Communitech adds Clearpath Robotics, a Waterloo Engineering alumni company, to its list of Canadian tech firms expected to generate a billion dollars in annual revenue.
The Kitchener-based company is expanding its industrial division, OTTO Motors, to meet increased demand for its autonomous mobile robots (AMRs) that move equipment and parts around factory floors and production lines.
The COVID-19 pandemic’s reorganization of global supply chains has pushed economies to reignite local manufacturing. However, costly labour shortages in North America have spurred local factories to invest in technology that automates materials handling.
Matt Rendall, co-founder and CEO of Clearpath.
“We are at the point now where the market is ready for what we have in a way that we have never experienced it,” said Matt Rendall, Clearpath co-founder and CEO, in an article.
To make the Communitech list called True Team North, Canadian companies must demonstrate growth rates that match the top one per cent of businesses worldwide.
Clearpath was founded in 2009 by Waterloo mechatronics engineering graduates Matthew Rendall, Ryan Gariepy, Patrick Martinson and Bryan Webb. They launched OTTO Motors in 2015.