Top Robotics Funding and Investment in October 2020

Top Robotics Funding and Investment in October 2020

by October 8, 2020

Robotics

Explore the list of companies that raised funds in October 2020.

Advances in disruptive technologies, such as AI, machine learning, big data and analytics and more, have already transformed businesses in all industries. Since companies across the globe are severely affected by the outbreak of COVID-19, they also get the opportunity to rethink, revisit and reimplement strategies to take a big leap towards innovation. This year so far, we have seen a rapid exploration and learning of robotics beyond manufacturing, supply chains and other industrial settings. According to the International Federation of Robotics (IFR), around 2 million new units of industrial robots are expected to be installed in factories worldwide from 2020 to 2022.

Robotics and robots are now also finding their ways in other industries and market scenarios. Developments in this technology enable companies to respond to changing requirements for their business growth. To gain a competitive edge, as most organizations are turning to robotic solutions, investment in robotics companies and startups are gaining rapid momentum.

Let’s have a look at the top robotics funding and investment in October 2020.

 

Magazino

Amount Funded: US$24.7 Million (€21 million)

Transaction Type: Venture Round

Key Investor(s): Jungheinrich

Magazino, a German Mobile picking robot manufacturer, raised US$24.7 million (€21 million) in Series B funding round to expand its software platform for intelligent robots. Jungheinrich, a German company active in the material handling equipment, warehousing and material flow engineering sectors, along with the European Investment Bank (EIB) led the round. According to Magazino, it will use the funds to expand its international sales activities and develop its Acros.AI software stack, a software platform for intelligent robots developed by Magazino that is also used on third-party hardware.

 

Dedrone

Amount Funded: US$12.1 Million

Transaction Type: Venture Round

Key Investor(s): TempoCap

Dedrone, a developer of drone detection technology with automated, software-based aerial intrusion, secured US$12.1 million in venture round. The funding round was led by European technology investment company, TempoCap. Founded in 2014 in San Francisco, Dedrone will use this fresh fund to expedite the development of its best-in-class platform providing early warning, classification, and mitigation against drone threats. The company’s aerial intrusion detection platform provides early warning of malicious drone activities. Further, it is used to safeguard data centers, prisons, airports, and other critical facilities from corporate espionage, smuggling, terrorism, and hacking.

 

HUVRData

Amount Funded: US$5 Million

Transaction Type: Series A

Key Investor(s): Cottonwood Venture Partners

HUVRData, a data analytics company that uses drones to inspect industrial assets and large acreage for precision agriculture, bagged US$5 million in Series A funding round. The round was led by Cottonwood Venture Partners (CVP), with Wild Basin Investments that made the initial seed investment in HUVRData in 2015. This new financing round will let HUVRData to stimulate product development and continue to deliver innovative solutions and services to its growing customer base in the alternative energy, oil and gas, maritime, and other industrial sectors.

 

Genrobotics

Amount Funded: US$3.41 Million

Transaction Type: Pre-series A

Key Investor(s): Unicorn India Ventures

Widely known for making Bandicoot, the fully automated manhole cleaning robots, Genrobotics raised US$3.41 million in pre-Series A funding round. The round was led by existing investors Unicorn India Ventures. Anand Mahindra, Chairman of Mahindra Group, also took part in the round along with SEA Fund. Genrobotics plans to use this capital for the production of its robot Bandicoot. The robot encompasses a stand unit and a drone unit that will dive into the manhole for cleaning applications.

 

Picnic

Amount Funded: US$3 Million

Transaction Type: Venture Round

Key Investor(s): Vulcan Capital, Flying Fish Partners, Creative Ventures, and others

Picnic, the maker of a robotic system for assembling foods like pizza, secured US$3 million in funding from Vulcan Capital, Flying Fish Partners, Creative Ventures, Arnold Venture Group, and others. The fresh capital will be utilized for product development, response to customer interest, new hires, and marketing. Picnic is an innovator of food production technology and Robotics-as-a-Service (RaaS) solutions. Previous, known as Otto Robotics and Vivid Robotics, Picnic is among a horde of startups and larger industry giants automating restaurant kitchens.