Sarcos Robotics, which specializes in making exoskeletons for industry, has raised $30 million in new funding.
The new Series B funding is from a consortium of investors co-led by DIG Investment and Alex Brown & Sons.
Each of the company’s Series A investors also participated in this round, including Caterpillar Ventures, Cottonwood Technology Fund, GE Ventures, Microsoft, Schlumberger and Sarcos’ chairman and CEO, Ben Wolff.
This Series B funding will be used to expand Sarcos’ team, scale the production and deployment of its Guardian S mobile IoT inspection and surveillance robot, and prepare for the launch of the commercial versions of its powered, full-body industrial exoskeleton Guardian XO product line in late 2019.
Ben Wolff, chairman and CEO of Sarcos Robotics, says: “Sarcos is growing rapidly – we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries, while also increasing productivity and efficiency.
“This new funding will allow us to continue to grow our team, scale our production and deliver our unrivaled products to customers around the globe to address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”
Sarcos says its powered, full-body exoskeletons augment human productivity and safety by “combining the best of what man and machine have to offer” – the intelligence, intuition, and instincts of humans and the strength, endurance, and precision of machines.
Sarcos’ Guardian GT system, the largest in its line of powered exoskeletons systems, can be custom ordered to meet customers’ specific requirements and needs.
The Guardian XO and Guardian XO® Max will be the first autonomously powered, full-body industrial exoskeletons that materially increase strength and stamina, allowing workers to work more safely and more productively than ever before.
In March, Sarcos formed an industry-focused Exoskeleton Technical Advisory Group, or X-TAG, comprised of executives from leading companies across a variety of industries, with the goal of identifying key performance and safety requirements necessary to bring powered, full-body industrial exoskeleton systems to the workforce.
Sarcos has also launched its next generation ground-based surveillance and inspection robot, the Guardian S, that is uniquely capable, cost-effective and man-portable.
The Guardian S has been designed for wide applicability in industries including manufacturing, construction, mining, oil & gas, power, aerospace, maritime, petrochemical, mining, defense and public safety.
Sanjan Dhody, managing director at Alex Brown, says: “Sarcos represents one of those rare opportunities where an incredibly talented team with a proven track record has developed an entirely new category of products that address an enormous global need.
“In this case, the need is driven by the growing shortage of skilled workers and the skyrocketing social and economic costs associated with workplace injuries.
“I am very pleased to have been able to work with Sarcos to bring together a consortium of prominent investors who are well-positioned to assist Sarcos with expansion into new industries and new geographic regions.”
