)
Interestingly, the announcement came after a study showing how Amazon’s workers are more likely to be injured than its competitors. After that, the company’s CEO, Andy Jassy, addressed the issue and expressed Amazon’s intention to improve the safety of its workers.
Furthermore, Alex Ceballos of Amazon notes that these startups and fund companies are “inherently complex.” He states that Amazon would invest in companies to increase innovation in emerging technologies to help improve employee experience and safety. Plus, the e-commerce giant intends a flawless coexistence of workforces across the supply chain, logistics, and other industries. Most importantly, for Amazon, which had a revenue of $470 billion in 2021, a $1 billion investment is minuscule.