Financial Archives - The Robot Report https://www.therobotreport.com/category/financial/ Robotics news, research and analysis Sun, 28 Apr 2024 12:31:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://www.therobotreport.com/wp-content/uploads/2017/08/cropped-robot-report-site-32x32.png Financial Archives - The Robot Report https://www.therobotreport.com/category/financial/ 32 32 Forcen closes funding to develop ‘superhuman’ robotic manipulation https://www.therobotreport.com/forcen-closes-funding-to-develop-superhuman-robotic-manipulation/ https://www.therobotreport.com/forcen-closes-funding-to-develop-superhuman-robotic-manipulation/#respond Sun, 28 Apr 2024 12:30:18 +0000 https://www.therobotreport.com/?p=578877 Forcen is offering customized and off-the-shelf sensors to aid robotic manipulation in complex environments.

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Forcen has raised funding to scale production of its force/torque sensors.

Forcen says its technology will help robotic manipulation advance as vision has. Source: Forcen

Forcen last week said it has closed a funding round of CAD $8.35 million ($6.1 million U.S.). The Toronto-based company plans to use the investment to scale up production to support more customers and to continue developing its force/torque sensing technology and edge intelligence.

“We’ve been focused on delivering custom solutions showcasing our world-first technology with world-class quality … and we’re excited for our customers to announce the robots they’ve been working on with our technology,” stated Robert Brooks, founder and CEO of Forcen. “Providing custom solutions has limited the number of customers we take on, but now we’re working to change that.”

Founded in 2015, Forcen said its goal is to enable businesses to easily deploy “(super)human” robotic manipulation in complex and unstructured applications. The company added that its technology is already moving into production with customers in surgical, logistics, humanoid, and space robotics.

Forcen offers two paths to robot manipulation

Forcen said its new customizable offering and off-the-shelf development kits will accelerate development for current customers and help new ones adopt its technology.

The rapidly customizable offering will use generative design and standard subassemblies, noted the company. This will allow customers to select the size, sensing range/sensitivity, overload protection, mounting bolt pattern, and connector type/location.

By fulfilling orders in as little as four to six weeks, Forcen claimed that it can replace the traditional lengthy catalog of sensors, so customers can get exactly what they need for their unique applications.

The company will launch its off-the-shelf development kits later this year. They will cover three degree-of-freedom (DoF) and 6 DoF force/torque sensors, as well as Forcen’s cross-roller, bearing-free 3 DoF joint torque sensor and 3 DoF gripper finger.

Forcen's off-the-shelf development kits.

Off-the-shelf development kits will support different degrees of freedom. Source: Forcen

Force/torque sensors designed for complex applications

Complex and less-structured robotics applications are challenging for conventional force/torque sensing technologies because of the risk of repeated impact/overload, wide temperature ranges/changes, and extreme constraints on size and weight, explained Forcen. These applications are becoming increasingly common in surgical, logistics, agricultural/food, and underwater robotics.

Forcen added that its “full-stack” sensing systems are designed for such applications using three core proprietary technologies:

  • ForceFilm — A monolithic thin-film transducer enabling sensing systems that are lighter, thinner, more stable across both drift and temperature, the company said. It is especially scalable for multi-dimensional sensing, Forcen said.
  • Dedicated Overload — A protection structure that acts as a 6 DoF hard stop. The company said it allows sensitivity and overload protection to be designed separately and enables durable use of the overload structure for thousands of overload events while still achieving millions of sensing cycles.
  • Synap — Forcen’s onboard edge intelligence comes factory compensated/calibrated and can connect to any standard digital bus (USB, CAN, Ethernet, EtherCAT). This can “create a full-stack force/torque sensing solution that is truly plug-and-play with a maintenance/calibration-free operation.
Forcen sensors include three proprietary technologies.

New offerings include features to support demanding robotics applications. Source: Forcen

Learn about Forcen at the Robotics Summit

Brightspark Ventures and BDC Capital’s Deep Tech Venture Fund co-led Forcen’s funding round, with participation from Garage Capital and MaRS IAF, as well as returning investors including EmergingVC.

“Robotic vision has undergone a revolution over the past decade and is continuing to accelerate with new AI approaches,” said Mark Skapinker, co-founder and partner at Brightspark Ventures. “We expect robotic manipulation to quickly follow in the footsteps of robotic vision and Forcen’s technology to be a key enabler of ubiquitous human-level robotic manipulation.”

Forcen is returning to the Robotics Summit & Expo this week. It will have live demonstrations of its latest technology in Booth 113 at the Boston Convention and Exhibition Center. 

CEO Brooks will be talking on May 1 at 4:15 p.m. EDT about “Designing (Super)Human-Level Haptic Sensing for Surgical Robotics.” Registration is now open for the event, which is co-located with DeviceTalks Boston and the Digital Transformation Forum.


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Titan Medical gives progress report about Conavi merger https://www.therobotreport.com/titan-medical-gives-progress-report-about-conavi-merger/ https://www.therobotreport.com/titan-medical-gives-progress-report-about-conavi-merger/#respond Sat, 27 Apr 2024 12:00:56 +0000 https://www.therobotreport.com/?p=578866 Titan Medical and Conavi aim to commercialize Conavi’s Novasight Hybrid system for guiding common minimally invasive coronary procedures.

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Titan Medical & Conavi.

Titan Medical Inc. this week provided a progress update regarding its planned merger with Conavi Inc. They said the combined entity will continue working to commercialize Conanvi’s Novasight Hybrid system for guiding minimally invasive coronary procedures.

Toronto-based Conavi Medical designs, makes, and sells imaging technologies for guiding cardiovascular procedures. Novasight Hybrid combines intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries. The system has FDA 510(k) clearance from the U.S. Food and Drug Administration (FDA).

Conavi and Titan said they are continuing work on the all-stock transaction under a definitive amalgamation agreement first announced last month. That includes the preparation of submissions to list Titan shares on the TSX Venture Exchange. That listing would follow de-listing from the Toronto Stock Exchange.

The companies said they also plan to complete Titan’s management information circular and related documents. Titan plans to hold a special meeting for shareholders to approve the transaction and related matters.

In addition, Conavi said it is preparing concurrent financing of subscription receipts worth at least $15 million and up to $20 million.

Titan Medical licenses IP, evaluates options

Toronto-based Titan Medical had developed patented technology for robot-assisted surgery (RAS), including through a single access point. This merger comes after more than a year of uncertainty around the future of the company.

In late 2022, Titan suspended a special meeting of shareholders meant to vote on a share consolidation plan. Management decided to begin a strategic review, and announced significant cost-cutting measures.

Titan went on to halt development of its ENOS surgical robot in February 2023. The company began selling assets and licensed much of its intellectual property (IP) to Intuitive Surgical to avoid insolvency.

The company said it is focused on “evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed-upon merger with Conavi Medical.”

Editor’s note: This article was syndicated from The Robot Report sibling site MassDeviceLearn more about robots for surgery and other applications at next week’s Robotics Summit & Expo and co-located DeviceTalks Boston.

The events will include speakers from Medtronic, Asensus Surgical, Intuitive Surgical, and more, as well as the MassRobotics Healthcare Catalyst Showcase. Registration is now open for the Robotics Summit & Expo, which also features sessions and exhibits with industry leaders, an Engineering Career Fair, and networking opportunities.


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HowToRobot merges with Gain & Co., brings in investment https://www.therobotreport.com/howtorobot-merges-with-gain-co-brings-in-investment/ https://www.therobotreport.com/howtorobot-merges-with-gain-co-brings-in-investment/#respond Thu, 25 Apr 2024 12:52:39 +0000 https://www.therobotreport.com/?p=578835 HowToRobot hopes to address industry needs by creating a global automation market platform and vendor-independent advisory firm.

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HowToRobot is combining its marketplace with Gain & Co.'s expert advice.

HowToRobot is combining its marketplace with Gain & Co.’s expert advice. Credit: Adobe Stock

HowToRobot.com ApS, a provider of a global automation market platform, and Gain & Co., a robotics and automation advisor, announced a merger last week. The newly formed company has also received an investment from Sagitta Ventures, which will be taking a seat on its board. 

Now operating under the name “HowToRobot,” the combined company said that while the need for robotics is stronger than ever, most businesses still struggle to automate. By combining its automation market and vendor-independent advice, HowToRobot said it will support businesses with every aspect of their automation journeys.  

