Amazon (NASDAQ: AMZN) announced that it would launch a $1 billion fund to support companies that are developing innovative technologies to improve operations, logistics, and supply chain management.
On Thursday, the company wrote in its blog that the Amazon Industrial Innovation Fund (AIIF) would focus on companies of all stages, ranging from early-stage startups to more established companies.
It would support innovation in areas such as robotics, artificial intelligence, machine learning, autonomy, and other emerging technologies.
The AIIF’s first round of investments is directed toward five companies namely, Modjul (est. 2016), Vimaan (est. 2017), Agility Robotics (est. 2015), BionicHIVE (est. 2014), and Mantis Robotics (est. 2020).
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All five companies are developing products based on wearable technology and robotics to ease and coexist with people’s lives.
Vimaan and BionincHIVE are developing technologies to improve inventory management and logistical operations.
Modjul is developing wearable safety technology that issues alerts and recommendations to reduce injuries, especially musculoskeletal issues, which are the most common warehouse injuries.
Mantis Robotics is developing a tactile robotic arm that uses sensor technology to work alongside people, while Agility Robotics’ bi-pedal walking robot, assists people wherever they are.
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With inputs from Amazon