Symbotic, the software and robotics maker backed by Walmart and SoftBank, has partnered with SoftBank to create a joint venture called GreenBox Systems. The partnership aims to provide AI-powered logistics and warehousing services to smaller companies. Symbotic already sells AI-powered robotic warehouse management systems to big retailers such as Walmart and Target, and hopes that the joint venture will allow them to reach smaller companies that couldn’t afford the investment in such technology. It’s projected to be a $500 billion market. Symbotic uses a system of autonomous robots that move around warehouses to optimize efficiency and reduce wasted space. The technology allows for greater automation in the picking and packing process, as well as making it possible for multiple companies to share the same warehouse and commingle their goods for efficient shipping. Symbotic’s shares have increased by 190% this year, and they expect to have their first billion-dollar revenue year in fiscal 2023. Symbotic CEO, Rick Cohen, says they share the vision of going big and going fast with SoftBank and believes the market is massive.
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