“Businesses need automation and robotics like never before to make up for labor shortages and supply chain disruptions and simply to protect them in the long run,” stated Søren Peters, now co-CEO of HowToRobot. “But without help, only few are able to fully take advantage of the technology. The merger and investment allow us to extend that help to every business that needs it.”

Founded in 2017, HowToRobot said it offers companies with an overview and easy access to automation and robotics suppliers globally. It also offers advisors that give guidance on everything from getting started with automation to technology selection and implementation.


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HowToRobot to help companies keep up with innovation

Global robot installations have more than tripled over the past decade, according to the International Federation of Robotics (IFR). This demand has resulted in more innovation, making it difficult for prospective customers to keep up with the industry, said Peters. 

“Robotics is developing so fast that it can easily seem overwhelming,” he said. “What most need is often just someone to talk to who knows the market and who they can trust for reliable and impartial advice. By letting our two companies join forces, we can now provide all that in one place.”

The Copenhagen, Denmark-based company claimed that the new HowToRobot provides the support that businesses need when looking to automate. At the R-24 event earlier this year in Odense, Denmark, Gulshan Akhtar Din, a senior advisor then at Gain & Co., explained how it worked with hospitals to properly integrate automation with both physical infrastructure and business processes.

Despite global robot installations hitting a record high in 2022, according to the IFR, HowToRobot said it has found that the average business has explored only about 5% of its addressable potential for automation. Peters asserted that this is mainly due to limited expertise and knowledge about automation. 

“Most businesses have still only scratched the surface of what is possible and makes sense to automate,” he said. “With the right guidance and easy access to potential solutions, robot adoption can reach a whole new level.”

Inside the merger

With the merger, Peters, the former CEO of HowToRobot, and Søren Pap-Tolstrup, the former CEO of Gain & Co., will serve as co-CEOs. The company did not disclose financial details of the merger or investment from Sagitta Ventures

“The world of robotics is still new to many, and most need help to some extent – from technical advice to finding solutions and building the business case or simply finding the best place to start,” noted Pap-Tolstrup. “When combined, our platform and advisory have the depth, reach, and flexibility to support businesses where and when they most need it.”

HowToRobot said its latest investment will enable it to expand its platform, advisor team, and partner network across the world, adding expertise and the capacity for conducting on-site automation screening. The company said it also plans to broaden its market understanding of robotics and automation to better provide expert advice.

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Intuitive beats the Street in Q1, increases procedure volume forecast https://www.therobotreport.com/intuitive-beats-the-street-in-q1-increases-procedure-volume-forecast/ https://www.therobotreport.com/intuitive-beats-the-street-in-q1-increases-procedure-volume-forecast/#respond Fri, 19 Apr 2024 19:46:17 +0000 https://www.therobotreport.com/?p=578768 Intuitive Surgical reported profits of $545 million, or $1.51 per diluted share.

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Intuitive Surgical placed eight of its next-generation da Vinci 5 systems in the first quarter of 2024. | Source: Intuitive Surgical.

Intuitive placed eight of its next-generation da Vinci 5 systems in the first quarter of 2024. | Source: Intuitive Surgical

Intuitive Surgical Inc. yesterday posted first-quarter results that exceeded Wall Street’s consensus forecast while increasing its forecast for full-year procedure growth.

The Sunnyvale, Calif.-based surgical robotics leader reported profits of $545 million, or $1.51 per diluted share, for the three months ended March 31, 2024, up 53% from the first quarter of 2023. Total revenue was $1.89 billion for the quarter, up 11% from the same period a year ago.

Intuitive cited growth in the volume of robot-assisted surgical procedures and an increase in its installed base of systems. Global da Vinci procedures grew approximately 16% from the same quarter a year ago. The company, which traded as ISRG, placed 313 da Vinci surgical systems during the quarter, compared with 312 from the prior-year period.

Intuitive’s total installed base climbed to 8,887 systems, up 14% from a year ago. Eight of the systems placed in the first quarter of 2024 were Intuitive’s next-generation da Vinci 5.

“The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business,” said Intuitive CEO Gary Guthart in a release. “We are pleased by feedback from our measured da Vinci 5 launch, as well as the continued adoption of SP and Ion, and we remain focused on delivering the goals we share with our customers, including improving patient outcomes.”

Intuitive also reports increasing accessory sales

Intuitive reported an 18% increase in sales of instruments and accessories to $1.16 billion, driven by the growth of da Vinci procedure volume and a 90% growth in Ion procedure volume.

Adjusted to exclude one-time items, earnings per share (EPS) were $1.50, $0.09 ahead of the Street, where analysts were looking for EPS of $1.41 on sales of $1.87 billion. The company increased its forecast for full-year procedure growth from a 13% to 16% range to 14% to 17%.

“The low end of the range assumes further weakness and bariatric procedures along with challenges in China from increasing provincial robotic competition and delayed tenders impacting capital placements and therefore procedure growth,” said Brian King, head of investor relations at Intuitive, on a call with executives to discuss the results. “We also assume there is no benefit patient backlog in the year.”

“At the high end of the range, we assume bariatrics continues at flat to slightly positive growth rates, and factors in China don’t have a significant impact on our business,” he added. “In addition, we assume any backlog of patients would decline throughout the year.”

Investors reacted positively to the results, with ISRG shares rising 3% to $385 apiece in after-hours trading.

Learn more at DeviceTalks Boston, Robotics Summit

Brian Miller, executive vice president and chief digital officer at Intuitive Surgical, will be keynoting DeviceTalks Boston, which is co-located with the Robotics Summit & Expo. The events takes place on May 1 and 2 at the Boston Convention Center.

Miller’s talk is slated for 4:15 p.m. ET on the first day of the event. 

According to WTWH Media, which produces The Robot Report, the Robotics Summit, MassDevice, and DeviceTalks, this will be the largest one yet. The event will include more than 200 exhibitors, various networking opportunities, a Women in Robotics breakfast, a career fair, an engineering theater, a startup showcase, and more! Registration is now open for the event.

 

Editor’s note: This article was syndicated from The Robot Report sibling site MassDevice.

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Serve Robotics raises $40M with IPO to expand Uber Eats deliveries https://www.therobotreport.com/serve-robotics-raises-40m-with-ipo-to-expand-uber-eats-deliveries/ https://www.therobotreport.com/serve-robotics-raises-40m-with-ipo-to-expand-uber-eats-deliveries/#comments Fri, 19 Apr 2024 13:24:31 +0000 https://www.therobotreport.com/?p=578762 Serve Robotics has begun trading on Nasdaq and plans to expand its deliveries with Uber Eats to more U.S. cities.

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a Serve mobile robot crosses the street on a crosswalk.

Serve Robotics mobile robots maneuver on the sidewalk to make local deliveries. | Credit: Serve Robotics

Serve Robotics Inc. went public on the Nasdaq yesterday under the symbol “SERV,” opening at $4.75 and closing the day at $3.11. It said it expected its initial public offering of 10 million shares of common stock to generate $40 million in gross proceeds, before underwriting discounts and offering expenses.

“Serve’s transition to a publicly traded entity marks an important moment in the robotics landscape, showcasing our role as one of the first to commercially deploy AI-powered robots in urban settings,” stated Dr. Ali Kashani, Serve’s co-founder and CEO. “With the backing of strategic partners, including Uber and NVIDIA, we believe Serve is at the forefront of delivering sustainable last-mile automation at an unprecedented scale.”


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Serve Robotics continues partnership with Uber Eats

Serve Robotics builds and maintains its fleet of robots for customers as a robotics-as-a-service (RaaS) business. The Redwood City, Calif.-based company currently has about 100 robots in its fleet and plans to expand that fleet. 

In 2021, Serve Robotics spun out of Uber, and it has maintained an operating contract with Uber Eats for local delivery in select locations.  Other big customers have included Walmart and 7-Eleven.

“Our entry into the public markets will fuel our plans to roll out up to 2,000 robots on the Uber Eats platform in multiple U.S. markets under our existing agreements,” Kashani said. “We look forward to executing on our business plan and to our growth as a public entity.”

Serve said that with the latest funding round, it will deliver with Uber Eats in new cities including Vancouver, San Diego, and Dallas. In addition, it plans to hire additional resources to operate the fleets in the new cities.

In February 2024, Serve entered into a strategic partnership with Magna New Mobility USA, Inc., a subsidiary of Magna International Inc., under which Serve grants Magna a non-exclusive license to its technology in support of Magna’s autonomous mobile robot (AMR) projects.

