Amazon announces $1 billion fund to support emerging tech companies

Amazon today announced a USD1 billion Amazon Industrial Innovation Fund (AIIF) to spur and support innovation in customer fulfillment, logistics, and the supply chain.

AIIF will provide venture capital funding to companies innovating in fulfillment operations, logistics, and supply chain solutions, which could eventually improve the company's operations, while also enhancing the employee and customer experience.

The Amazon Industrial Innovation Fund's first round of investments is focused on wearable technology that enhances safety in fulfillment buildings and robotics designed to complement and coexist with people's lives. Below are the companies receiving investment from the new fund:

• Modjoul - The Greenville-based company is developing wearable safety technology that enables real-time, personalized alerts and recommendations to reduce injuries.
• Vimaan - The Santa Clara-based company is developing computer vision and artificial intelligence solutions engineered to improve inventory management.
• Agility Robotics - The Corvallis-based company is developing a bi-pedal walking robot that addresses the mobility limitations of traditional robots.
• BionicHIVE - The Israel-based company is developing an autonomous robotic solution that can adapt to existing shelving racks and boxes in warehouses and is capable of floor to ceiling functionality.
• Mantis Robotics - The San Francisco-based company is developing a tactile robotic arm that uses sensor technology to cohesively work alongside people.

"We know there are companies out there that share our curiosity and excitement to invent. Whether our investment helps them grow or leads them to work with Amazon or both, we're excited to help advance these technologies as online shopping becomes even more important to people who are looking for more convenience and time savings," said Alex Ceballos Encarnacion, Amazon's vice president of worldwide corporate development.

"With our scale, Amazon is committed to investing in companies that will ignite innovation in emerging technologies that can help improve employee experiences and safety while seamlessly coexisting with workforces across the supply chain, logistics, and other industries," Ceballos further added.

More information about the new fund can be found here.