In this episode of Robots in Depth, Per Sjöborg speaks with Walter Wohlkinger from Blue Danube Robotics about their Airskin, a safety sensor covering robots and machines.
Safety is critical in robotics and especially so in co-robotics where people work closely with robots. Walter tells us how his product, the Airskin, offers a way to add security to systems by adding a sensor to the robot.
We get to hear how the Airskin can be used to control robots by sensing the pressure on different parts of the robot. This is interesting in a co-robot context as it allows for intuitive control of robots. Walter also talks about how the Airskin works by detecting air pressure differences inside the pad and handles puncture detection with a micro pump.
Walter then shares the evolution of trying different production methods before settling on 3D-printing.
The Airskin pads are now mass-manufactured and available as kits for a number of popular robots. Blue Danube Robotics are also working on software that will make it possible for customers to design Airskin pads themselves.
In this episode of Robots in Depth, Per Sjöborg speaks with Walter Wohlkinger from Blue Danube Robotics about their Airskin, a safety sensor covering robots and machines.
Safety is critical in robotics and especially so in co-robotics where people work closely with robots. Walter tells us how his product, the Airskin, offers a way to add security to systems by adding a sensor to the robot.
We get to hear how the Airskin can be used to control robots by sensing the pressure on different parts of the robot. This is interesting in a co-robot context as it allows for intuitive control of robots. Walter also talks about how the Airskin works by detecting air pressure differences inside the pad and handles puncture detection with a micro pump.
Walter then shares the evolution of trying different production methods before settling on 3D-printing.
The Airskin pads are now mass-manufactured and available as kits for a number of popular robots. Blue Danube Robotics are also working on software that will make it possible for customers to design Airskin pads themselves.
If the robotics world had a celebrity it would be Spot Mini of Boston Dynamics. Last month at the Robotics Summit in Boston the mechanical dog strutted onto the floor of the Westin Hotel trailed by hundreds of flickering iPhones. Marc Raibert first unveiled his metal menaagerie almost a decade ago with a video of Big Dog. Today, Mini is the fulfillment of his mission in a sleeker, smarter, and environmentally friendlier robo-canine package than its gas-burning ancestor.
Since the early 1990s, machines have relied on rechargeable lithium ion batteries for power. However these storage cells (inside most cell phones, and now Spot Mini) are dangerously combustable, easily degradable, and very expensive. One of the best examples of the instability of lithium ion is the Samsung Note 7 handset recall, after exploding units caused havoc to consumers. The design flaw ended up costing Samsung $6.2 billion, and even prompted the Federal Aviation Administration (FAA) to issue an advisement after paniced flyers saw cellphones overheat. Exploding batteries are not limited to Samsung, but include the entire lithium ion appliance ecosystem, including e-cigarettes, hoverboards, toys, and electric vehicles.
While Marc Raibert was showing off his latest mechanical creation, across the river in Woburn, Mass Iconic Materials was opening its new 30,000 square-foot lab. The hot startup grabbed headlines months ago with a $65 million venture capital investment from the new Renault-Nissan-Mitsubishi Alliance, Total Energy Ventures, and Sun Microsystems co-founder Bill Joy. However, the real news story is their revolutionary solid-state lithium battery technology that is cheaper, less flammable and longer lasting. The technology came out of the research of Dr. Michael Zimmerman of Tufts University that was originally aimed at improving the performance of existing lithium ion batteries. Unlike lithium ion batteries that contain flammable liquid electrolyte, Zimmerman’s invention deploys a solid polymer electrolyte preventing short-circuiting. Iconic’s plastic electrolyte not only prevents explosive gases from escaping, but enables the composition battery to be constructed with higher energy density materials, such as pure lithium anodes.
Zimmerman first unveiled his innovation on PBS NOVA last year, whereby the famed host David Pogue tested it by poking the solid-state lithium cell with a screwdriver and scissors. Typically, such stress would immediately cause liquid electrolyte to explode, but Zimmerman’s battery did not even heat up and kept working. Pogue then noted, “If you can use lithium metal rather than lithium ions, you get five to ten times the energy density. That means ten days on a charge instead of one day on a charge, a thousand miles on a charge of your car instead of 200 miles.”
The promise of Iconic’s technology helps alleviate “range anxiety,” the fear of running out of charge without a power source nearby. The future of robots, and especially autonomous vehicles, relies heavily on investments in infrastructure to rival oil. Today, it takes 75 minutes to fully recharge the 7,104 lithium ion batteries inside a Tesla at one of of its 5,000 supercharging stations, compared to 15 minutes at the pump at more than 165,000 gas stations throughout America. Realizing the shortcomings of switching to electric, Sweden is making country-wide investments to accelerate adoption. Last month, Stockholm opened the first stretch of roadway capable of simultaneously charging vehicles while driving.