Nasdaq listing completes an alternative public offering

Serve’s largest stakeholder and strategic partner, Postmates LLC, a wholly-owned subsidiary of Uber Technologies Inc., participated in the offering.

Serve was previously listed on the OTCQB Venture Market under the ticker symbol “SBOT” and will no longer trade on that market. However, this was all part of a multi-stage alternative public offering (APO) that started in August 2023, when Serve Robotics raised $30M through a reverse merger with Patricia Acquisition Corp. Serve became a wholly owned subsidiary of Patricia.

The OTCQB offering period was an interim step required for the APO process. APOs can take anywhere from three to six months to complete.

With the public offering, the company has raised a total of $93 million in funding over six rounds, according to Crunchbase.

Competitor Starship Technologies raised $90 million in a funding round in February. The market for delivery robots is dynamic, including other companies that have developed and deployed outdoor delivery robots including Cartken and Ottonomy.

Serve Robotics said it intends to use the net proceeds from its IPO for research and development of future iterations of its robots, manufacturing operations, growth into new regions, working capital, and other general company needs.

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March 2024 robotics investments total $642M https://www.therobotreport.com/march-2024-robotics-investments-total-642m/ https://www.therobotreport.com/march-2024-robotics-investments-total-642m/#respond Thu, 18 Apr 2024 14:14:18 +0000 https://www.therobotreport.com/?p=578749 March 2024 robotics funding was buoyed by significant investment into software and drone suppliers.

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March 2024 robotics investments fell from the prior month.

Chinese and U.S. companies led March 2024 robotics investments. Credit: Eacon Mining, Dan Kara

Thirty-seven robotics firms received funding in March 2024, pulling in a total monthly investment of $642 million. March’s investment figure was significantly less than February’s mark of approximately $2 billion, but it was in keeping with other monthly investments in 2023 and early 2024 (see Figure 1, below).

March2024 investments dropped from the previous month.

California companies secure investment

As described in Table 1 below, the two largest robotics investments in March were secured by software suppliers. Applied Intuition, a provider of software infrastructure to deploy autonomous vehicles at scale, received a $250 million Series E round, while Physical Intelligence, a developer of foundation models and other software for robots and actuated devices, attracted $70 million in a seed round. Both firms are located in California.

Other California firms receiving substantial rounds included Bear Robotics, a manufacturer of self-driving indoor robots that raised a $60 million Series C round, and unmanned aerial system (UAS) developer Firestorm, whose seed funding was $20 million. For a PDF version of Table 1, click here.

March 2024 robotics investments

CompanyAmount ($)RoundCountryTechnology
Agilis Robotics10,000,000Series AChinaSurgical/interventional systems
AloftEstimateOtherU.S.Drones, data acquisition / processing / management
Applied Intuition250,000,000Series EU.S.Software
Automated Architecture3,280,000EstimateU.K.Micro-factories
Bear RoboBear Roboticstics60,000,000Series CU.S.Indoor mobile platforms
BIOBOT Surgical18,000,000Series BSingaporeSurgical systems
Buzz Solutions5,000,000OtherU.S.Drone inspection
Cambrian Robotics3,500,000SeedU.K.Machine vision
Coctrl13,891,783Series BChinaSoftware
DRONAMICS10,861,702GrantU.K.Drones
Eacon Mining41,804,272Series CChinaAutonomous transportation, sensors
ECEON RoboticsEstimatePre-seedGermanyAutonomous forklifts
ESTAT AutomationEstimateGrantU.S.Actuators / motors / servos
Fieldwork Robotics758,181GrantU.K.Outdoor mobile manipulation platforms, sensors
Firestorm Labs20,519,500SeedU.S.Drones
Freespace RoboticsEstimateOtherU.S.Automated storage and retrieval systems
Gather AI17,000,000Series AU.S.Drones, software
Glacier7,700,000OtherU.S.Articulated robots, sensors
IVY TECH Ltd.421,435GrantU.K.Outdoor mobile platforms
KAIKAKUEstimatePre-seedU.K.Collaborative robots
KEF RoboticsEstimateGrantU.S.Drone software
Langyu RobotEstimateOtherChinaAutomated guided vehicles, software
Linkwiz2,679,725OtherJapanSoftware
MotionalEstimateSeedU.S.Autonomous transportation systems
Orchard Robotics3,800,000Pre-seedU.S.Crop management
Pattern Labs8,499,994OtherU.S.Indoor and outdoor mobile platforms
Physical Intelligence70,000,000SeedU.S.Software
PiximoEstimateGrantU.S.Indoor mobile platforms
Preneu11,314,492Series BKoreaDrones
QibiTech5,333,884OtherJapanSoftware, operator services, uncrewed ground vehicles
Rapyuta RoboticsEstimateOtherJapanIndoor mobile platforms, autonomous forklifts
RIOS Intelligent Machines13,000,000Series BU.S.Machine vision
RITS13,901,825Series AChinaSensors, software
Robovision42,000,000OtherBelgiumComputer vision, AI
Ruoyu Technology6,945,312SeedChinaSoftware
Sanctuary Cognitive SystemsEstimateOtherCanadaHumanoids / bipeds, software
SeaTrac Systems899,955OtherU.S.Uncrewed surface vessels
TechMagic16,726,008Series CJapanArticulated robots, sensors
Thor PowerEstimateSeedChinaArticulated robots
Viam45,000,000Series BGermanySmart machines
WIRobotics9,659,374Series AS. KoreaExoskeletons, consumer, home healthcare
X SquareEstimateSeedU.S.Software
YindatongEstimateSeedChinaSurgical / interventional systems
Zhicheng PowerEstimateSeries AChinaConsumer / household
Zhongke HuilingEstimateSeedChinaHumanoids / bipeds, microcontrollers / microprocessors / SoC

Drones get fuel for takeoff in March 2024

Providers of drones, drone technologies, and drone services also attracted substantial individual investments in March 2024. Examples included Firestorm and Gather AI, a developer of inventory monitoring drones whose Series A was $17 million.

In addition, drone services provider Preneu obtained $11 million in Series B funding, and DRONAMICS, a developer of drone technology for cargo transportation and logistics operations, got a grant worth $10.8 million.

Companies in U.S. and China received the majority of the March 2024 funding, at $451 million and $100 million, respectively (see Figure 2, below).

Companies based in Japan and the U.K. were also well represented among the March 2024 investment totals. Four companies in Japan secured a total of $34.7 million, while an equal number of firms in the U.K. attracted $13.5 million in funding.

 

March 2024 robotics investment by country.

Nearly 40% of March’s robotics investments came from a single Series E round — that of Applied Intuition. The remaining funding classes were all represented in March 2024 (Figure 3, below).

March 2024 robotics funding by type and amounts.

Editor’s notes

What defines robotics investments? The answer to this simple question is central in any attempt to quantify them with some degree of rigor. To make investment analyses consistent, repeatable, and valuable, it is critical to wring out as much subjectivity as possible during the evaluation process. This begins with a definition of terms and a description of assumptions.

Investors and investing

Investment should come from venture capital firms, corporate investment groups, angel investors, and other sources. Friends-and-family investments, government/non-governmental agency grants, and crowd-sourced funding are excluded.

Robotics and intelligent systems companies

Robotics companies must generate or expect to generate revenue from the production of robotics products (that sense, analyze, and act in the physical world), hardware or software subsystems and enabling technologies for robots, or services supporting robotics devices. For this analysis, autonomous vehicles (including technologies that support autonomous driving) and drones are considered robots, while 3D printers, CNC systems, and various types of “hard” automation are not.

Companies that are “robotic” in name only, or use the term “robot” to describe products and services that do not enable or support devices acting in the physical world, are excluded. For example, this includes “software robots” and robotic process automation. Many firms have multiple locations in different countries. Company locations given in the analysis are based on the publicly listed headquarters in legal documents, press releases, etc.

Verification

Funding information is collected from several public and private sources. These include press releases from corporations and investment groups, corporate briefings, market research firms, and association and industry publications. In addition, information comes from sessions at conferences and seminars, as well as during private interviews with industry representatives, investors, and others. Unverifiable investments are excluded and estimates are made where investment amounts are not provided or are unclear.


