Ontario Teachers’ invests in supply chain tech, announces CFO to retire
The Ontario Teachers’ Pension Plan is leading a US$50-million series C funding round for Calgary-based 3D robotics supply chain company Attabotics Inc.
The pension fund is making the investment through its Teachers’ Innovation Platform, along with existing investor Honeywell International Inc. According to a press release, Attabotics, which implements a combination of robotic shuttles and vertical storage to improve traditional supply chain logistics, intends to use the funding to accelerate its commercial deployment, invest in new technologies and further scale its operations.
Read: Ontario Teachers’ investing in U.S. video games developer
“We are excited by the opportunity to become a long-term investor because we believe in Attabotics’ differentiated technology and highly skilled team and how this combination is poised to disrupt existing cube storage solutions currently available in the market,” said Olivia Steedman, senior managing director of the TIP at the Ontario Teachers’, in the release.
“We believe [Scott Gravelle, Attabotics founder, chief executive officer and chief technology officer] and his team have created a unique technology that can rapidly be deployed and which provides concrete benefits to retailers and their customers, including quicker delivery, reduced inventory, more efficient use of warehouse space and lower overall costs.”
In personnel news, the Ontario Teachers’ chief financial officer David McGraw will be retiring in the summer of 2021 after 16 years with the plan.
Read: IMCO invests in affordable housing, logistics, power markets
“David has had a substantial impact across the fund and played a key role in helping us become a world-class pension plan,” said Jo Taylor, president and CEO of Ontario Teachers’, in a release. “He has also enabled the business by creating strong oversight and governance processes and using analytics and insights to enhance our financial decision-making tools and capabilities.”
Since McGraw joined the plan in 2004, he’s helped the plan’s assets grow by more than $120 billion and contributed many changes to its approach to financial reporting and valuations. He’s also been a board members and audit committee chair for several of the Ontario Teachers’ portfolio companies both at home and abroad.
“It’s been a true honour to have seen our plan continue to evolve and grow over the years,” he said. “What’s continued to inspire me is our employees’ commitment to our mission of providing excellent service and retirement security to our members. It’s the driving force behind all we do and part of what makes Ontario Teachers’ such a unique place to work.”
The plan has started its search for its next CFO, who will be announced in 2021.
Read: Ontario Teachers’ appointing Karen Frank as senior managing director of equities