COLLABORATIVE ROBOTICS RAISES $30M SERIES A BACKED BY SEQUOIA CAPITAL, KHOSLA VENTURES, AND MAYO CLINIC; LAUNCHES FLYWHEEL PROGRAM
SAN FRANCISCO, July 26, 2023 /PRNewswire/ -- Collaborative Robotics, a leader in the development of practical collaborative robots (cobots), today announced it has raised $30M in Series A funding led by new anchor investor, Sequoia Capital, bringing the total amount raised to over $40M. The funds will enable Collaborative Robotics to begin scaling early field deployments and manufacturing of its novel cobot.
The company was founded in 2022 by Brad Porter, former VP of Amazon Robotics.
Sequoia Capital led the funding round, with Alfred Lin joining the board. Other contributors include Khosla Ventures and Mayo Clinic, with Calibrate, Neo, and 1984.vc expanding existing investments. Jeff Wilke, former CEO of Amazon Consumer, Fuel Capital, and MVP Ventures added to the pool.
"Our vision for a future where robots seamlessly integrate into our surroundings to enhance operational efficiency and human potential is now closer than ever," said Porter, CEO of Collaborative Robotics. "This funding will accelerate our mission to bring the world's first truly practical cobots to market."
"The need for automated solutions is at an all-time high as consumer demand for e-commerce surges and turnover rates in warehouse and storage industries continue to rise," said Alfred Lin, partner at Sequoia Capital. "Collaborative Robotics is ushering in a new frontier of human-robot interaction rooted in collaboration, which is evident in their early commercial traction. We're thrilled to partner with the team and Brad, whose comprehensive understanding of the robotics landscape and extensive experience deploying robotics at scale is unparalleled."
Alongside Collaborative Robotics development of their cobot, the team launched the Cobot Flywheel Program to help the world's most innovative companies in biotech, healthcare, and logistics drive operational transformation with advanced robotics solutions. As part of its collaboration with Collaborative Robotics, Mayo Clinic has adopted the Cobot Flywheel Program to accelerate robotics initiatives.
"Mayo Clinic is working with Collaborative Robotics to redefine how healthcare approaches automation. The Cobot Flywheel model is a novel approach to driving change in a complex healthcare environment where patient safety and care are paramount," said Stephen Fischer, Operations Administrator at Mayo Clinic.
Mayo Clinic has a financial interest in the technology referenced in this press release. Mayo Clinic will use any revenue it receives to support its not-for-profit mission in patient care, education and research.
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