Markus Fischer, spokesperson for state-owned energy company Vattenfall, describes “Such roads will allow (electric vehicles) to move long distances without big, costly and heavy batteries. The investment cost per kilometer is estimated to be less than that of using overhead lines, as is the impact on the landscape.” Currently, only 1.2 miles of electric rail has been laid, but it is already working with trucks making deliveries to the airport. Gunnar Ashland, CEO of Elways the maker of the road’s electric rail, boasted, “The technology offers infinite range — range anxiety disappears. Electrified roads will allow smaller batteries and can make electric cars even cheaper than fossil fuel ones.”
At the Robotics Summit in Boston, I spoke with Dr. Doug Schmidt of electric battery provider Acumentrics about the Swedish technology. Dr. Schmidt explained that most conductive charging platforms similar to Elways speed the degradation of lithium ion batteries. Israeli startup Phinergy offers an alternative to lithium for electric vehicles with their proprietary aluminum batteries that produce energy through a reaction between oxygen and aluminum using water. A few years ago, Phinergy powered a Renault car for over a thousand kilometers with just tap water. Now the company has partnered with Chinese-based Yunnan Aluminum to begin manufacturing batteries to meet China’s growing electric automobile market. According to the press release last month the joint venture “will introduce the world’s leading aluminum-air battery technology, relying on [Yunnan Aluminium’s] green and clean water and aluminum resources.” The statement further detailed that the initial annual output will be 2,500 units. Phinergy’s website promotes wider uses cases, including industrial robots and other unmanned systems.
China has been leading the world in alternative energy development. Last year, Pittsburgh-based Aquion was acquired out of bankruptcy for $9.16 million by Juline-Titans, an affiliate of China Titans Energy Technology Group. Aquion, a once high-flying startup that raised more than $190 million from such notable investors as Bill Gates, Kleiner Perkins Caufield & Byers, and Nick and Joby Pritzker, is now in the process of moving its operations to Asia. Similar to Phinergy, Aquion utilizes the most renewable of resources, water. Their patented “Aqueous Hybrid Ion” technology is able to create clean energy using sea water. However, it comes at a cost of weight: unlike lithium batteries that are light enough to fit in one’s pocket, salt-water fuel cells are considerably heavier. The company’s products are uniquely positioned to be utilized for future power grids, with the promise of weaning the world off fossil fuels.
Today, fewer than 5% of lithium-ion batteries are recycled. The environmental costs could not be higher with dangerous toxic gases leaking from old batteries. Rising battery demand is also leading to a variety of unintended consequences, such as depleting the world’s natural resources of lithium and cobalt and increased water pollution from mineral extraction. While turning the tides of climate change depends greatly on ending the global dependency on oil, replacing it with a more green alternative is crucial. Promising inventions are not only developing new energy paradigms, but recycling old ones in innovative ways. British startup Aceleron is reusing dead electric car batteries for home energy storage. In the words of Amrit Chandan of Aceleron, “It takes so much energy to extract these materials from the ground. If we don’t re-use them we could be making our environmental problems worse. There’s going to be a storm of electric vehicle batteries that will reach the end of their life in a few years, and we’re positioning ourselves to be ready for it.”
Climate change and unmanned systems will be discussed in greater detail at the next RobotLab on “The Politics Of Automation,” June 13th @ 6pm in NYC, with Democratic Presidential Candidate Andrew Yang and New York State Assemblyman Clyde Vanel.
If the robotics world had a celebrity it would be Spot Mini of Boston Dynamics. Last month at the Robotics Summit in Boston the mechanical dog strutted onto the floor of the Westin Hotel trailed by hundreds of flickering iPhones. Marc Raibert first unveiled his metal menaagerie almost a decade ago with a video of Big Dog. Today, Mini is the fulfillment of his mission in a sleeker, smarter, and environmentally friendlier robo-canine package than its gas-burning ancestor.
Since the early 1990s, machines have relied on rechargeable lithium ion batteries for power. However these storage cells (inside most cell phones, and now Spot Mini) are dangerously combustable, easily degradable, and very expensive. One of the best examples of the instability of lithium ion is the Samsung Note 7 handset recall, after exploding units caused havoc to consumers. The design flaw ended up costing Samsung $6.2 billion, and even prompted the Federal Aviation Administration (FAA) to issue an advisement after paniced flyers saw cellphones overheat. Exploding batteries are not limited to Samsung, but include the entire lithium ion appliance ecosystem, including e-cigarettes, hoverboards, toys, and electric vehicles.
While Marc Raibert was showing off his latest mechanical creation, across the river in Woburn, Mass Iconic Materials was opening its new 30,000 square-foot lab. The hot startup grabbed headlines months ago with a $65 million venture capital investment from the new Renault-Nissan-Mitsubishi Alliance, Total Energy Ventures, and Sun Microsystems co-founder Bill Joy. However, the real news story is their revolutionary solid-state lithium battery technology that is cheaper, less flammable and longer lasting. The technology came out of the research of Dr. Michael Zimmerman of Tufts University that was originally aimed at improving the performance of existing lithium ion batteries. Unlike lithium ion batteries that contain flammable liquid electrolyte, Zimmerman’s invention deploys a solid polymer electrolyte preventing short-circuiting. Iconic’s plastic electrolyte not only prevents explosive gases from escaping, but enables the composition battery to be constructed with higher energy density materials, such as pure lithium anodes.
