RIOS announces $28M in funding

RIOS Intelligent Machines brought in $28 million in Series A equity funding and debt financing. This brings the company’s total funding to $33 million. 

RIOS specializes in automating labor-intensive factories with AI and robotic workcells. The company uses a robots-as-a-service (RaaS) model, and currently has robots deployed in the manufacturing, consumer packaged goods and food and beverage sectors in the United States. 

The company plans to use the funding to scale its robotic fleet with new and existing customers. 

“Bedrock sectors of our economy are crippled by a labor shortage problem that Covid turned into a full-blown crisis. Today, most factories in the world are labor-intensive, and with millions of jobs unfilled, manufacturers are unable to keep up with skyrocketing consumer demand – and they are in extreme pain,” Dr. Bernard Casse, RIOS’ CEO, said. “We have the cure to this trillion-dollar opportunity. We’re re-industrializing America with best-in-class American technology, while upskilling our American workforce in the process and enabling them to access higher-level and better-paying jobs.”

Deep tech investor Main Sequence led the funding round. Yamaha Motor Ventures, Orbit Venture Partners and Hypertherm Ventures also participated in the round. Main Sequence Partner Mike Zimmerman is also joining RIOS’ board of directors, and Yamaha Motor Ventures COO and Managing Director Amish Patel will serve as board observer. 

“RIOS’ combination of RaaS business model and adaptable end-to-end robotic workcell platform is the ideal answer to the labor and supply chain challenges facing manufacturers around the globe. Main Sequence was attracted to RIOS’ strong market traction, positive customer feedback and world-class team,” Zimmerman said. “We’re also thrilled that RIOS is strategically tapping into Australia’s ecosystem of industry experts, research institutions, and commercial companies to both commercialize innovative robotic technologies and get early access to the Australian market.”

RIOS was founded in 2018 by Casse and Dr. Clinton Smith, now the CTO of the company, both former Xerox PARC engineers. In 2020, the company announced $5 million in venture funding.