What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Asset Management Umbrella Fund (AMUF)
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund (BIF)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
EAFRD FoF Romania
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)

Myrmex: material handling robotics

image

Life is getting simpler for consumers in many ways. One of them is the ability to buy things online and then pick them up at a drive-through. This click-and-deliver process may be simple to use for the consumer, but somewhere in the background, there are some very complex calculations, algorithms and robotics at play to make this happen.

Myrmex is a company active in that space. They have developed an innovative fully unmanned grocery delivery system leveraging the power of mobile robotic units. Ioannis Kanellos, founder and lead strategist at Myrmex, explains that “with the robotic unit and the arm manipulator, we are able to cover the last steps of delivery, from order fulfilment to order delivery.”

Myrmex targets the European and US grocery online markets, focusing on the last mile delivery part of the sector, capable of delivering an online order just a few seconds after the customer arrives at the pick-up point. The system also takes care of replenishment, returns, temperature controls and payment methods.

Founded in early 2015, Myrmex invests heavily in research and development, with ten of its eleven staff members engaged in this field, which is based in Athens, Greece. By June 2015, Myrmex had developed a prototype and received an investment from Odyssey Venture, a Greek venture-capital fund backed by EIF. Odyssey also brought in much-needed expertise: “They offered very useful input, helping with contacts, corporate governance, and also in defining our strategic direction.” Ioannis adds.

The investment allowed the company to push ahead with product development, which included the submission of three different patent applications in the USA. With its revolutionary material-handling automation solutions based on robotic technologies, Myrmex is looking to occupy new territory with online grocery retailers but also invest further in research: “In 2018, the intention is to expand the company, tripling numbers by hiring staff to work in R&D and marketing” explains Ioannis.

Next time you pick up your groceries, you’ll have a better idea of what goes on in the background.

Company: Myrmex

Type of business: robotics

EIF financing: JEREMIE

Financial intermediary: Odyssey Venture Partners

For further information about EIF intermediaries in Greece, please refer to: http://www.eif.org/what_we_do/where/el


 
 

Copyright ©

 European Investment Fund 2019 – The European Investment Fund is not responsible for the content of external internet sites.