Friday, July 28, 2017

Rethink Robotics raises another $18 million

Posted on 01/12/17 by Frank Tobe

Rethink Robotics, the Boston-based maker of the Baxter and Sawyer robots founded by iRobot co-founder Rodney Brooks, raised an additional $18 million in an unfinished $33 million Series E round led by private equity firm Adveq.

Previous investors who also participated in the round included Jeff Bezos' Bezos Expeditions, CRV, Highland Capital Partners, Goldman Sachs and GE Ventures.

This brings cummulative funding to $131.5 million. The new funding will be used for Rethink's global expansion initiatives, as well as new product development.

Scott Eckert, President and CEO of Rethink said:

As we did previously with our Series D round, we expect two closings for different investors. $18M was the initial closing and we will announce additional financing when the transactions are complete.

Sawyer is outselling Baxter ten to one, and we tripled our revenue in 2016. In China, the appetite for Sawyer has been quite high. We’ve sold a large quantity of Sawyer robots. In addition, we are looking to 2017 to be a big year for our deployments in Europe, as we expect to have additional distribution agreements in place in that region soon, as well.

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About the author: Frank Tobe

Frank Tobe is the owner and publisher of The Robot Report and co-founder of ROBO Global which has developed a tracking index for the robotics industry, the ROBO Global™ Robotics & Automation Index. The index of 82 companies in 13 subsectors tracks and captures the entire economic value of this global opportunity in robotics, automation and enabling technologies.

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