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Cybernetix Ventures partners with the Pittsburgh Robotics Network https://www.therobotreport.com/cybernetix-ventures-partners-pittsburgh-robotics-network/ https://www.therobotreport.com/cybernetix-ventures-partners-pittsburgh-robotics-network/#respond Wed, 17 Apr 2024 20:09:44 +0000 https://www.therobotreport.com/?p=578743 Partners Cybernetix and PRN aim to aid Pittsburgh's robotics startups and bring the cluster's investment opportunities to global markets.

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Jennifer Apicella (left) of Pittsburgh Robotics Network and Fady Saad (right) of Cybernetix Ventures have announced a strategic partnership.

Jennifer Apicella (left) of the PRN and Fady Saad (right) of Cybernetix Ventures have announced a strategic partnership. | Source: Pittsburgh Robotics Network

Cybernetix Ventures yesterday announced a strategic partnership with the Pittsburgh Robotics Network. The early-stage venture capital firm said it is part of its long-term robotics cluster engagement efforts. 

The partnership is a joint initiative to set Pittsburgh’s robotics startups up for success, and bring more of the cluster’s investable robotics opportunities to global markets. The Pittsburgh Robotics Network (PRN) is a nonprofit organization dedicated to fostering innovation and growth in southwestern Pennsylvania. 

“The Pittsburgh Robotics Network is one of the top robotics clusters in the U.S., with a powerhouse team and strong robotics innovators emerging,” stated Fady Saad, founder and general partner of Cybernetix Ventures. “Like our firm, the PRN is focused on markets-driven, actionable, scalable use cases for robotics. We are excited to amplify their efforts and connect the cluster further with the larger investment community.”

Founded in 2021, Cybernetix focuses on robotics, automation, and industrial AI investments. The venture capital firm works with robotics clusters around the world to elevate the most promising robotics founders and startups to the global stage. 

Cybernetix expands robotics focus

Cybernetix aims to connect the PRN’s startups with the firm’s diverse ecosystem of potential customers, later-stage investors, financial institutions, and acquirers. The company will join forces with the PRN as a Leader Premier Partner to provide advice to startups. 

“Cybernetix Ventures is a premier investment firm for robotics, and this partnership represents a unique opportunity for not only robotics companies, but for accelerating the commercial adoption of robotics solutions overall,” added Jennifer Apicella, executive director of the PRN.

“Both Cybernetix Ventures and the PRN share a set of aligned values that promise to bring significant benefits to robotics companies on the path to commercialization,” she said. “We admire their unique expertise and understanding of how robotics will directly contribute to the advancement of specific industries, both now and into the future.”

The partners announced their collaboration at the Agriculture & Robotics Summit, where the PRN welcomed innovators, investors, and industry to Pittsburgh to explore the future of smart agriculture. Cybernetix, which has focused on vertical robotics applications in manufacturing, logistics, construction, and healthcare since its inception, participated in the event as a launchpad for its expanded focus on agriculture and climate robotics.

“The new use cases and overall necessity for robotics innovation in agriculture have accelerated the sector’s investment potential, and we will explore investments in agriculture and climate robotics to add to our solid portfolio,” Saad said.

PRN head to speak at the Robotics Summit

Apicella will be taking part in a panel discussion at the 2024 Robotics Summit & Expo, which takes place on May 1 and 2 at the Boston Convention and Exhibition Center. She will be joined by Stephen M. Muck, executive chairman of Advanced Construction Robotics; Brandon Contino, CEO of Four Growers; and Andy McMillan, chair of the board of directors at Cirtronics.

During the session, “Paving the Road to Success in Robotics Commercialization,” attendees can learn how the four industry leaders have conquered obstacles, scaled operations, and transformed ideas into viable products. 

This will be the largest Robotics Summit ever. It will include more than 200 exhibitors, various networking opportunities, a Women in Robotics breakfast, a career fair, an engineering theater, a startup showcase, and more! The PRN is also a sponsor of the Robotics Summit. Registration is now open for the event.

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Sanctuary AI enters strategic relationship with Magna to build embodied AI robots https://www.therobotreport.com/sanctuary-ai-enters-strategic-relationship-with-magna-to-build-embodied-ai-robots/ https://www.therobotreport.com/sanctuary-ai-enters-strategic-relationship-with-magna-to-build-embodied-ai-robots/#respond Fri, 12 Apr 2024 13:33:23 +0000 https://www.therobotreport.com/?p=578689 Magna International's relationship with Sanctuary is threefold: as an investor, a contract manufacturer, and an end user.

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image of Phoenix humanoid robot, full body, not a render.

The Phoenix humanoid robot is being developed to enable embodied AI and support general-purpose applications. | Credit: Sanctuary AI

Humanoid robot developer Sanctuary Cognitive Systems Corp., or Sanctuary AI, is entering a new strategic partnership with automotive components supplier Magna International Inc. Through this expanded partnership, Sanctuary plans to equip Magna’s manufacturing facilities with general-purpose AI robots.

The Vancouver-based company also plans to engage Magna to manufacture the Sanctuary Phoenix robots under contract in the future. Aurora, Ontario-based Magna has been an investor in Sanctuary AI since 2021, and it acquired autonomous vehicle startup Optimus Ride in 2022.

Yesterday’s announcement with Magna follows Accenture’s recent investment in Sanctuary for an undisclosed amount.

Phoenix includes human-like design, AI

“We founded Sanctuary AI with the goal to become the first organization in the world to create human-like AI,” stated Geordie Rose, co-founder and CEO of Sanctuary AI. “World-changing goals like these require world-changing partners.”

“Magna’s position as a world leader in the use of robots today makes this partnership an essential advancement for our mission,” he added. “We’re privileged to be working with Magna, and believe they will be a key element in the successful global deployment of our machines.”

Sanctuary Phoenix includes human-like dexterous hands and arms. Since it launched the robot in May 2023, the company has invested heavily in the development of manipulation capabilities, perception features, and artificial intelligence models that control the humanoid robot.

In December 2023, Sanctuary secured patents for numerous technologies developed both internally and through strategic acquisitions from external sources. The company acquired the latest assets from Giant.AI Inc. and Tangible Research.

Two Sanctuary AI robotic torsos demonstrate training process.

Sanctuary is iterating on humanoid design by perfecting hand-eye coordination and AI model training. | Credit: Sanctuary AI

Sanctuary AI builds relationship with Magna

“The intent of the relationship [with Magna International] has always been threefold,” Rose told The Robot Report. “One is that they were an investor.”

“Another would be they would participate in manufacturing the robots at some point,” he said. “And the third would be there could be a consumer of the robots as a customer. So all of those three things are obviously related to each other. All of them are good for both parties.”

“So we’ve continued to impress [Magna] with our velocity and acceleration in terms of developing the technology from something that was a twinkle in our eyes six years ago to something that can actually perform real-world work tasks,” Rose noted.

The workflow opportunities for an agile humanoid at Magna are endless, according to Rose. “The key to getting a good fit in the short term is understanding how to overlap that type of analysis with the type of capability that you can deliver,” he said. “So this is a difficult thing for companies that are early stage, including us, because of the ‘drinking your own Kool-Aid’ phenomenon.”

“A lot of companies will release a whole bunch of hype both to their customers, their investors, and internally in themselves — they start to believe that they can do things they can’t, and they make bad decisions about how they position their technology,” Rose continued. “So we have to be clear-eyed about what’s actually possible with our [robot] and then be very diligent in trying to understand the details of how the workflow actually works in practice, and then overlap the two.”

“When you do that with this type of technology, what you find is that the first use cases all fall into the following categories: There is an aspect of mobility, that’s best treated with wheels, where the robot has to move from place to place within an environment. And then there’s the aspect of manipulation,” he explained.

Magna also said its team is excited about the possibilities for intelligent mobile manipulation. It said it expects to automate various tasks and to improve the quality and efficiency of its manufacturing and logistics processes.

“Magna is excited to partner with Sanctuary AI in our shared mission to advance the future of manufacturing,” said Todd Deaville, vice president of advanced manufacturing innovation at Magna. “By integrating general-purpose AI robots into our manufacturing facilities for specific tasks, we can enhance our capabilities to deliver high-quality products to our customers.”


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A key success factor for robotics startups

As Sanctuary AI begins the process of commercializing Phoenix, it plans to contract with Magna for the production of part or all of the robot going forward. Sanctuary asserted that finding the right manufacturing partner to build its robots at high volumes is best outsourced and that manufacturing should be non-core for any robotics startup.

Many robotics startups often fail when they attempt to manufacture their systems in-house, observed Rose. He said he has sought to find the right production partner since the inception of the company.

