Polish robotics startup Nomagic has announced a significant funding round of $44 million, which will be used to develop its technology and expand its business into new regions, including North America. This investment marks the largest round for the company to date and underscores the growing importance of robotics in the industrial landscape.

The funding round is led by the European Bank for Reconstruction and Development (EBRD), a development bank co-owned by over 70 countries and two European Union institutions. The EBRD's involvement highlights the push by governments and institutions to support private businesses in rebuilding industry, with robotics and technology seen as key levers for competitiveness.

Existing investors Khosla Ventures and Almaz Capital also participated in the round, alongside the European Investment Bank (EIB), which provided venture debt. According to PitchBook data, Nomagic had previously raised around $30 million, and while the company declined to disclose its valuation, Khosla partner Kanu Gulati confirmed that it was an "up round" for the startup.

Nomagic's robotic arms are designed for logistics operations, using computer vision, machine learning, and automation to move, pack, and handle objects. Unlike other robotics startups, Nomagic focuses on software development, using off-the-shelf hardware to power its AI-driven robots. This approach allows for easy redeployment of the robots across various use cases.

The company has seen significant growth, with annual recurring revenues increasing by 220% in the last year. Nomagic expects to continue this growth trajectory, with demand from new and existing customers in e-commerce and pharmaceuticals driving a projected 200% increase in ARR this year. The company's customers include Apo.com, Arvato, Asos, Brack, Fiege, Komplett, and Vetlog.one.

Nomagic's closest competitor, Covariant, recently partnered with Amazon in a major licensing deal, with the e-commerce giant reportedly valuing Covariant at around $625 million in 2022. This deal underscores the growing interest in robotics for industrial applications, with companies like Nvidia and SoftBank also investing heavily in the space.

The role of government in driving this trend cannot be overstated. Governments and institutions are increasingly investing in industry, with the U.K., European Union, U.S., and other regions calling for more investment in robotics and technology to drive competitiveness.

As the industrial landscape continues to evolve, companies like Nomagic, Covariant, and others are developing innovative technologies to meet the growing demand for automation and efficiency. With its latest funding round, Nomagic is well-positioned to capitalize on this trend and expand its presence in the global logistics market.