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ForwardX Robotics raises $38 million in new funding, bringing total to $74 million

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ForwardX Robotics, a developer of autonomous mobile robots for warehousing and manufacturing environments, has closed its Series B funding by raising another round of more than $38 million led by CDH Investments’s VGC, Eastern Bell Capital, and Dohold Capital. Other investors include Angel Around and ZGC Group.

This funding brings ForwardX’s total Series B funding to over $63 million after an initial round of $10 million in March 2019 and an extension of $15 million in April 2020. Since its founding in 2016, ForwardX has now raised close to $74 million in venture capital.

Nicolas Chee, founder and CEO of ForwardX Robotics, says: “Our customers in the warehousing and manufacturing industries come to us to transform their operations and help them unlock new levels of efficiency that were previously unattainable. [Read more…] about ForwardX Robotics raises $38 million in new funding, bringing total to $74 million

Delivery robot company Refraction AI raises $4.2 million

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Refraction AI, the robotics startup and creator of the REV-1 autonomous delivery robot, has raised $4.2 million in new seed funding led by Pillar VC.

The company says the capital will be used for customer acquisition, geographic expansion and product development.

Founded in July 2019, Refraction AI solves last-mile delivery logistics with a practical, economical and sustainable application of mobile robot technology. [Read more…] about Delivery robot company Refraction AI raises $4.2 million

Agriculture robotics startup Future Acres looking to raise $3 million

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Startup Future Acres is looking to raise $3 million to bring agricultural robotics to the farm industry in order to “optimize workforce efficiency”. 

The initiative to raise up to $3 million in seed capital is being organized through the equity crowdfunding site SeedInvest. The company is producing an autonomous, electric agricultural robotic harvest companion, named Carry, to help farmers gather hand-picked crops faster and with less physical demand.

At a time when farmers are tasked with producing more food than ever before to meet growing global population demands – predicted to get as high as 10 billion people by 2050 – limitations in labor and harvesting tools, in addition to environmental scrutiny, have prevented farmers from staying profitable and scaling their businesses. [Read more…] about Agriculture robotics startup Future Acres looking to raise $3 million

Bobacino launches robotic tea bar

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A startup company called Bobacino has launched its automated Boba Tea Bar, which uses a robotic arm to make beverages for customers. (See video below.)

Bobacino says it is bringing the “unique boba tea experience” to a growing audience of boba aficionados and new enthusiasts through advanced artificial intelligence, automation and robotics.

The company has launched on StartEngine, a crowdfunding platform, to target a market that it forecasts is set to hit $8.4 billion by 2024. [Read more…] about Bobacino launches robotic tea bar

40 North Ventures acquires 11 companies from GE Ventures

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40 North Ventures, an early-to-growth stage venture capital fund focused on technology investments in the industrial sector, has acquired investments in 11 companies from GE Ventures.

Although 40 North Ventures is not disclosing the value of this deal, the fund raised $200 million last year. This was in part utilized for the acquisition from GE Ventures, as well as four prior investments, according to a spokesperson.

The 11 new portfolio companies are aligned with 40 North Ventures’ focus on technology and business model innovation, adding to its growing portfolio of high-performance companies building the industrial future. [Read more…] about 40 North Ventures acquires 11 companies from GE Ventures

EU member states agree €750 billion post-pandemic recovery fund

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Member states of the European Union have agreed a €750 billion recovery fund in the wake of the coronavirus pandemic, which has all but destroyed large parts of the economy in many countries.

The agreement was reached during a four-day summit meeting in Brussels, Belgium between the leaders of the 27 member nations.

Charles Michel, chairman of the summit, called the accord “a pivotal moment for Europe”, according to a report by Reuters. [Read more…] about EU member states agree €750 billion post-pandemic recovery fund

What does the term ‘productivity’ actually mean in economics?

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Here at Robotics and Automation News, we’ve often wondered what factors determine the productivity of a nation or industry, market or economy. There is a reason for this that has to with our website’s editorial subject matter and possibly our survival as a business.

In other words, we would like to expand our editorial coverage, and we would like to monetise. Our website has millions of readers, a significant proportion of whom are business people, so we have a marketable audience.

So far, we have mostly carried niche industrial news. Now, we want to add to that broader, global industry-wide and indeed world economy-wide, perspectives that may affect their growth and success. [Read more…] about What does the term ‘productivity’ actually mean in economics?

HRG Robotics holds its first startup competition

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HRG Robotics has held its first startup competition, attracting more than 50 investment and technology companies and organisations.

The company says it wants to provide a platform to support innovation and startups.

HRG says startup competitions help connect companies of “great potential” within HRG system with top venture capitalists. [Read more…] about HRG Robotics holds its first startup competition

Geek+ raises more than $200 million in latest funding round

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Geek+, a global provider of advanced robotics for logistics, has closed its Series C funding round at over $200 million in early 2020.

Geek+ continues to lead the industry with the largest fundraising to date, following a $150 million B series in November 2018, already the largest in the industry.

C1 was led by GGV Capital, D1 Capital Partners along with Warburg Pincus in Summer 2019, while C2, finalized earlier this year, was led by V Fund, along with Redview Capital and Vertex Ventures. [Read more…] about Geek+ raises more than $200 million in latest funding round

Engineering procurement platform Kreatize enters new market with Austrian investors

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Kreatize, which claims to be Germany’s largest procurement platform for mechanical engineering, has received a joint investment from Austrian company B&C Innovation Investments (BCII) and the industrialist Martin Ohneberg.

Kreatize says the new investment – which is described as being in the “mid single-digit million” euro range  – will enable it to expand its business in Austria.

The procurement of industrial components is often a costly, lengthy and non-transparent process. [Read more…] about Engineering procurement platform Kreatize enters new market with Austrian investors