Augmentus, a developer of “no-code” robotics software, has successfully raised $5 million in Series A funding. The round was led by Sierra Ventures, along with Cocoon Capital.
Conventional robot programming is fragmented and costly, requiring extensive training and expertise due to proprietary programming languages. This results in 75 percent of lifetime costs being attributed to software and programming.
The industrial robotics software market is expected to reach $47 billion by 2030, growing at a compound annual growth rate of 27 percent. Augmentus aims to disrupt this market.
Their proprietary technology serves as the eyes and brains of any industrial robots. 3D cameras gather spatial data, which is processed by its AI model to suggest the best path for the robot, even complex parts.
This reduces time from four weeks to 15 minutes and cuts costs by over 70 percent.
The funds will be used to scale operations in the US, Europe, and Asia, meeting increasing customer demand of various industries and sizes.
Augmentus has supplied to more than 30 manufacturers worldwide, including Fortune 500 companies. The platform is compatible with over ten major robot OEMs, including ABB, Kawasaki, and Kuka.
As part of its expansion plans, Augmentus will leverage its Augmentus System Partner (ASP) program to onboard system integrators and channel partners, focusing on high-mix and complex manufacturing. A portion of the investment will also be allocated to intensify research.
Leong Yong Shin, co-founder and CEO of Augmentus says: “We are excited to tap into Sierra Ventures’ expertise and network to execute our commercial plans and enhance our product.
“We are also thrilled to receive Cocoon Capital’s continued support for our vision. This funding highlights the potential future where robots can adapt to any part and process with no downtime and expertise required.”
Ben Yu, managing partner at Sierra Ventures, says: “With the continuous growth of industrial robotics and the increasing deployment of robots in production, there is a pressing need for a more efficient and scalable programming solution.
“Augmentus’ integration of precise 3D scanning, no-code micro-adjustability, and automated code generation is the solution to this challenge.”
Will Klippgen, managing partner at Cocoon Capital, says: “We have been impressed by how fast they reached product-market fit and engaged with some of the largest players around the world only a few months after launch.
“We are proud to back a team that is so committed to bringing down the cost of production by making robotics available to businesses regardless of size and industry.”