Sanctuary employs embodied AI and foundation models

Embodied AI is core to the future of Sanctuary AI, which said it is spending all of its intellectual energy on engineering and training the smartest models for these robots. Rose said he is amazed at the evolution of embodied AI over the past decade.

The real race, according to Rose, is to find a way to gather the immense amount of data needed and put the robot into the necessary training situations for the AI models to learn and grow in confidence.

This is where the enhanced relationship with Magna comes in. The product roadmap for the Sanctuary over the next year is to deploy all of the production runs of Phoenix robots into real-world manufacturing environments at Magna facilities. In simple terms, Phoenix will learn by executing tasks every day and gathering training data.

“In the run that we’re about to begin with Magna, we’ll be able to collect data in a commercial environment of the sort that will train a production robot,” Rose said. “So the progression of this, from our perspective, is the ability to collect training data to generate autonomous behaviors. The systems that we’re building this year are going to be consumed in data collection.”

In 2025, Sanctuary said it will iterate on a version of the robot for broader use and sale. Similar to the model used at Rose’s prior company, Kindred, there will be a human in the loop to help robots resolve edge cases while minimizing any impact on day-to-day operations.

Rose summed up the current state of development: “We can go from data collection to a trained policy in less than 24 hours now, where the train policy does as well or better than the people who are doing the task for simple tasks. So that is an amazing thing that I was not expecting — these new transformer-based models are spectacularly good at moving robots, way better than I thought they would be.”

“I think it’s an echo of my surprise that how well large language models can generate text; who would have thought that predicting the next token would allow you to be a coherent understander of the world?” he said. “But it seems like that’s the way they work. And in the space of moving robots, if you’ve got enough data, what can’t you do? You can just talk to the robot and say, ‘Do this thing,’ and it will just do it. It’s magical.”

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Walmart makes multiyear agreement with Fox Robotics, takes a stake https://www.therobotreport.com/walmart-makes-multiyear-agreement-fox-robotics-takes-a-stake/ https://www.therobotreport.com/walmart-makes-multiyear-agreement-fox-robotics-takes-a-stake/#respond Thu, 11 Apr 2024 21:18:59 +0000 https://www.therobotreport.com/?p=578687 Walmart has taken a stake in Fox Robotics after the successful rollout of 19 FoxBot autonomous forklifts at a Florida distribution center.

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The FoxBot ATL will move pallets in Walmart's loading dock.

The FoxBot ATL moves pallets in loading docks for Walmart. Source: Fox Robotics

The word’s biggest retailers are continuing to add automation. Walmart Inc. today announced that it has entered into a multiyear agreement with Fox Robotics Inc. In addition to its initial rollout of 19 FoxBot autonomous forklifts, Walmart has invested growth capital for a minority stake in Fox Robotics.

“At Walmart Distribution Center 6020 in Brooksville, Fla., we’re used to pioneering new technology,” wrote Maurice Gray, general manager for the Walmart distribution center, in a blog post. “In fact, 6020 was Walmart’s first high-tech DC. Once again, innovation is afoot in our facility, where associates have been working alongside a new autonomous forklift system that’s bolstering their skills and bettering their jobs while building our business.”

“After a 16-month proof of concept, I’m proud to announce Walmart is taking another step into the future, rolling 19 autonomous forklifts across four high-tech DCs, with the potential for more as we evaluate the benefits to our associates and operations,” he said. “As our facility has worked with Fox Robotics, the developer of autonomous forklifts, we’ve learned a lot. But I can sum it up easily: Automation isn’t just good for business – it’s good for our associates too.”

Bentonville, Ark.-based Walmart is the largest private employer in the U.S., according to Statista. The company has worked with other robotics suppliers, and it acquired grocery fulfillment provider Alert Innovation in 2022.

Walmart deploys FoxBots to unload pallets

When trucks arrive at the Brooksville distribution center, Fox Robotics’ Autonomous Trailer Loader/Unloaders (ATLs) use artificial intelligence, machine vision, and dynamic planning to safely and accurately unload pallets, said Gray. The forklifts then move the pallets to be inducted into an automated storage and retrieval system (ASRS).

Gray likened the warehouse associates’ evolving role to playing Tetris. “Instead of unloading the pallets manually, associates become conductors – considering the best, most efficient way to unload trailers based on their own experience,” he said.

For example, Jose Molina, a 26-year associate, has received training to shift from unloading trucks to managing autonomous lifts and tripling productivity, added Gray.

Walmart said that it could roll out more systems from Fox Robotics, pending the continued performance of the FoxBots.

Fox Robotics pulls ahead in dock robot race

“As the leader in autonomous trailer loading and unloading, Fox Robotics is pleased to deepen its relationship with Walmart as a key customer and investor,” stated Marin Tchakarov, president and CEO of Fox Robotics. “We see this collaboration as the latest massive validation point of our technology and product capabilities, solidifying our leadership position in the warehouse shipping and receiving dock automation space.”

In January, Fox Robotics said its autonomous forklifts had autonomously pulled 2.5 million pallets. Founded in 2017, the company said at the time that its installed fleet had doubled in the prior 12 months and that its revenue nearly tripled between 2022 and 2023.

Austin, Texas-based Fox Robotics also has financial backing from BMW i Ventures and Zebra Technologies Corp., raising $20 million in 2022. Its customers include DHL Supply Chain.

“Fox Robotics has unlocked the final step of the fully end-to-end automated warehouse of the future with its FoxBot autonomous loader/unloader capabilities,” added Till Reuter, board member of Fox Robotics and former CEO of Kuka Robotics. “The logistics space is the single biggest market for automation for the next five to 10 years, and the shipping and receiving dock — the gateway to the warehouse — will see a disproportionate share of that growth due to its virtually entirely unautomated present state.”

Other companies working on automating loading-dock operations include Boston Dynamics, Dexterity, Gideon, Honeywell, Mujin, Pickle Robots, and 2024 RBR50 Robotics Innovation Award winner Slip Robotics. See the RBR50 honorees at the RBR50 pavilion and RBR50 Gala at the Robotics Summit & Expo.


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Collaborative Robotics raises $100M in Series B for mysterious mobile manipulator https://www.therobotreport.com/collaborative-robotics-raises-100m-series-b-funding/ https://www.therobotreport.com/collaborative-robotics-raises-100m-series-b-funding/#respond Wed, 10 Apr 2024 13:00:52 +0000 https://www.therobotreport.com/?p=578664 Collaborative Robotics has raised $100M to commercialize its cobot, starting with automating warehouse operations.

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Collaborative Robotics has raised Series B funding.

Collaborative Robotics has been developing a system for trustworthy operations. Source: Adobe Stock, Photoshopped by The Robot Report

Collaborative Robotics today closed a $100 million Series B round on the road to commercializing its autonomous mobile manipulator. The Santa Clara, Calif.-based company said it is developing robots that can safely and affordably work alongside people in varied manufacturing, supply chain, and healthcare workflows. In many cases, this is the same work that humanoid robots are jockeying for.

Brad Porter, a former distinguished engineer and vice president of robotics at Amazon, founded Collaborative Robotics in 2022. The Cobot team includes robotics and artificial intelligence experts from Amazon, Apple, Meta, Google, Microsoft, NASA, Waymo, and more.

“Getting our first robots in the field earlier this year, coupled with today’s investment, are major milestones as we bring cobots with human-level capability into the industries of today,” stated Porter. “We see a virtuous cycle, where more robots in the field lead to improved AI and a more cost-effective supply chain. This funding will help us accelerate getting more robots into the real world.”

The Robot Report caught up with Porter to learn more about the company and its product since our last conversation in July 2023, when Cobot raised its $30 million Series A.

Nothing to see here

Collaborative Robotics has been secretive about the design of its robot. You won’t find any photos of the cobot on the company’s site or anywhere else on the Web yet.

However, Porter told The Robot Report that it is already in trials with several pilot customers, including a global logistics company. He described the machine as a mobile manipulator, with roughly the stature of a human. However, it’s not a humanoid, nor does it have a six degree-of-freedom arm or a hand with fingers.

“When talking about general-purpose robots versus special-purpose robots, we know what humanoids look like, but with a new morphology, we want to protect it for a while,” he said. “We’ve been looking at humanoids for a long time, but in manufacturing, secondary material flow is designed around humans and carts. Hospitals, airports, and stadiums are usually designed around people flow. A huge amount of people is still moving boxes, totes, and carts around the world.”

