USA: SoftWear Automation gets US $ 4.5 million funding
SoftWear Automation Inc., a US-based machinevision robotics firm, has received financial grant of US $ 4.5 million from CTW Venture Partners. The funding will accelerate the company’s development of fully automated sewn good worklines specifically for apparel production in the United States.
The company is leading the disruption of the
US $ 100 billion sewn products industry with its next- generation sewing worklines for home goods, footwear and apparel. The company’s fully automated Sewbots™ allow manufacturers to use SEWLOCAL™, moving their supply chains closer to the customer while creating higher quality products at a lower cost.
“Our innovative Sewbots are moving needles to the fabric instead of fabric to the needle. Factories today chase cheap labour around the world and we have ended up with an unsustainable supply chain. SoftWear Automation’s Sewbots can move that manufacturing closer to the customer or the raw materials,” said Palaniswamy Rajan, Chairman and CEO, SoftWear Automation. Additionally, with the help of the financial aid from CTW Venture Partners, the company plans to add 20 employees to keep pace with the growing customer demand.
It may be noted that company’s sales grew 1,000 per cent from 2015 to 2016. And now, it is on target to grow at the same rate through the current fiscal. One of SoftWear’s most important goals is to help bring textile manufacturing back to the US while creating higher-wage jobs for those supervising the Sewbots’ work. “US textile manufacturing will look different when it comes back, but it will be more productive and provide higher paying jobs than before,” added Rajan.
SoftWear Automation aims to bring textile manufacturing back to US