Cobot gripper company Robotiq has raised $31m in funding from global investment firm Battery Ventures.
It’s the company’s first ever round of institutional financing and the funds will be used for product development, international expansion and enhanced support of its partner ecosystem. Sources say a major expansion in Europe is on the cards.
Robotiq makes equipment including specially designed plug-and-play “grippers” that can handle manufacturing tasks previously done by human hands. The company was founded ten years ago and spun out of a project at Laval University in Canada.
“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,” said Samuel Bouchard, Robotiq’s co-founder and CEO. “What is amazing about these systems is how they work side-by-side with humans to improve quality, increase efficiency and minimize worker injuries. We could not be more excited to work with Battery Ventures—a firm that has demonstrated a commitment to innovation in both industrial technology and software—to take our company to the next level.”
Battery General Partner Jesse Feldman, who specializes in industrial-technology investments, will join Robotiq’s board. He said: “We have been tracking Robotiq and its experienced team for several years and are extremely impressed with the business the founders have built.
“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.”