The new cobot’s base is capable of omnidirectional motion with four wheels and a swerve-drive design, along with a central structure that can acquire, carry, and place totes and boxes around the warehouse. It is just under 6 ft. (2 m) tall and can carry up to 75 lb. (34 kg), said Porter.

The robot can also engage and move existing carts with payloads weighing up to 1,500 lb. (680 kg) around the warehouse. How the robot engages carts remains part of the mystery. But by automating long-distance moves and using existing cart infrastructure, Porter said he believes that the Collaborative Robotics system is differentiated from both mobile robot platforms and humanoid competitors.

“We looked at use cases for humanoids at Amazon, but you don’t actually want the complexity of a humanoid; you want something that’s stable and could move faster than people,” Porter added. “There are orders of magnitude more mobile robots than humanoids in day-to-day use, and at $300,000 to $600,000 per robot, the capital to build the first 10 humanoids is very high. We want to get robots into the field faster.”

pixelated, unrecognizable image of a mobile robot pushing a cart in a warehouse.

Collaborative Robotics has kept its actual robot out of public view. | Source: Adobe Stock image Photoshopped by The Robot Report

Robots must be trustworthy

Porter said that he “believes that robots need to be trustworthy, in addition to being safe. This philosophy is driving the design and user-interface decisions that the company has made so far. Users need to understand what the robot should do by looking at it, unlike some of the existing designs of mobile robots currently on the market.”

In addition to a human-centered design approach, Collaborative Robotics is using off-the-shelf parts to reduce the robot bill of materials cost and simplify the supply chain as it begins the process of commercialization. It is also taking a “building-block” approach to hardware and plans to adjust software and machine learning for navigation and learning new tasks.

“The robot we’ve designed is 70% off-the-shelf parts, and we can design around existing motors, while every humanoid company is hand-winding its own motors to find advanced actuation capabilities,” Porter noted. “We designed the system digitally, so we don’t have to hand-tweak a bunch of things. By using 3D lidar, we know the state of the art of the technology, and it’s easier to safety-qualify.”

With large language models (LLMs), Porter said he sees the day when someone in a hospital or another facility can just tell a robot to go away. “It’s about user interaction rather than just safety, which is table stakes,” he said. “We think a lot about trustworthiness.”


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Collaborative Robotics preps for commercialization

General Catalyst led Collaborative Robotics’ Series B round, with participation from Bison Ventures, Lux Capital, and Industry Ventures. Existing investors Sequoia Capital, Khosla Ventures, Mayo Clinic, Neo, 1984 Ventures, MVP Ventures, and Calibrate Ventures also participated.

Since its founding in 2022, Cobot said it has raised more than $140 million. The company plans to grow its headcount from 35, adding production, sales, and support staffers.

In addition, Collaborative Robotics announced that Teresa Carlson will be joining it as an advisor on go to market at scale and industry transformation. She held leadership roles at Amazon Web Services, Microsoft, Splunk, and Flexport.

“I’m super-excited to be working with Teresa,” said Porter. “We’ve kept up since Amazon, and she thinks a lot about digital transformation at a very large scale — federal government and industry. She brings a wealth of knowledge about economics that will elevate the scope of what we’re doing.”

Paul Kwan, managing director at General Catalyst, is joining Alfred Lin from Sequoia on Collaborative Robotics’ board of directors. 

“In our view, Brad and Cobot are spearheading the future of human-robot interaction,” said Kwan. “We believe the Cobot team is world-class at building the necessary hardware, software, and institutional trust to achieve their vision.”

Editor’s note: Eugene Demaitre contributed to this article.

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Kiwibot acquires AUTO to strengthen delivery robot security https://www.therobotreport.com/kiwibot-acquires-auto-strengthen-delivery-robot-security/ https://www.therobotreport.com/kiwibot-acquires-auto-strengthen-delivery-robot-security/#respond Thu, 04 Apr 2024 15:00:54 +0000 https://www.therobotreport.com/?p=578513 Kiwibot and AUTO Mobility Solutions say their merger will advance data protection and robotic services globally.

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Kiwibot provides robotic deliveries on college campuses.

Kiwibot will add intellectual property from AUTO Mobility Solutions to its delivery robot portfolio. Source: Kiwibot

Consolidation among mobile robot providers is not limited to warehouses. Kiwibot today announced that it has acquired AUTO Mobility Solutions Co.

“This strategic collaboration marks a significant milestone in both companies’ journeys towards innovation and safeguarding privacy in the robotics industry, particularly for intelligent robots sourced from China and deployed in the Western markets,” Kiwibot stated.

“The acquisition of AUTO is a game-changer for us, bringing a wealth of technological innovation and a strong patent portfolio that will significantly enhance our cybersecurity measures for AI-powered robotics,” asserted Felipe Chavez, founder and CEO of Kiwibot. “This move not only strengthens our position in the market, but also connects the manufacturing expertise from Asia with the AI development in the West securely.”

Kiwibot develops delivery robots

Berkeley, Calif.-based Kiwibot has developed autonomous robots using artificial intelligence. The company claimed that it is a market leader of robotic deliveries on U.S. college campuses.

Since 2017, Kiwibot said it has successfully deployed robots across the U.S., Dubai, and Saudi Arabia. In 2020, it raised pre-seed funding and was an early guest on The Robot Report Podcast. It raised $10 million for deliveries as a service (DaaS) in December 2023.

“Kiwibot is actively exploring opportunities to expand our robotic delivery services beyond college campuses,” Chavez told The Robot Report. “We will soon announce customers in two different categories.”


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AUTO brings cybersecurity expertise

“Becoming a part of Kiwibot opens up new avenues for our technologies and patents,” noted Sming Liao, CEO of AUTO Mobility Solutions. “Together, we are poised to redefine the landscape of autonomous delivery services, ensuring greater security and efficiency.”

The Taipei, Taiwan-based company was incubated by ALi Corp. and develops integrated circuit (IC) chips for AI, self-driving vehicles, robotics, the Internet of Things (IoT), and cybersecurity. Its systems feature advanced path planning, positioning, and obstacle-avoidance technology.

AUTO Mobility Solutions team in Taipei.

AUTO Mobility Solutions has built a patent portfolio in AI, IoT, and cybersecurity in Taipei. Source: Kiwibot

AUTO said its team will add more than 100 licensed patents to Kiwibot’s offerings.

“Our decision to join forces was solidified after recognizing the complementary nature of our technologies and the potential for a synergistic relationship,” said Chavez. “One of our investors from Taiwan introduced us, and we started the relationship as a customer for a custom cybersecurity chip.”

“The acquisition strategically positions us to bolster our cybersecurity infrastructure, especially considering the rising interest in AI and its associated vulnerabilities,” he added. “Together, Kiwibot and AUTO are looking to develop enhanced capabilities in autonomous navigation, AI-powered decision making, and advanced cybersecurity measures.”

Acquisition to expand global presence

The companies also said the acquisition will help the merged entity deliver leading systems globally and meet the evolving needs of both businesses and consumers.

“AUTO’s established presence in Taiwan and Shenzhen [China] will play a crucial role in helping Kiwibot navigate geopolitical and supply chain challenges,” explained Chavez. “Their expertise and strategic locations will aid in diversifying our supply chain and providing stability in our manufacturing and development processes, ensuring Kiwibot’s continued growth and scalability.”

Felipe Chavez, CEO of Kiwibot (left), and Sming Liao, CEO of Auto (right).

Felipe Chavez, CEO of Kiwibot (left), and Sming Liao, CEO of AUTO (right). Source: Kiwibot

Kiwibot is still evaluating consolidation and rebranding, he told The Robot Report.

“The Taipei team will maintain a high degree of autonomy to leverage their specialized expertise and local knowledge effectively. While we are unified in our mission and strategy, we recognize the importance of fostering innovation through autonomous operations,” Chavez said. “We are currently evaluating how best to integrate our brands to reflect our unified strength while honoring the established identity and contributions of AUTO’s team.”

What are Kiwibot’s plans for the near future?

“Looking forward, Kiwibot’s roadmap includes the continuous improvement of our autonomous delivery robots, the expansion of our service areas, and the integration of AUTO’s technological advancement,” Chavez replied. “We are committed to pioneering the future of robotic services and ensuring a seamless and secure experience for our users. Stay tuned for exciting updates as we progress on this journey.”

