Soft Robotics Inc, a US-based innovative robotics pioneer, has raised $23 million in an oversubscribed Series B funding that it said will be used to accelerate growth and drive international expansion in core packaging and manufacturing markets.
FANUC Corp., the world’s largest industrial robot manufacturer, has joined the round, with Calibrate Ventures and Material Impact co-leading. Existing investors Honeywell, Hyperplane, Scale, Tekfen Ventures, and Yamaha also participated.
Powered by advanced material science and AI, Soft Robotics said its gripping solutions adapt to today’s ever-changing manufacturing supply chain without the cost and complexity of traditional robotic systems.
Since the company’s inception, its technology platform has experienced substantial customer validation and adoption, with production installations running 24/7 for global customers in food & beverage, advanced manufacturing and e-commerce, and more.
Soft Robotics previously announced a strategic partnership with FANUC to integrate Soft Robotics’ mGrip adaptable gripper system with any FANUC robot through the deployment of a new controller. The combined product was introduced at IREX in Tokyo, Japan in December 2019.
“This new funding will allow us to power the next phase of our growth strategy and continue to provide solutions to our customers’ greatest challenges,” said Carl Vause, CEO of Soft Robotics.
The company holds 15 approved intellectual property patents, 21 pending, and 21 company-owned applications. Its customers include Fortune 500 firms.
The latest funding brings the company’s total funds raised to date to US$48 million. It first raised US5 million in 2015 in a Series A round followed by US$20 million in 2018.
Calibrate Ventures is an early-stage venture capital firm investing in advanced, emerging technologies that reshape industries and the future. It invests in great companies nationally but calls Southern California home.
“We are thrilled to continue to support Soft Robotics in its quest to transform workforce automation and to be playing a part in its future,” said Kevin Dunlap, Co-Founder of Calibrate Ventures.
Material Impact is a venture capital fund that invests in building companies that transform material technologies into products that make an impact on real-world problems. Material Impact is headquartered in Boston, Massachusetts.