Toyota led a $15M Series A funding round in CaPow from Be’er Sheba, Israel, the provider of an in-motion power delivery solution for robotic fleets. The round was led by Toyota Ventures and included the participation of Elements VC, along with more than double-down investments from IL Ventures, Payton Planar Magnetics LTD., Mobilion, Doral Energy-Tech, and more.

CaPow has developed a wireless Power-In-Motion technology addresses operational efficiency challenges due to reliance on big, heavy, Lithium-ion based batteries, by delivering power to automated fleets while the vehicle is in-motion, thus eliminating charging downtime and reducing battery dependence. By powering fleets while en-route, CaPow dramatically reduces capital expenses and ensures 100% throughput for the lifetime of the robot. Companies adopting CaPow have seen a 32% decrease in cost of ownership and a 45% increase in automation operational efficiency.

“We are pushing the boundaries of energy management technology with the goal of completely transforming its role in industrial environments, providing a one-stop-shop for the fleet energy concerns,” said Prof. Mor Peretz, Co-Founder & CEO of CaPow. With the new funding, CaPow will utilize the investment to broaden its global expansion into new markets, grow its global operations, scale R&D, and ramp up production to meet soaring market demand. According to some industry analysts, the industrial automation market size is expected to grow at a ompound annual growth rate (CAGR) of 9.2%, reaching more than $460 billion by 2032.