Path Robotics announced a $300 million Series E at a $2.45 billion post-money valuation on November 10, backing an expansion from robotic welding into other factory tasks. Georgian led the round.
Path’s Obsidian software uses scans to locate seams and plan welds around imperfectly fitted parts. Manufacturers can obtain its robotic welding cells as a service, which Path advertises with no capital expenditure and round-the-clock support.
Path says annual recurring revenue grew 17-fold in the past 18 months, though it did not disclose the current dollar amount. The Series E is three times the $100 million of investments it disclosed in its October 2024 Series D announcement.
The company’s expansion includes a Navy shipbuilding program with HII. In August, HII said it intended to award Path and GrayMatter Robotics up to $900 million of work combined over seven years, subject to readiness and performance milestones. The two robotics companies must develop and qualify an autonomous production line before HII sources work from it, with orders dependent on cost, schedule and quality.
Rove, Path’s four-legged mobile welding system, takes the welding equipment to the workpiece. Path names autonomous-vessel builder Saronic as an early adopter and says only 50 Rove units are scheduled to ship in 2027.