Cobalt Robotics has raised $35 million in its Series B funding round, led by Coatue.
The company says the investment round will enable it to expand its security robots-as-a-service throughout the US.
Cobalt Robotics is a physical security service provider that builds indoor autonomous robots to make security and facility operations more effective.
The company announced that it raised $35 million in Series B financing earlier this week. The financing was led by global technology investment firm, Coatue, and is intended for geographic expansion of services throughout the US.
Dr Travis Deyle, CEO of Cobalt, says: “Security is fundamentally about trust and reputation, and it needs to be reinforced across all aspects of the company: founders, employees, technology, and financial backers.
“Our financial backers – such as Bloomberg Beta, Sequoia Capital, and now Coatue – have been instrumental to our success so far, and they will be instrumental in our next phase of growth too.
“Our goal is to combine the best parts of machines (unwavering attention, perfect recall, and super-human sensing) with the best aspects of people (warmth, responsiveness, and adaptability) to create service robots that dramatically improve the quality of life for everyone and fundamentally redefine the modern workplace.”
The physical security market is predicted to reach nearly $119.4 billion in 2023.
Security robots are an innovative new tool within the industry that enhance security programs by bridging the gap between traditional technologies and services such as cameras, access control, and manned guards.
Cobalt’s robots-as-a-service model combines autonomous patrolling robots with human specialists, enabling organizations to provide a 24-hour security solution that complements existing security assets like manned security guards and access control systems.
The result is a “highly effective security program with significant cost-savings and robots that remain up-to-date with the latest and greatest software”, claims Cobalt.
Since its $13 million Series A funding announcement in March 2018, Cobalt has deployed security and facilities management services to clients in various sectors (Technology, Defense, Finance, and Manufacturing) across a variety of organizational sizes (small startups to marquee Fortune 50 companies).
This year, Cobalt introduced its new door integration capability that enables robots to seamlessly pass through areas closed off by a door using wireless technology to communicate with access control readers – a first for the industry.
In addition to its client base, Cobalt has expanded its engineering and operations teams and enhanced its security and facilities teams, bringing its unparalleled customer service and performance to new markets.
Today’s organizations face several physical security challenges – cost-effectively protecting people, assets and intellectual property while ensuring the seamless flow of operations.
Cobalt combines its autonomous mobile robots with highly trained remote personnel to provide a new level of situational awareness and real-time response.
Cobalt’s robots patrol the workplace, leveraging AI to detect anomalies – open doors, environmental risks or malicious intruders – and then Cobalt’s security specialists can respond in real-time to address any event – whether it’s related to security, facilities or customer service.
This unique human-in-the-loop model has enabled Cobalt to position itself as a key player in the physical security arena.
Kris Fredrickson, partner at Coatue, says: “We believe Cobalt’s robotic security guards are revolutionizing the security services space and providing an unmatched experience for customers.
“In addition, we have been thoroughly impressed with the team’s philosophy that a great physical security service should positively impact not only the company’s operations but its culture as a whole.”