Zimmerman first unveiled his innovation on PBS NOVA last year, whereby the famed host David Pogue tested it by poking the solid-state lithium cell with a screwdriver and scissors. Typically, such stress would immediately cause liquid electrolyte to explode, but Zimmerman’s battery did not even heat up and kept working. Pogue then noted, “If you can use lithium metal rather than lithium ions, you get five to ten times the energy density. That means ten days on a charge instead of one day on a charge, a thousand miles on a charge of your car instead of 200 miles.”
The promise of Iconic’s technology helps alleviate “range anxiety,” the fear of running out of charge without a power source nearby. The future of robots, and especially autonomous vehicles, relies heavily on investments in infrastructure to rival oil. Today, it takes 75 minutes to fully recharge the 7,104 lithium ion batteries inside a Tesla at one of of its 5,000 supercharging stations, compared to 15 minutes at the pump at more than 165,000 gas stations throughout America. Realizing the shortcomings of switching to electric, Sweden is making country-wide investments to accelerate adoption. Last month, Stockholm opened the first stretch of roadway capable of simultaneously charging vehicles while driving.
Markus Fischer, spokesperson for state-owned energy company Vattenfall, describes “Such roads will allow (electric vehicles) to move long distances without big, costly and heavy batteries. The investment cost per kilometer is estimated to be less than that of using overhead lines, as is the impact on the landscape.” Currently, only 1.2 miles of electric rail has been laid, but it is already working with trucks making deliveries to the airport. Gunnar Ashland, CEO of Elways the maker of the road’s electric rail, boasted, “The technology offers infinite range — range anxiety disappears. Electrified roads will allow smaller batteries and can make electric cars even cheaper than fossil fuel ones.”
At the Robotics Summit in Boston, I spoke with Dr. Doug Schmidt of electric battery provider Acumentrics about the Swedish technology. Dr. Schmidt explained that most conductive charging platforms similar to Elways speed the degradation of lithium ion batteries. Israeli startup Phinergy offers an alternative to lithium for electric vehicles with their proprietary aluminum batteries that produce energy through a reaction between oxygen and aluminum using water. A few years ago, Phinergy powered a Renault car for over a thousand kilometers with just tap water. Now the company has partnered with Chinese-based Yunnan Aluminum to begin manufacturing batteries to meet China’s growing electric automobile market. According to the press release last month the joint venture “will introduce the world’s leading aluminum-air battery technology, relying on [Yunnan Aluminium’s] green and clean water and aluminum resources.” The statement further detailed that the initial annual output will be 2,500 units. Phinergy’s website promotes wider uses cases, including industrial robots and other unmanned systems.
China has been leading the world in alternative energy development. Last year, Pittsburgh-based Aquion was acquired out of bankruptcy for $9.16 million by Juline-Titans, an affiliate of China Titans Energy Technology Group. Aquion, a once high-flying startup that raised more than $190 million from such notable investors as Bill Gates, Kleiner Perkins Caufield & Byers, and Nick and Joby Pritzker, is now in the process of moving its operations to Asia. Similar to Phinergy, Aquion utilizes the most renewable of resources, water. Their patented “Aqueous Hybrid Ion” technology is able to create clean energy using sea water. However, it comes at a cost of weight: unlike lithium batteries that are light enough to fit in one’s pocket, salt-water fuel cells are considerably heavier. The company’s products are uniquely positioned to be utilized for future power grids, with the promise of weaning the world off fossil fuels.
Today, fewer than 5% of lithium-ion batteries are recycled. The environmental costs could not be higher with dangerous toxic gases leaking from old batteries. Rising battery demand is also leading to a variety of unintended consequences, such as depleting the world’s natural resources of lithium and cobalt and increased water pollution from mineral extraction. While turning the tides of climate change depends greatly on ending the global dependency on oil, replacing it with a more green alternative is crucial. Promising inventions are not only developing new energy paradigms, but recycling old ones in innovative ways. British startup Aceleron is reusing dead electric car batteries for home energy storage. In the words of Amrit Chandan of Aceleron, “It takes so much energy to extract these materials from the ground. If we don’t re-use them we could be making our environmental problems worse. There’s going to be a storm of electric vehicle batteries that will reach the end of their life in a few years, and we’re positioning ourselves to be ready for it.”
Climate change and unmanned systems will be discussed in greater detail at the next RobotLab on “The Politics Of Automation,” June 13th @ 6pm in NYC, with Democratic Presidential Candidate Andrew Yang and New York State Assemblyman Clyde Vanel.
Twenty-seven startups were funded in May for a total of $2.5 billion.
