The Amazon Industrial Innovation Fund, worth $1 billion, has been announced by Amazon.
Customers, logistics, and supply chain technologies are the focus of Amazon’s $1 billion Industrial Innovation Fund.
The ecommerce giant said, “We see an opportunity to expand beyond our own expertise and enable organisations who are creating breakthrough technologies in customer fulfilment operations, logistics, and the supply chain. “
In our experience, we’ve found that there are firms out there who share our enthusiasm for inventing.” If our investment helps them develop or leads them to collaborate with Amazon or both, we’re thrilled to help advance these technologies as online shopping becomes more vital to individuals who are searching for greater convenience and time savings.”
That includes Agility Robotics, a company whose bipedal warehouse workers are being funded by Amazon.com. Amazon and others are donating $150 million to the business.
Among the other firms that stand to gain from the programme are Modjoul, which develops wearable safety technology, Vimaan, which uses computer vision to manage inventory, BionicHIVE, which is building an automatic shelf-stacking robot, and Mantis Robotics, which is creating a haptic robot arm.
The cost of doing business online is high
In the wake of a recent research that found that Amazon employees are twice as likely to be injured as their rivals, Amazon CEO Andy Jassy has announced the creation of a $1 billion fund to improve worker safety.
Amazon’s Alex Ceballos noted, “These sectors are fundamentally complicated.” With our size, Amazon is dedicated to investing in firms that spark innovation in new technologies that will assist enhance employee experiences and safety while seamlessly coexisting with workforces in the supply chain, logistics and other sectors. “.
In comparison to Amazon’s $470 billion in sales in 2021, spending $1 billion is nothing.
Even said, a competitive advantage afforded by investing early in companies that assist to improve efficiency in its huge warehouses might be invaluable in the long run.