By Akash Sriram

May 13 (Reuters) - Mind Robotics, a spinout from Rivian RIVN.O, was valued at $3.4 billion in a new funding round, up from the $2 billion valuation it secured during its Series A raise in March, according to a source familiar with the matter.

The industrial robotics startup has raised $400 million in the Kleiner Perkins-led round, bringing its total funding to more than $1 billion in less than a year.

Here are some details:

• New investors in the round include Meritech Capital, Redpoint Ventures, SV Angel, Incharge Capital, A-Star Capital, and Garuda Ventures.

• Mind Robotics previously raised $115 million in a seed funding round late last year, followed by a $500 million Series A round in March.

• Investor confidence in AI-powered automation for manufacturing has been growing, particularly as automakers and industrial companies race to modernize factory operations with robotics.

• Mind Robotics develops foundation AI models, purpose-built robots, and deployment infrastructure designed for industrial manufacturing tasks.

• Rivian's manufacturing facilities provide Mind Robotics with a live, high-volume production environment for training and deploying its robotics AI models.