Path Robotics Raises $56M to Build the Future of Manufacturing
The Series B financing is led by Addition
COLUMBUS, Ohio, May 3, 2021 /PRNewswire/ -- Path Robotics, the Columbus-based AI Robotics company responsible for designing the world's first truly autonomous robotic welding system, today announced it received $56 million dollars in Series B funding, bringing the total invested in the company to $71 million. Addition led the round and was joined by returning investors Drive Capital, Basis Set, and Lemnos Lab.
"Path Robotics is solving a complex and critical problem in our country by bridging the gap between the supply of skilled welders and demand," said Lee Fixel of Addition. "We look forward to supporting the company as it works to lead American manufacturing into the future."
Path Robotics is the only company in the world offering turnkey, robotic welding systems capable of autonomous welding. Its A.I.-driven, robotic product is a market disruptor as it redefines industrial robotic welding.
The technology was designed to ensure no system programming and require "no perfect parts." Through proprietary scanning and computer vision technology, the system can see and understand nearly any part it's given with the ability to self-adjust for each unique part. It analyzes where a weld is needed and generates all the planning to execute a clean weld nearly instantly. The system was designed to operate precisely in a manufacturing environment and with highly reflective materials.
"Current industrial robotics have very little ability to understand their environment and the task at hand. Most robots merely repeat what they are told and have no ability to improve themselves. Our goal is to change this. The future of manufacturing hinges on highly capable robotics," said Andrew Lonsberry, CEO of Path Robotics.
The number of people entering the welding workforce in America continues to fall while the average age of welders continues to grow. The demand for welders is increasing at 3% per year while the supply is decreasing, creating a shortage in the American welding workforce of 400,000 skilled welders by 2024. This reality, coupled with a pandemic-driven increased demand for onshore manufacturing, is leading to a choke point for American manufacturing across industries. Path Robotics is dedicated to building intelligent robotic systems to reduce this bottleneck and fuel a new generation of American manufacturing growth.
"We are excited to partner with Addition," said Lonsberry, "They have a great vision for the future and are committed to working with companies that are striving to bring generational change."
The Columbus-based venture capital firm Drive Capital returns as an investor in Path Robotics. "We are thrilled to continue our partnership and investment in Path Robotics. Their A.I. and computer vision technology is solving a large and urgent need for manufacturers around the world," said Nick Solaro, Partner at Drive.
"The future of intelligent machines and manufacturing is being created at Path Robotics right now," said Alex Lonsberry, co-founder and Chief Technology Officer. "We are delivering on the promise of what robots can become. Realizing our mission requires a visionary team of partners. We are excited to have Addition working with us to change the world."
To learn more about Path Robotics and our revolutionary technology, visit our newly launched website www.path-robotics.com.
About Path Robotics
Path Robotics is developing state-of-the-art artificial intelligence, machine learning, and computer vision systems to make industrial robots intelligent. While working on their PhDs at Case Western Reserve University, brothers Andy and Alex Lonsberry discovered a market need for industrial welding robotics. This led to the founding of Path Robotics with Matt Klein and their father, Ken Lonsberry. Our robotic welding systems are transforming the manufacturing industry by allowing hardware to do more with less human input. Visit their website at www.path-robotics.com.
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SOURCE Path Robotics
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