The top five were:
Cruise Holdings announced a two-phase funding by SoftBank Vision Fund totaling $2.25 billion. $900 million will be funded right away. Future funding of $1.35 billion is contingent on two things: regulatory approval and at the time when Cruise AVs are ready for commercial deployment. At that time GM will also invest another $1.1 billion thereby providing sufficient capital to reach commercialization beginning in 2019.
UBTech Robotics, the Chinese toy robot builder, raised $820 million to help them develop adult-sized robots for commercial applications.
Ocado, the UK online grocer, raised $247 million by selling a 5% stake to US grocer Kroger.
Roadstar AI, another Chinese startup, raised $128 million for their radars and sensors for self-driving vehicles.
SoundHound, a Silicon Valley developer of voice-enabled AI for consumer robots and self-driving vehicles, raised $100 million.
This month’s $2.5 billion in fundings doubles the January thru April total of $2.5 billion. Thus a YTD of $5 billion!
Four acquisitions occurred in May. The most notable was SPX Corp., the large inspection equipment components manufacturer, which acquired CUES, a Florida robotic pipeline video inspection and rehab company, for $189 million.
Fundings
Cruise Holdings announced a two-phase funding by SoftBank Vision Fund totaling $2.25 billion. $900 million will be funded right away. Future funding of $1.35 billion is contingent on two things: regulatory approval and at the time when Cruise AVs are ready for commercial deployment. At that time GM will also invest another $1.1 billion to provide the combined capital to reach commercialization beginning in 2019. As a result of this two-pronged funding, SoftBank Vision Fund will end up owning a 19.6% equity stake in GM Cruise.
Placing the roof instruments. Look at all those LiDARs!
Functions of new UBTech humanoid robots.
UBTech Robotics, the Chinese toy robot builder that’s been featured in the Guiness Book of Records for the most simultaneous dancing robots, raised $820 million in a Series C funding round led by Tencent Holdings with participation from Green Pine Capital, Haier Group, Minsheng Securities, CDH Investments and Telstra. The new investment brings UBTech’s valuation to approximately $5 billion. UBTech said the money would be used to develop adult-sized humanoid robots and will focus particularly on the R&D of servo systems, movement control algorithms for walking, and computer vision.
Ocado, the UK leader in home-delivered groceries using robot-run distribution centers, which raised ~$192.5 million (in Feb) by selling shares of it’s publicly traded stock (LON:OCDO), has established a licensing deal with US grocery chain Kroger whereby Kroger will take a 5% stake in Ocado – an investment valued at ~$247.5 million and Ocado will help Kroger set up systems to help it manage online ordering, fulfillment and delivery operations. Ocado invested $57.5 million on technology last year, up from $46 million the previous year. The company is developing proprietary technology and has also increased its tech staff to 1,100. The company uses about 500 robots interacting with each other on a grid which have allowed it to process more than 20,000 orders.
Roadstar.AI, a Chinese self-driving startup integrating multiple sensors and LiDARs, cameras, radars, GPS and IMU to provide time and spatial synchronization for self-driving vehicles, raised $128 million in a series A round led by Wu Capital and Shenzhen Capital Group and also Yunqi Partners, CMBI International Capital Corporation Ltd and Vision Capital.
SoundHound, a Silicon Valley developer of voice-enabled AI for consumer robots and self-driving vehicles, raised $100 million in a round full of strategic partners: Tencent, Midea, Hyundai, Daimler and France Telecom (Orange).
Rapid Micro Biosystems, a Mass-based lab sciences testing equipment provider, raised $60 million in a venture round led by Bain Capital and Xeraya Capital
Saildrone, an Alameda, CA autonomous marine surface vehicle collecting scientific data, raised $60 million in a Series B funding led by Horizons Ventures and also Capricorn’s Technology Impact Fund, Lux Capital, Social Capital, and The Schmidt Family Foundation.
Hesai Photonics Technology, a Chinese laser sensor maker for self-driving vehicles, raised $39 million in a Series B round led by Lightspeed and Baidu. Hesai also makes a natural gas safety drone which can sense leaks in hi-rise buildings.
Medical Microinstruments, an Italian maker of a robotic platform for microsurgery, raised $24.5 million in a Series A round led by Andera Partners with participation from Panakes Partners and Fountain Healthcare, returning seed investor Sambatech, and industry veterans Gus Castello, former Senior Vice President of Product Operations for Intuitive Surgical Inc., and John Engels, founder of AxoGen, Inc.
Cowa Robot, the Chinese follow-me suitcase startup, raised $21.2 million in a Series B round jointly led by SoftBank China Venture Capital and China Creation Ventures with additional participation from Infore Capital, China Minsheng Investment Group.
Soft Robotics, a Cambridge, MA-based startup which designs and builds soft robotic gripping systems, raised $20 million in a round led by Hyperplane Venture Capital and including Scale Venture Partners, Calibrate Ventures, Honeywell Ventures, Tekfen Ventures, Yamaha Motor, Material Impact, ABB Technology Ventures, Taylor Farms Ventures and Haiyin Capital.
