Robotics start-up Soft Robotics has completed a $23 million round B financing led by VentureVentures and Material Impact, along with Honeywell, Yahama, according tomedia. Existing investors such as Hyperplane. The financing also brings fanUC, the world’s largest manufacturer of industrial robots, and the recently announced Softs strategic partner.
In a press release announcing the latest round of funding, the company said it was oversubscribed, indicating it would not seek further funding from capital investors, as the $23 million raising was made after a similar $20 million financing completed in 2018. It follows a $5 million round of A-round financing by Soft Robotics in 2015. The company already has many large global customers and may not affect its revenue.
As you might guess from the name, Soft Robotics is focused on developing robot grippers that make it easier to grab a range of different objects with soft material endpoints without the need for extremely special and tolerable complex programming for most traditional industrial robot grippers.
As financing increases in 2018, Soft Robotics says it will expand further into the food and beverage sector and double its presence in the retail and logistics sectors. This new partnership with FANUC will enable it to engage strategically and functionally with the world’s most influential industrial robotics company (this involves a new integrated system that pairs its mGrip robot gripwitha with a new Mini-P controller, All of this can be easily integrated with FANUC’s existing line-up of industrial robots. )
This round of financing will specifically help Soft Robotics invest in growth, hoping to further enhance its variability, and is committed to expanding its food packaging and consumer products applications, as well as getting involved in e-commerce and logistics – especially as more and more retailers are online, it will help automate and improve the return process. This is a costly and growing challenge.