Investment & Fund Management

Myrmex, a robotics company based in Athens, Greece, faced the challenge of developing an innovative solution for the last mile delivery in the online grocery market. The company aimed to streamline the complex logistics involved in grocery delivery, which includes order fulfillment, delivery, replenishment, returns, temperature controls, and payment processing. Their goal was to create a fully unmanned grocery delivery system that could efficiently serve customers in both the European and US markets.

To address these challenges, Myrmex developed a prototype of their mobile robotic units, which are equipped with an arm manipulator to handle the delivery process. The company received crucial investment from Odyssey Venture, a Greek venture-capital fund backed by the European Investment Fund (EIF). This investment not only provided financial support but also brought in valuable expertise in corporate governance and strategic direction, which was instrumental in refining their business model.

As a result of this tailored solution, Myrmex was able to advance its product development significantly, leading to the submission of three patent applications in the USA. The company’s innovative approach to material-handling automation has positioned it to capture new market opportunities with online grocery retailers. Looking ahead, Myrmex plans to expand its operations, aiming to triple its workforce by hiring additional staff focused on research and development as well as marketing. This strategic growth is expected to enhance their capabilities and further solidify their presence in the competitive grocery delivery sector.