THIRD WAVE AUTOMATION ANNOUNCES TECHNOLOGY PARTNERSHIP WITH THE RAYMOND CORPORATION TO SCALE PHYSICAL AI ACROSS RAYMOND LIFT TRUCK FLEETS

Shared autonomy and AI-driven lift truck automation to help customers improve throughput and operational flexibility

UNION CITY, Calif., June 16, 2026 /PRNewswire/ -- Third Wave Automation (Third Wave) announced a technology collaboration with The Raymond Corporation, part of Toyota Material Handling North America (TMHNA) to launch and expand AI-enabled physical automation capabilities across select automated Raymond lift trucks.

The collaboration builds on several years of collaborative development and operational learning since 2021, backed first by investments from Toyota Ventures, Toyota's early-stage venture firm, and followed by Woven Capital, Toyota's growth fund. Raymond will offer Third Wave's automation capabilities as part of its Raymond ecosystem, providing customers with a scalable path to improve warehouse performance through AI-first technology.

"The partnership with Raymond is a major step forward in expanding physical-AI automation on Raymond automated lift trucks," said Arshan Poursohi, CEO of Third Wave Automation. "The combination of Third Wave software and Raymond's best-in-class material handling equipment creates an unmatched automated solution, with substantial gains in throughput, flexibility, and safety."

"We have been purposefully and thoughtfully integrating advanced technology and AI-driven capabilities across Raymond's integrated ecosystem of solutions to help customers optimize workflows, improve visibility, and better connect their operations," said Michael Field, chief operations officer, Toyota Material Handling North America. "Adding Third Wave's technology to our Raymond lineup is a natural extension of that approach, enhancing the solutions available to our customers while supporting more connected, scalable warehouse operations and automating the right application where it makes sense."

Third Wave's shared autonomy platform pairs autonomous lift trucks with fleet management and seamless remote assistance, enabling a remote operator to supervise multiple vehicles and intervene in seconds when needed, without impacting other vehicles. In typical operations, one operator can manage up to ten forklifts from an off-floor location, helping improve both productivity and operational efficiency.  

The initial lineup will include an automated Raymond Swing-Reach® truck and several soon to be announced products, each integrated with Third Wave's automation technology and targeted for commercial availability. The trucks will be distributed through Raymond's Solutions and Support Centers.

"Our investment in Third Wave Automation was rooted in a conviction that physical AI would transform industrial operations and the enormous potential we saw in their technology to lead that transformation," said Prashant Bothra, principal, Woven Capital. "This partnership is a testament to what's possible when Toyota Group's global teams, technology, and strategic capital can accomplish when working together. We're bringing differentiated capabilities to market faster and at greater scale."

The integration will support automation across key warehouse workflows, including dock-to-dock and trailer loading/unloading operations, with a focus on rapid time-to-value and measurable operational outcomes. Raymond and Third Wave will also deliver fleet visibility and operational insights that complement automation deployments, helping customers measure performance and drive continuous improvement.

For more information, visit raymondcorp.com or thirdwave.ai.

About Third Wave Automation
Third Wave Automation is a provider of AI-powered warehouse automation solutions focused on predictable automation plus human adaptability. Its shared autonomy approach combines machine learning, computer vision, robotics, and remote operator oversight to help industrial vehicles operate effectively in dynamic environments, supporting safer and more efficient warehouse operations with flexible deployment and scalable automation adoption.

About The Raymond Corporation
The Raymond Corporation, a brand of Toyota Material Handling North America, is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions. Built on principles of innovation and continuous improvement for over 100 years, Raymond's integrated automation, telematics, virtual reality and advanced energy solutions provide ways to optimize operations and bring warehouse and distribution operations to a new level of performance. Raymond^® electric forklift trucks are engineered to achieve increased productivity and efficiency and are designed to provide ecological and economic benefits. Raymond delivers solutions to material handling and logistics markets in North America and globally. Combining operational excellence, award-winning innovation and world-class global customer support, we work together to run better, manage smarter and keep our customers always on. For more information, visit raymondcorp.com and follow us on Facebook, YouTube and LinkedIn.

SOURCE Third Wave Automation