Soft Robotics Inc. Holds First Close of Series A Funding
Soft Robotics, an early stage startup based in Cambridge, Massachusetts, has held a first close of a Series A funding round to expand commercial engagement and product engineering initiatives. Funds will be invested to meet customer demand for their novel material handling solution in the packaging and food handling markets.
Dec 17, 2015, 10:01 ET
CAMBRIDGE, Mass., Dec. 17, 2015 /PRNewswire/ -- Soft Robotics Incorporated, an early-stage startup focused on robotic manipulation and material handling announced today that it has closed the first tranche of a $5M Series A investment round. The investment was led by Material Impact Fund, an early-stage venture capital firm, and joined by Haiyin Capital and Taylor Ventures.
"Soft Robotics has leveraged their proprietary technology to develop a solution that addresses the critical need of adaptability in robotics. Their technology brings automated solutions to completely new markets," said Carmichael Roberts of Material Impact Fund. "What the team has developed and brought to market over the last two years is impressive, and we're excited to see its continued impact on the rapidly-growing global robotics market."
Soft Robotics brought their disruptive technology to market in June 2015 and is deploying robotic solutions with industry-leading partners and end users in the consumer products, advanced manufacturing and food handling industries. This financing will enable rapid growth and widespread commercial deployment of Soft Robotics' proprietary technology while supporting continued product development.
"We're excited to have investment partners who bring much more than capital to the company," said Carl Vause, CEO of Soft Robotics. "China is the fastest growing robotics market in the world and we're proud to work with Haiyin Capital as we expand geographically. Having Taylor Farms on board brings world class leadership and expertise in the produce industry, where we are currently deploying systems to meet the growing demand for process automation."
Founded in 2013 out of the Whitesides Research Group at Harvard University, Soft Robotics is enabling a new level of robotic adaptability with its novel and proprietary technology. A single end-of-arm tool can now handle an unprecedented range of objects without the need for tool changes or software modifications between cycles. Soft Robotics has demonstrated the ability to grasp fresh produce, electronic components, consumer goods, and clothing, among other objects, all with a single device. This disruptive capability addresses unmet needs in existing markets and unlocks new markets for cost-effective automated solutions.
Media Contact:
Carl Vause
Chief Executive Officer
6179450920
[email protected]
PRLog ID: www.prlog.org/12519000
SOURCE Soft Robotics Inc.