Third Wave Automation
Startup making warehouse forklifts drive themselves, with remote humans as backup.
On the record
Checkpoint: Next funding round and any disclosed Raymond/Toyota unit-volume numbers
The call
Third Wave leans on Toyota's Raymond channel for distribution while its own revenue, unit volumes, and next funding stay undisclosed.
Third Wave Automation makes robots that drive forklifts on their own in warehouses. The company has real customers using its robots and got a major boost when Raymond Corporation (owned by Toyota, the world's biggest forklift maker) agreed to sell Third Wave's robots starting in mid-2026. However, this partnership is Third Wave's main strength, and the company does not own it: Raymond or Toyota could build their own self-driving technology instead, and other giant forklift makers like KION, Crown, and Hyster-Yale face the same choice. Third Wave also faces smaller rivals like Cyngn and Seegrid who are building similar robots with their own customer data. The big question is whether the company can actually make money on each robot it sells, especially as artificial intelligence labs from places like NVIDIA start offering ready-made software that any forklift maker could use to build autonomy cheaply. Over the next year, watch whether Third Wave announces how many robots Raymond has actually shipped and whether it raises new funding at a healthy price; if both stay quiet past mid-2027, it could mean the partnership isn't working and the business model is in trouble.
Why
01
AI pressure: Physical-AI foundation model labs (Physical Intelligence, Skild AI, NVIDIA Isaac). These labs could turn forklift-autonomy software into a commodity within years, but none has shipped a rival product yet. Could AI do the core job? Only partly.
02
Bigger players: Toyota Industries via Raymond Corporation, plus KION, Crown, Hyster-Yale, Jungheinrich. Raymond is both investor and distributor today, but nothing stops Toyota or other forklift makers from building autonomy in-house later. Could a giant copy it? Yes, easily.
03
What protects it. Live deployments feeding a shared-autonomy data loop, plus Raymond's distribution reach, make it costly for customers to switch now.
What would change this call
Whether Third Wave announces a new funding round (size, lead investor, valuation) by mid-2027. Shows if investors still believe the Raymond partnership is translating into scalable revenue.
Public disclosure of unit volumes actually shipped through the Raymond/Toyota distribution channel. Tests whether the OEM partnership is generating real sales or remains symbolic.
Any announcement of Crown, KION, or Hyster-Yale launching their own autonomous forklift line, or Cyngn/Seegrid winning a major 3PL contract. Would show rivals or OEM partners are capturing the market Third Wave is targeting.
Public disclosure of unit volumes actually shipped through the Raymond/Toyota distribution channel. Tests whether the OEM partnership is generating real sales or remains symbolic.
Any announcement of Crown, KION, or Hyster-Yale launching their own autonomous forklift line, or Cyngn/Seegrid winning a major 3PL contract. Would show rivals or OEM partners are capturing the market Third Wave is targeting.
Key numbers
- Series C: $27M, Oct 2024, down from $40M Series B in 2021
- Cumulative funding about $97M since 2018
- 57 total employees per PitchBook snapshot
Named risks
- No disclosed revenue or unit economics for the RaaS hardware model.
- Series C ($27M, Oct 2024) smaller than Series B ($40M, 2021), signaling weaker investor demand.
- Distribution advantage via Raymond/Toyota is borrowed, not owned; OEM could build in-house alternative.
- Well-funded rivals Seegrid and Cyngn pursue the same customer base and data flywheel.
- Emerging physical-AI foundation-model labs could commoditize the software layer over 3-5 years.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Seegrid | gaining on | Raised $50M Series D in September 2024 to expand autonomous lift-truck tech |
| Cyngn | contesting | Listed as direct competitor in autonomous forklift/lift-truck automation, per PitchBook |
| Toyota Industries / Raymond Corporation | contesting | Investor and June 16, 2026 distribution partner, but not structurally blocked from building autonomy in-house |
| Vecna Robotics | contesting | Named direct competitor in autonomous forklift space per PitchBook profile |
Questions people ask
- Is Third Wave Automation profitable in 2026?
- No revenue figures are publicly disclosed for Third Wave Automation as of 2026; PitchBook and CB Insights profiles show blank revenue fields. The company has raised roughly $97M cumulative funding through its October 2024 Series C, with unit economics for its robots-as-a-service model unproven.
- Who owns Third Wave Automation?
- Third Wave Automation is privately held and venture-backed, with no parent company. Investors include Innovation Endeavors, Norwest Venture Partners, Toyota Ventures, Zebra Technologies, Qualcomm Ventures, and Toyota's Woven Capital, which led the $27M Series C closed October 30, 2024.
- Is Cyngn or Seegrid a bigger threat to Third Wave Automation?
- Seegrid raised a $50M Series D in September 2024 to expand autonomous lift-truck technology, directly contesting Third Wave's market. Cyngn is also a named rival. Both compete for the same 3PL and warehouse customers Third Wave targets with its RaaS forklifts.
- Could AI replace the forklift drivers that Third Wave Automation automates?
- Third Wave's own technology is designed to do exactly that: customer Armada Supply Chain Solutions reported about 70% autonomous operation in a legacy facility, targeting 90%+ in greenfield sites, with one remote operator overseeing up to 10 forklifts per the company's site, no third-party audit date given.
- What is Third Wave Automation's partnership with Toyota's Raymond Corporation?
- On June 16, 2026, Third Wave Automation announced a technology partnership with The Raymond Corporation to embed its shared-autonomy software across select automated Raymond lift trucks, building on a relationship with Toyota Ventures and Woven Capital dating to 2021.
- How much money has Third Wave Automation raised total?
- Third Wave Automation has raised roughly $97M cumulatively as of its October 30, 2024 Series C ($27M, led by Toyota's Woven Capital), following a $40M Series B in August 2021 and a $15M seed round in June 2020.
Timeline
- 2026-06-16Announces technology partnership with Raymond Corporation to embed software on Raymond lift trucks
- 2024-10-30Closes $27M Series C led by Toyota's Woven Capital, cumulative funding ~$97M
- 2024-03-07Showcases extended-reach forklift and four operating modes at Modex 2024
- 2023-02-16Receives ~$15M strategic investment from Zebra Technologies and Qualcomm Ventures
- 2021-08-04Closes $40M Series B led by Norwest Venture Partners
- 2020-06-21Closes $15M seed/Series A led by Innovation Endeavors
- 2018-01Third Wave Automation founded in Union City, California
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Third Wave Automation
- Creating safer and more efficient warehouses with robotics and shared autonomy (2020-06-21)
- Third Wave Automation raises $40M to bring its autonomous forklifts to warehouses (2021-08-04)
- Third Wave Automation gets strategic investment from Zebra Technologies, Qualcomm (2023-02-16)
- Third Wave Automation Closes $27 Million Series C Funding (2024-10-30)
- Third Wave Automation 2026 Company Profile
- Third Wave Automation
- Third Wave Automation - Headcount, Funding & Open Jobs (2026-06-29)
- Third Wave Automation
- Warehouse Automation Tool Review
- Third Wave Automation to Showcase Live Demo of Autonomous Forklifts at Modex 2024 (2024-03-07)
- Third Wave Automation Announces Technology Partnership with The Raymond Corporation (2026-06-16)