Trio.AI, a Beijing startup developing a dialogue engine for IoT and robotics, raised $17 million in a Series B round led by HanFor, China Minsheng Investment Group, Foxconn Technology Group and Xiamen Torch Group.
Superpedestrian, the Boston-based developer of the Copenhagen Wheel to enhance bicycles by amplifying pedal power by up to 10X, raised $16.5 million in a Series B round from Extol Capital LLC, Spark Capital and General Catalyst. This brings Superpedestrian’s total investment to ~$44 million.
Fictiv, a San Francisco-based developer of a virtual manufacturing platform used by Silicon Valley autonomous vehicles and medical robotics providers, raised $15 million in a Series B funding from Accel, Intel Capital, FJ Labs, Tandon Group, Stanford-StartX Fund, and Bill Gates.
Arevo Labs, a Silicon Valley provider of carbon fiber 3D printing technology, raised $12.5 million in Series B funding led by Asahi Glass and joined by Sumitomo Corporation of Americas, Leslie Ventures and Khosla Ventures.
Resson, a Canadian ag analytics provider, raised $10.9 million in a Series C round led by Mahindra & Mahindra with existing partners McCain Foods, Monsanto Growth Ventures, Build Ventures, Rho Canada, BDC Capital, East Valley Ventures and the New Brunswick Innovation Foundation.
EcoRobotix, the Swiss ag-tech startup developing a mobile weeding robot, raised $10.7 million in a Series B funding round led by BASF Venture Capital with participation by Business Angels Swiss, 4FO Ventures, Investiere, and CapAgro.
Algolux, a Canadian provider of machine-learning stacks for autonomous vision and imaging, raised $10 million in Series A funding. General Motors Ventures led the round, and was joined by investors including Drive Capital, Intact Ventures, and Real Ventures.
ForwardX, a Chinese follow-me suitcase developer, raised $10 million in a Series A round led by CDH Investments and Eastern Bell Venture Capital
Metawave, a Silicon Valley developer of beam steering radars for autonomous vehicle apps, raised $10 million in funding. Investors include DENSO, Toyota AI Ventures, Hyundai Motor Company, Asahi Glass, Motus Ventures, Khosla Ventures, Autotech Ventures, Bold Capital, SAIC Capital, Western Technology Investment (WTI), and Alrai Capital.
Verifly Holdings, a U.K.-based manufacturer of drone control systems and on-demand insurance sales agency, raised $7 million in funding. Investors include Slow Ventures, OpenOcean, and the founders of Kayak and HotelTonight.
Hummingbird Technologies, a UK-based drone, aerial and satellite sensing ag startup, raised $4.1 million in a Series A funding round from The European Space Agency, Sir James Dyson, Newable Private Investing and Velcourt, the UK’s largest commercial farming operation.
Plus One Robotics, a Texas vision and controls systems developer for robotic automation, raised $2.35 million (in 2017) in a seed round led by Schematic Ventures and joined by Lerer Hippeau, FF Venture Capital, First Star and Dynamo.
SkySquirrel Technologies (which recently merged into VineView), a Canadian ag drone and analytics provider for the wine industry, raised $2.3 million (in January) from an Ontario-based private investor and Innovacorp.
Kewazo, a German robotic construction equipment startup, raised $1.2 million in a seed round led by MIG Fonds 14 and Alfred Bauer.
C2RO Robotics, a Canadian startup enabling mapping, self-localization, and autonomous path planning in real-time with cloud-based SLAM, has raised $1.1 million in a seed round led by Chicago-based Harbor Street Ventures, with the participation of Fonds InnovExport, TandemLaunch Ventures and several angel investors in Canada, the U.S. and Europe.
Beijing Tiddler (AI Nemo), a Chinese consumer products and home companion robot developer, raised an undisclosed amount in a Series C round led by Baidu with participation from Foxconn.
Acquisitions
CUES, a 50-year old, 365-person Florida robotic video pipeline inspection and rehab company, was acquired by SPX Corp, an inspection equipment components manufacturer, for $189 million.
SkySquirrel Technologies, a Canadian ag-industry startup, has merged into VineView, Scientific Aerial Imaging, a California ag startup which will now be headquartered in Halifax, Nova Scotia. SkySquirrel’s founder and CEO will remain CEO of the new combined company.
Mavrx, a failing San Francisco-based aerial imagery platform startup, was acquired for an undisclosed amount by Israeli ag aerial imagery provider Taranis. Mavrx, which raised $12.5 million since 2012, ran into some financial and operational difficulty and was not able to service its clients for the upcoming growing season despite providing a popular product with a 90% customer renewal rate.
Jodone, a Boston robotics-related software and AI startup, was acquired by RightHand Robotics for an undisclosed amount.
