Mujin, a Tokyo-based maker of robot control software that runs mixed fleets of machines, is raising an extension to its Series D round to fund its path to a public listing by 2030. The raise adds another warehouse automation vendor to the group heading toward the public market, a consideration for operators deciding whose software to build on.
The round: The extension follows a $233 million Series D that closed late last year. That round included $133 million in equity led by NTT Group, with the Qatar Investment Authority as co-lead, and $100 million in debt from a group of Japanese financial institutions.
Across all funding rounds, Mujin has raised about $411 million at a valuation Bloomberg reports is above $1 billion. The company has not disclosed the size of the extension.
What the company does: Mujin's software, MujinOS, handles motion planning, digital twin simulation, and coordination across robots from different manufacturers. This allows warehouses to run mixed fleets without integrating each machine separately.
The company says it has operated thousands of robotic systems for customers including Toyota and Fast Retailing, the parent of Uniqlo. In North America, customers access Mujin through integrators such as Honeywell Intelligrated and Conveyco. Mujin says sales doubled in the last fiscal year and expects them to double again.
The path to an IPO: CEO Issei Takino is targeting a 2030 listing on the New York Stock Exchange if Mujin reaches a valuation above $3 billion and in Tokyo if it does not. He also expects the company to break even before listing. "There are plenty of tailwinds for us right now," he said.
Several other robotics software companies are raising capital around a similar idea, including Standard Bots, which raised $200 million, and NEURA Robotics, which raised up to $1.4 billion.
The risk in that approach is illustrated by Kroger, which recorded about $2.6 billion in charges while unwinding its Ocado-powered automated network. It is a reminder that relying on a single automation system carries concentration risk if volumes fall short.
