Karl Iagnemma, a prominent figure in the autonomous vehicle (AV) industry, has been appointed CEO of Vecna Robotics, a Massachusetts-based startup specializing in robotic material handling. This move comes after Iagnemma’s departure from Hyundai-backed Motional, where he served as president and CEO. Iagnemma brings years of experience in autonomy, having co-founded NuTonomy and played a pivotal role in the development of autonomous vehicle technology.
Vecna Robotics, which develops autonomous pallet movers and related software, also announced it has secured $14.5 million in funding from existing investors. This new investment will be used to enhance its automation technology and expand its offerings in industries such as automotive, manufacturing, and warehousing. To date, Vecna has raised $179 million in total funding.
Iagnemma sees significant potential for Vecna to scale commercially. āThere is a massive market opportunity but little market penetration,ā he said. āWhat Iām most excited about is the combination of Vecna having the best technology in the industry and the secular tailwinds around material handling and automation, specifically due to labor supply and increased labor costs.ā
Vecna has also previously raised funding, including $50 million in 2020 and $65 million in a Series C round in 2022, which was extended by $40 million earlier this year. The company is backed by notable investors, including Tiger Global Management and Proficio Capital Partners.
Prior to joining Vecna, Iagnemma had a distinguished career in AVs, including his work as director of MITās Robotic Mobility Group and his role in founding NuTonomy, which was acquired by Delphi in 2017. He later led Motional, a joint venture between Aptiv and Hyundai. However, he left Motional in September following restructuring efforts and challenges in the commercialization of autonomous vehicles. Despite these hurdles, Iagnemma remains optimistic about the future of AVs, stating, āI actually think Motional is in a good spot.ā
As he transitions to Vecna, Iagnemma aims to lead the company into a new phase of growth, capitalizing on the increasing demand for automation across industries.