IPOs
None
Failures
Ticktock AI — tried lots of approaches but never solved any problems that people wanted solved — good review here.
An Aside:
It seems like seed rounds are getting bigger and less frequent while Series A rounds are happening later in the development cycle. So says Bessemer Venture partner Amit Karp in a recent post on Medium.
“Most early stage startups we meet these days attempt to raise a $2M-$4M seed investment with some seed rounds expanding even further. These larger seed rounds are often led by a new pool of dedicated seed funds. In addition, the larger funds sometimes also participate in these early rounds, which results in even larger seed rounds (and often higher valuations). Angel investors are often added into the mix to bring more credibility and help with their experience in the early stages of the startup, but it’s a ‘professional’ seed investor who often leads the seed round.”
According to Karp there are several implications to these new large seed rounds:
Series-A financing is pushed later, and Series-A investors now expect to see much more business traction before they commit.
Series-A rounds have also become larger and are now often north of $8M. This reduces the amount of Series-A investors as it requires a larger fund to invest in that stage.
Securing a Series-A investment is more difficult than it used to be since there are fewer funds and the startup needs to demonstrate more business traction.
Lastly, and likely most important, is that the winners are separated from the losers earlier than ever. It is very difficult for a startup which raised a $500K seed round to compete with another startup that raised $4M at the same stage. A similar phenomena to the massive SoftBank fundings.
Reviewing The Robot Report’s Y-T-D 2018 seed rounds, there were 13 fundings averaging $3.8 million each thus confirming Karp’s thesis from our smaller sample of robotics-related fundings.
Twenty-seven startups were funded in May for a total of $2.5 billion.
The top five were:
Cruise Holdings announced a two-phase funding by SoftBank Vision Fund totaling $2.25 billion. $900 million will be funded right away. Future funding of $1.35 billion is contingent on two things: regulatory approval and at the time when Cruise AVs are ready for commercial deployment. At that time GM will also invest another $1.1 billion thereby providing sufficient capital to reach commercialization beginning in 2019.
UBTech Robotics, the Chinese toy robot builder, raised $820 million to help them develop adult-sized robots for commercial applications.
Ocado, the UK online grocer, raised $247 million by selling a 5% stake to US grocer Kroger.
Roadstar AI, another Chinese startup, raised $128 million for their radars and sensors for self-driving vehicles.
SoundHound, a Silicon Valley developer of voice-enabled AI for consumer robots and self-driving vehicles, raised $100 million.
This month’s $2.5 billion in fundings doubles the January thru April total of $2.5 billion. Thus a YTD of $5 billion!
Four acquisitions occurred in May. The most notable was SPX Corp., the large inspection equipment components manufacturer, which acquired CUES, a Florida robotic pipeline video inspection and rehab company, for $189 million.
Fundings
Cruise Holdings announced a two-phase funding by SoftBank Vision Fund totaling $2.25 billion. $900 million will be funded right away. Future funding of $1.35 billion is contingent on two things: regulatory approval and at the time when Cruise AVs are ready for commercial deployment. At that time GM will also invest another $1.1 billion to provide the combined capital to reach commercialization beginning in 2019. As a result of this two-pronged funding, SoftBank Vision Fund will end up owning a 19.6% equity stake in GM Cruise.
Placing the roof instruments. Look at all those LiDARs!
Functions of new UBTech humanoid robots.
UBTech Robotics, the Chinese toy robot builder that’s been featured in the Guiness Book of Records for the most simultaneous dancing robots, raised $820 million in a Series C funding round led by Tencent Holdings with participation from Green Pine Capital, Haier Group, Minsheng Securities, CDH Investments and Telstra. The new investment brings UBTech’s valuation to approximately $5 billion. UBTech said the money would be used to develop adult-sized humanoid robots and will focus particularly on the R&D of servo systems, movement control algorithms for walking, and computer vision.
Ocado, the UK leader in home-delivered groceries using robot-run distribution centers, which raised ~$192.5 million (in Feb) by selling shares of it’s publicly traded stock (LON:OCDO), has established a licensing deal with US grocery chain Kroger whereby Kroger will take a 5% stake in Ocado – an investment valued at ~$247.5 million and Ocado will help Kroger set up systems to help it manage online ordering, fulfillment and delivery operations. Ocado invested $57.5 million on technology last year, up from $46 million the previous year. The company is developing proprietary technology and has also increased its tech staff to 1,100. The company uses about 500 robots interacting with each other on a grid which have allowed it to process more than 20,000 orders.
Roadstar.AI, a Chinese self-driving startup integrating multiple sensors and LiDARs, cameras, radars, GPS and IMU to provide time and spatial synchronization for self-driving vehicles, raised $128 million in a series A round led by Wu Capital and Shenzhen Capital Group and also Yunqi Partners, CMBI International Capital Corporation Ltd and Vision Capital.
