Atlanta-based SoftWear Automation Inc. has received an additional $4.5 million in financing from existing investor CTW Venture Partners. The company will use the funding to keep growing its Sewbots™ technology for the apparel industry, as well as add 20 employees.
The company reports sales grew 1,000 percent from 2015 to 2016 when the company began shipping its technology to customers. It predicts a similar growth rate through 2017. SoftWear’s goal is to bring manufacturing back to the United States along with higher-wage jobs for Sewbots’ supervisors.
“Our innovative Sewbots are moving needles to the fabric instead of fabric to the needle,” said Palaniswamy “Raj” Rajan, chairman and CEO, SoftWear Automation. “Factories today chase cheap labor around the world and we have ended up with an unsustainable supply chain. SoftWear Automation’s Sewbots can move that manufacturing closer to the customer or the raw materials.”
July/August 2017