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Karl Storz enters talks to acquire surgical robot developer Asensus Surgical https://www.therobotreport.com/karl-storz-enters-talks-to-acquire-asensus-surgical-through-letter-of-intent/ https://www.therobotreport.com/karl-storz-enters-talks-to-acquire-asensus-surgical-through-letter-of-intent/#respond Wed, 03 Apr 2024 21:06:16 +0000 https://www.therobotreport.com/?p=578480 The agreement enables Karl Storz to engage in diligence and negotiations over a potential acquisition of Asensus Surgical.

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The Intelligent Surgical Unit powers the Senhance surgical robot system.

The Intelligent Surgical Unit powers the Senhance surgical robot system. | Source: Asensus Surgical

Asensus Surgical Inc. today announced that it has entered into a non-binding letter of intent for medical device company Karl Storz SE to acquire it.

The agreement enables Karl Storz to engage in due diligence and negotiations over a potential acquisition of the surgical robot maker. Asensus and Karl Storz began ollaborating on plans for development and marketing just over a year ago.

Entry into the letter of intent (LOI) follows an extensive period of consideration of strategic alternatives, stated Asensus. That included potential collaborations and licensing transactions, a “go-it-alone” strategy reliant upon significant fundraising, a sale of the company, or additional development transactions.

Instead, the company’s board approved the LOI with Karl Storz, which includes a proposal to acquire 100% of the issued and outstanding shares of Asensus common stock at 35¢ per share in cash. That represents a 66.7% premium to the closing price of Asensus stock on April 2, 2024. Karl Storz said that the proposed price represents its “best and final offer.”

Asensus developing Senhance, Intelligent Surgical Unit

Research Triangle Park, N.C-based Asensus is developing the Senhance surgical robot. It has also developed the Intelligent Surgical Unit (ISU) for Senhance.

The company said it designed ISU as a real-time intraoperative surgical image analytics platform. It uses “augmented intelligence” to help reduce surgical variability.

Asensus unveiled its the next-generation LUNA robot in February 2023. The integrated digital system features a next-generation surgical platform and instruments, plus real-time intraoperative clinical intelligence. Its final component, a secure cloud platform, applies machine learning to deliver clinical insights.

The company suggested last year that it targeted 2025 for U.S. Food and Drug Administration (FDA) clearance for LUNA. In November, Asensus inked a manufacturing deal for its platform.

In January 2024, the company showed LUNA off to surgeons, conducting an in vivo lab evaluation of the next-generation surgical robot. 

 

More details on the LOI

The letter of intent provides that, during an exclusivity period of up to 10 weeks, Asensus won’t engage in negotiations for alternative transactions. During that period, Karl Storz intends to conduct diligence as the companies negotiate a merger. Both companies have the right to terminate pursuit of the proposed transaction.

In connection with the LOI, Asensus entered into a fully secured promissory note or bridge loan with Karl Storz. This allows the company to receive a loan of up to $20 million from Karl Storz to support operations through the exclusivity period and beyond.

The companies said they plan to work during the exclusivity period to negotiate and finalize a merger agreement. If agreed, Asensus said it would then plan to quickly secure stockholder approval.

Asensus said it can’t provide any assurances of a final agreement with Karl Storz.

Asensus Surgical to speak at Robotics Summit

Dustin Vaughan, vice president of robotics research and development at Asensus, will be speaking at the Robotics Summit & Expo, which takes place on May 1-2 at the Boston Convention and Exhibition Center.

His talk, “Leveraging Real-Time Data Insights in the Operating Room” will explore the development and introduction of cutting-edge technologies, sensing modalities, and real-time data collection capabilities of the LUNA Surgical Platform and the practical implementation of those capabilities.

The Robotics Summit & Expo focuses on the design, development, and scaling of commercial robots. WTWH Media, which also produces The Robot Report, said it expects a record 5,000 attendees and more than 200 exhibitors. The event will be co-located with DeviceTalks, an event focused on medical devices, and the inaugural Digital Transformation Forum. Registration is now open for the event.


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Editor’s Note: This article was syndicated from MassDevice, a sibling site to The Robot Report.

 

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Top 10 robotics news stories of March 2024 https://www.therobotreport.com/top-10-robotic-stories-of-march-2024/ https://www.therobotreport.com/top-10-robotic-stories-of-march-2024/#respond Mon, 01 Apr 2024 17:01:03 +0000 https://www.therobotreport.com/?p=578366 From events like MODEX and GTC to new product launches, there was no shortage of robotics news to cover in March 2024. 

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March 2024 was a non-stop month for the robotics industry. From events such as MODEX and GTC to exciting new deployments and product launches, there was no shortage of news to cover. 

Here are the top 10 most popular stories on The Robot Report this past month. Subscribe to The Robot Report Newsletter or listen to The Robot Report Podcast to stay updated on the latest technology developments.


10. Robotics Engineering Career Fair to connect candidates, employers at Robotics Summit

The career fair will draw from the general robotics and artificial intelligence community, as well as from attendees at the Robotics Summit & Expo. Past co-located career fairs have drawn more than 800 candidates, and MassRobotics said it expects even more people at the Boston Convention and Exhibition Center this year. Read More


SMC released LEHR series grippers for UR cobot arms in March 2024.

9. SMC adds grippers for cobots from Universal Robots

SMC recently introduced a series of electric grippers designed to be used with collaborative robot arms from Universal Robots. Available in basic and longitudinal types, SMC said the LEHR series can be adapted to different industrial environments like narrow spaces. Read More


anyware robotics pixmo robot.8. Anyware Robotics announces new add-on for Pixmo unloading robots

Anyware Robotics announced in March 2024 an add-on for its Pixmo robot for truck and container unloading. The patent-pending accessory includes a vertical lift with a conveyor belt that is attached to Pixmo between the robot and the boxes to be unloaded. Read More


image of Phoenix humanoid robot, full body, not a render.

7. Accenture invests in humanoid maker Sanctuary AI in March 2024

In its Technology Vision 2024 report, Accenture said 95% of the executives it surveyed agreed that “making technology more human will massively expand the opportunities of every industry.” Well, Accenture put its money where its mouth is. Accenture Ventures announced a strategic investment in Sanctuary AI, one of the companies developing humanoid robots. Read More


Cambrian Robotics is applying machine vision to industrial robots

6. Cambrian Robotics obtains seed funding to provide vision for complex tasks

Machine vision startup Cambrian Robotics Ltd. has raised $3.5 million in seed+ funding. The company said it plans to use the investment to continue developing its AI platform to enable robot arms “to surpass human capabilities in complex vision-based tasks across a variety of industries.” Read More


Mobile Industrial Robots introduced the MiR1200 pallet jack in March 2024.5. Mobile Industrial Robots launches MiR1200 autonomous pallet jack

Autonomous mobile robots (AMRs) are among the systems benefitting from the latest advances in AI. Mobile Industrial Robots at LogiMAT in March 2024 launched the MiR1200 Pallet Jack, which it said uses 3D vision and AI to identify pallets for pickup and delivery “with unprecedented precision.” Read More


4. Reshape Automation aims to reduce barriers of robotics adoption

Companies in North America bought 31,159 robots in 2023. That’s a 30% decrease from 2022. And that’s not sitting well with robotics industry veteran Juan Aparicio. After working at Siemens for a decade and stops at Ready Robotics and Rapid Robotics, Aparicio hopes his new startup Reshape Automation can chip away at this problem. Read More


Apptronik Apollo moves a tote.

3. Mercedes-Benz testing Apollo humanoid

Apptronik announced that leading automotive brand Mercedes-Benz is testing its Apollo humanoid robot. As part of the agreement, Apptronik and Mercedes-Benz will collaborate on identifying applications for Apollo in automotive settings. Read More


NVIDIA CEO Jenson Huang on stage with a humanoid lineup in March 2024.

2. NVIDIA announces new robotics products at GTC 2024

The NVIDIA GTC 2024 keynote kicked off like a rock concert in San Jose, Calif. More than 15,000 attendees filled the SAP Arena in anticipation of CEO Jensen Huang’s annual presentation of the latest product news from NVIDIA. He discussed the new Blackwell platform, improvements in simulation and AI, and all the humanoid robot developers using the company’s technology. Read More


Schneider cobot product family.