SoundHound, a Silicon Valley developer of voice-enabled AI for consumer robots and self-driving vehicles, raised $100 million in a round full of strategic partners: Tencent, Midea, Hyundai, Daimler and France Telecom (Orange).
Rapid Micro Biosystems, a Mass-based lab sciences testing equipment provider, raised $60 million in a venture round led by Bain Capital and Xeraya Capital
Saildrone, an Alameda, CA autonomous marine surface vehicle collecting scientific data, raised $60 million in a Series B funding led by Horizons Ventures and also Capricorn’s Technology Impact Fund, Lux Capital, Social Capital, and The Schmidt Family Foundation.
Hesai Photonics Technology, a Chinese laser sensor maker for self-driving vehicles, raised $39 million in a Series B round led by Lightspeed and Baidu. Hesai also makes a natural gas safety drone which can sense leaks in hi-rise buildings.
Medical Microinstruments, an Italian maker of a robotic platform for microsurgery, raised $24.5 million in a Series A round led by Andera Partners with participation from Panakes Partners and Fountain Healthcare, returning seed investor Sambatech, and industry veterans Gus Castello, former Senior Vice President of Product Operations for Intuitive Surgical Inc., and John Engels, founder of AxoGen, Inc.
Cowa Robot, the Chinese follow-me suitcase startup, raised $21.2 million in a Series B round jointly led by SoftBank China Venture Capital and China Creation Ventures with additional participation from Infore Capital, China Minsheng Investment Group.
Soft Robotics, a Cambridge, MA-based startup which designs and builds soft robotic gripping systems, raised $20 million in a round led by Hyperplane Venture Capital and including Scale Venture Partners, Calibrate Ventures, Honeywell Ventures, Tekfen Ventures, Yamaha Motor, Material Impact, ABB Technology Ventures, Taylor Farms Ventures and Haiyin Capital.
Trio.AI, a Beijing startup developing a dialogue engine for IoT and robotics, raised $17 million in a Series B round led by HanFor, China Minsheng Investment Group, Foxconn Technology Group and Xiamen Torch Group.
Superpedestrian, the Boston-based developer of the Copenhagen Wheel to enhance bicycles by amplifying pedal power by up to 10X, raised $16.5 million in a Series B round from Extol Capital LLC, Spark Capital and General Catalyst. This brings Superpedestrian’s total investment to ~$44 million.
Fictiv, a San Francisco-based developer of a virtual manufacturing platform used by Silicon Valley autonomous vehicles and medical robotics providers, raised $15 million in a Series B funding from Accel, Intel Capital, FJ Labs, Tandon Group, Stanford-StartX Fund, and Bill Gates.
Arevo Labs, a Silicon Valley provider of carbon fiber 3D printing technology, raised $12.5 million in Series B funding led by Asahi Glass and joined by Sumitomo Corporation of Americas, Leslie Ventures and Khosla Ventures.
Resson, a Canadian ag analytics provider, raised $10.9 million in a Series C round led by Mahindra & Mahindra with existing partners McCain Foods, Monsanto Growth Ventures, Build Ventures, Rho Canada, BDC Capital, East Valley Ventures and the New Brunswick Innovation Foundation.
EcoRobotix, the Swiss ag-tech startup developing a mobile weeding robot, raised $10.7 million in a Series B funding round led by BASF Venture Capital with participation by Business Angels Swiss, 4FO Ventures, Investiere, and CapAgro.
Algolux, a Canadian provider of machine-learning stacks for autonomous vision and imaging, raised $10 million in Series A funding. General Motors Ventures led the round, and was joined by investors including Drive Capital, Intact Ventures, and Real Ventures.
ForwardX, a Chinese follow-me suitcase developer, raised $10 million in a Series A round led by CDH Investments and Eastern Bell Venture Capital
Metawave, a Silicon Valley developer of beam steering radars for autonomous vehicle apps, raised $10 million in funding. Investors include DENSO, Toyota AI Ventures, Hyundai Motor Company, Asahi Glass, Motus Ventures, Khosla Ventures, Autotech Ventures, Bold Capital, SAIC Capital, Western Technology Investment (WTI), and Alrai Capital.
Verifly Holdings, a U.K.-based manufacturer of drone control systems and on-demand insurance sales agency, raised $7 million in funding. Investors include Slow Ventures, OpenOcean, and the founders of Kayak and HotelTonight.
Hummingbird Technologies, a UK-based drone, aerial and satellite sensing ag startup, raised $4.1 million in a Series A funding round from The European Space Agency, Sir James Dyson, Newable Private Investing and Velcourt, the UK’s largest commercial farming operation.
Plus One Robotics, a Texas vision and controls systems developer for robotic automation, raised $2.35 million (in 2017) in a seed round led by Schematic Ventures and joined by Lerer Hippeau, FF Venture Capital, First Star and Dynamo.
SkySquirrel Technologies (which recently merged into VineView), a Canadian ag drone and analytics provider for the wine industry, raised $2.3 million (in January) from an Ontario-based private investor and Innovacorp.
