Last week Robotiq announced that it has raised $23 Million (US Dollars) in its first round of venture investment.
Robotiq, as mentioned in our last blog post, makes custom grippers, cameras and other sensors that can be attached to the robotic arms made by a variety of companies.
The company’s focus is on “collaborative robotics” — that is, using robots in workplace situations where they are nearby and working with humans.
Robotiq was founded in 2008 by Bouchard and Laval University classmates Vincent Duchaine and Jean-Philippe Jobin. Starting a business in this time meant hitting the financial crisis, which provided some challenges for the company. “It was not the best time but things got better. Our first product didn’t work that well. But the second one did,” he said.
Today, Robotiq announced its first institutional funding — a CAD$31 million (USD$23 million) raise from Boston-based venture capital (VC) firm Battery Ventures. The company said it will use the money to boost its product development efforts and grow its business globally. As part of the investment, Battery Ventures partner Jesse Feldman will join Robotiq’s board.
“We have been tracking Robotiq and its experienced team for several years and are extremely impressed with the business the founders have built,” Feldman said. “Robotiq’s next-generation products are improving efficiencies at companies all over the globe and, more broadly, provide a glimpse of how new, interconnected technologies, including robots, sensors, and software, are driving a new kind of industrial revolution with huge ramifications for the global economy and workforce.”
“Collaborative robotics is transforming industries today, offering low-cost, easy-to-deploy solutions that stand in stark contrast to the more-complicated, legacy robotics systems of the past,” added Robotiq cofounder and CEO Samuel Bouchard. “What is amazing about these systems is how they work side by side with humans to improve quality, increase efficiency, and minimize worker injuries.”
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