1. Schneider Electric unveils new Lexium cobots at MODEX 2024

In Atlanta, Schneider Electric announced the release of two new collaborative robots: the Lexium RL 3 and RL 12, as well as the Lexium RL 18 model coming later this year. From single-axis machines to high-performance, multi-axis cobots, the Lexium line enables high-speed motion and control of up to 130 axes from one processor, said the company. It added that this enables precise positioning to help solve manufacturer production, flexibility, and sustainability challenges. Read More

 

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Accenture invests in humanoid maker Sanctuary AI https://www.therobotreport.com/accenture-invests-in-humanoid-maker-sanctuary-ai/ https://www.therobotreport.com/accenture-invests-in-humanoid-maker-sanctuary-ai/#respond Wed, 27 Mar 2024 22:08:22 +0000 https://www.therobotreport.com/?p=578285 Accenture said it sees "huge potential" for humanoids in post and parcel, manufacturing, retail, and logistics warehousing operations.

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image of Phoenix humanoid robot, full body, not a render.

Sanctuary’s Phoenix humanoid is being developed to support a variety of tasks. | Credit: Sanctuary AI

In its Technology Vision 2024 report, Accenture said 95% of the executives it surveyed agreed that “making technology more human will massively expand the opportunities of every industry.” Well, today Accenture put its money where its mouth is. Accenture Ventures announced a strategic investment in Sanctuary AI, one of the companies developing humanoid robots.

The Robot Report reached out to Sanctuary to learn more about the investment but hadn’t heard back at press time. This article will be updated if more details are learned. Financial details of the investment were not disclosed.

Vancouver, Canada-based Sanctuary was founded in 2018 by Geordie Rose, Suzanne Gildert, Olivia Norton, and Ajay Agrawal. In December 2023, the company announced the acquisition of intellectual property from Giant.AI Inc. and Tangible Research to improve its touch and grasping technologies.

Humanoids are generating a lot of interest these days. Figure recently raised $675 million and is piloting its humanoid with BMW. Agility Robotics has piloted its Digit humanoid with Amazon and GXO Logistics. Apptronik recently announced a partnership with BMW. NVIDIA also announced a foundation model for humanoids, called GROOT, that is designed to bring robotics and embodied AI together.

Sanctuary focused on dexterous manipulation

While other humanoid developers have focused much of their energy on bipedal locomotion, Sanctuary has taken a different approach with its Phoenix robot. It believes object manipulation is the key to humanoid success in the market and has put most of its energy into hand-eye coordination and AI intelligence to support dexterous manipulation.

Sanctuary has published a series of videos of its robots “doing stuff” on YouTube (see video at the bottom of the story). These videos illustrate the development path of the two-armed humanoid as well as the AI behind the robots’ decision-making.

“AI-powered humanoid robots are essential to reinventing work and supporting human workers as labor shortage is becoming an issue in many countries and industries,” said Joe Lui, Accenture’s global advanced automation and robotics lead. “Sanctuary AI’s advanced AI platform trains robots to react to their environment and perform new tasks with precision in a very short time. We see huge potential for their robots in post and parcel, manufacturing, retail, and logistics warehousing operations, where they could complement and collaborate with human workers and automate tasks that traditional robotics can’t.”

Building an AI brain

Phoenix is powered by Sanctuary’s AI control system, Carbon, which attempts to mimic subsystems found in the human brain. The approach taken by the company also seeks to make the AI actions explainable, as well as editable.

“Robots with human-like intelligence will completely transform the workforce of the future,” said Rose, chief executive officer and co-founder of Sanctuary AI. “By combining Accenture’s expertise in disruptive technology with Sanctuary AI’s industry-leading robotics, we can help some of the biggest companies in the world manage this change and provide the best solutions for its clients.”

Accenture’s growing robotics portfolio

The investment in Sanctuary is the latest move by Accenture to build out a robotics strategy. In January 2024, Accenture and Mujin created a joint venture to help bring robotics to the manufacturing and logistics industries. Called Accenture Alpha Automation, the new venture is owned 70% by Accenture and 30% by Mujin. The new company, called Accenture Alpha Automation, combines Mujin’s industrial robotics expertise with Accenture’s digital engineering and manufacturing service, Industry X.

Accenture Alpha Automation is located in Japan, which is a robotics powerhouse. Japan had the fourth-highest robot density of any country in 2022, according to the International Federation of Robotics. Robot density measures the number of operational industrial robots per 10,000 employees in a country.

Accenture has also built out robotics integration capabilities in recent years. In early 2021, Accenture acquired Pollux, a provider of industrial robotics and automation. This was Accenture’s first acquisition of the kind. At the time of the deal, Pollux had implemented more than 1,000 projects for manufacturing companies, primarily in Brazil. It said it has deployed 150-plus collaborative robots successfully throughout Brazil.

In 2022, Accenture acquired Eclipse Automation, a provider of custom automation and robotics solutions for manufacturing applications. Eclipse Automation creates automated manufacturing systems for life sciences, industrial equipment, automotive, energy and consumer goods companies.

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Viam brings in $45M to accelerate enterprise partnerships https://www.therobotreport.com/viam-brings-in-45m-to-accelerate-enterprise-partnerships/ https://www.therobotreport.com/viam-brings-in-45m-to-accelerate-enterprise-partnerships/#respond Wed, 27 Mar 2024 13:11:06 +0000 https://www.therobotreport.com/?p=578279 Viam says the funding will enable it to accelerate partnerships, drive commercial innovation, and further develop its platform.

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Viam has developed an open platform for robotics and IoT development.

Viam is a tool for developing software that comes with the cloud services necessary to prototype and build robots quickly. | Source: Viam

Viam, which offers a software platform for smart machines, yesterday announced that it has raised $45 million in Series B funding. This latest round brings the company’s total funding to date to $87 million.

Eliot Horowitz, co-founder and former chief technology officer of MongoDB, founded Viam in 2020. The New York-based company said the latest investment will enable it to accelerate enterprise partnerships, drive commercial innovation, and further develop its open-source platform.

“This investment affirms Viam’s commitment to innovation and strengthens our vision to empower developers with intuitive, powerful, and flexible tools that help transform the way software powers hardware,” stated Eliot Horowitz, founder and CEO, Viam. “Whether you’re in IoT [Internet of Things], robotics, smart home, or industrial automation, we’re empowering the next generation of startups, developers, and enterprises to move quickly and build better.”


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Viam provides platform for scalable development

Despite recent advances in artificial intelligence and machine learning and the prevalence of cloud and edge computing, software made to manage hardware has only made moderate gains, according to Viam.

This kind of software has been stymied by proprietary systems specific to individual machines, sensors, and equipment, the company asserted. This has led to complex constraints that frustrate developers, impede growth, and stifle progress, it said. 

Horowitz has experience in enterprise cloud computing from MongoDB, which is a source-available, cross-platform, secure, high-availability cloud database solution. That company said it is integrated into a number of enterprise applications used every day by millions of people.

Horowitz said he established Viam with the intent of establishing a similar platform for robotics development. He foresaw the need for software based on safe and performant cloud-computing principles as robotics progressed from point solutions to connected swarms of mobile robots and cloud-monitored systems.

Viam is a modular, interoperable, and open-source software platform that works across all hardware and any fleet of machines. In addition, its open architecture can remove costly and complex barriers to working with physical devices, the company claimed.

All of these features can speed up developer velocity and democratize access to open data. Viam added that this data can be used to inform AI and accelerate innovation in critical sectors such as industrial manufacturing, energy, and climate. 

 

Startup to invest in partnerships

Viam’s platform became generally available in May 2023. Since then, the company said it has been working with global enterprises and startups of all sizes to substantially accelerate time to market, decrease risks, increase developer velocity, improve operational efficiency, and craft modern end-user experiences.

Viam said it can help improve customer satisfaction and deliver increased revenue. Its Series B round included participation from previous investors Union Square Ventures and Battery Ventures. 

“Viam’s open architecture represents a paradigm shift that will bring the promises of robotics to the devices we use every day,” said Albert Wenger, partner at Union Square Ventures, in a release. “We’re thrilled to continue partnering with Viam in this exciting next chapter.”

This funding followed Viam’s announcement that it is working with the Whale and Vessel Safety Taskforce (WAVS). The partners will establish an open-source data-collection program and AI system for North Atlantic Right Whale conservation efforts.

They said the project showcases how the platform can be used for open data to drive collaboration and transparency. It will also demonstrate how Viam brings AI and actuation to the edge.

In addition, the company works with industrial, automation, and innovation teams to keep machines running smoothly on the edge. Viam said it’s working to enable device-to-cloud data pipelines to help manufacturers with real-time data monitoring, predictive maintenance, and remote diagnostics. 

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