Kewazo, a German robotic construction equipment startup, raised $1.2 million in a seed round led by MIG Fonds 14 and Alfred Bauer.
C2RO Robotics, a Canadian startup enabling mapping, self-localization, and autonomous path planning in real-time with cloud-based SLAM, has raised $1.1 million in a seed round led by Chicago-based Harbor Street Ventures, with the participation of Fonds InnovExport, TandemLaunch Ventures and several angel investors in Canada, the U.S. and Europe.
Beijing Tiddler (AI Nemo), a Chinese consumer products and home companion robot developer, raised an undisclosed amount in a Series C round led by Baidu with participation from Foxconn.
Acquisitions
CUES, a 50-year old, 365-person Florida robotic video pipeline inspection and rehab company, was acquired by SPX Corp, an inspection equipment components manufacturer, for $189 million.
SkySquirrel Technologies, a Canadian ag-industry startup, has merged into VineView, Scientific Aerial Imaging, a California ag startup which will now be headquartered in Halifax, Nova Scotia. SkySquirrel’s founder and CEO will remain CEO of the new combined company.
Mavrx, a failing San Francisco-based aerial imagery platform startup, was acquired for an undisclosed amount by Israeli ag aerial imagery provider Taranis. Mavrx, which raised $12.5 million since 2012, ran into some financial and operational difficulty and was not able to service its clients for the upcoming growing season despite providing a popular product with a 90% customer renewal rate.
Jodone, a Boston robotics-related software and AI startup, was acquired by RightHand Robotics for an undisclosed amount.
IPOs
None
Failures
Ticktock AI — tried lots of approaches but never solved any problems that people wanted solved — good review here.
An Aside:
It seems like seed rounds are getting bigger and less frequent while Series A rounds are happening later in the development cycle. So says Bessemer Venture partner Amit Karp in a recent post on Medium.
“Most early stage startups we meet these days attempt to raise a $2M-$4M seed investment with some seed rounds expanding even further. These larger seed rounds are often led by a new pool of dedicated seed funds. In addition, the larger funds sometimes also participate in these early rounds, which results in even larger seed rounds (and often higher valuations). Angel investors are often added into the mix to bring more credibility and help with their experience in the early stages of the startup, but it’s a ‘professional’ seed investor who often leads the seed round.”
According to Karp there are several implications to these new large seed rounds:
Series-A financing is pushed later, and Series-A investors now expect to see much more business traction before they commit.
Series-A rounds have also become larger and are now often north of $8M. This reduces the amount of Series-A investors as it requires a larger fund to invest in that stage.
Securing a Series-A investment is more difficult than it used to be since there are fewer funds and the startup needs to demonstrate more business traction.
Lastly, and likely most important, is that the winners are separated from the losers earlier than ever. It is very difficult for a startup which raised a $500K seed round to compete with another startup that raised $4M at the same stage. A similar phenomena to the massive SoftBank fundings.
Reviewing The Robot Report’s Y-T-D 2018 seed rounds, there were 13 fundings averaging $3.8 million each thus confirming Karp’s thesis from our smaller sample of robotics-related fundings.
We have created electronic circuitry that is soft and stretchable and capable of spontaneously reforming electrical connections when the material is cut, torn, or punctured. It is made of microscopic droplets of liquid metal that are suspended in a soft silicone rubber.
We have created electronic circuitry that is soft and stretchable and capable of spontaneously reforming electrical connections when the material is cut, torn, or punctured. It is made of microscopic droplets of liquid metal that are suspended in a soft silicone rubber.
The main feature that I like is just that it has kept the precision and repeatability over the last 5 years and we haven’t had to worry, we haven’t had to replace any parts. We have done virtually no maintenance what-so-ever.
It's the hands-free experience you never knew you needed—a Japanese company has developed a drone-powered parasol it says can hover over users, protecting them from the sun.
Professor Cagdas Onal receives $500,000 grant for robots that combine soft and rigid properties;
Robots can help in disaster zones or assist those physically challenged with everyday tasks
World, meet Harmony. Completely artificial and programmed by computer chips, the somewhat lifelike sex robot is marketed by sex doll maker Realbotix for $15,000. According to The Guardian, she's equipped for intimate relations but is also "the perfect companion," Realbotix says—able to quote Shakespeare and remember your birthday.
Affordable, highly accurate and extremely reliable sensing systems and controls are fueling the rise of AGV solutions for a wide range of material handling applications in warehouses, factories and industrial facilities.
Automation of the oil and gas industry has been slow, but we seem to be standing on the brink of a revolution in this niche. All eyes are now turned to the first fully automated robot starting its work in the North Sea and heralding a major change.
In this episode of Robots in Depth, Per Sjöborg speaks with Walter Wohlkinger from Blue Danube Robotics about their Airskin, a safety sensor covering robots and machines. 
Cruise Holdings announced a two-phase funding by SoftBank Vision Fund totaling 
