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Robotics investments recap: June 2020

By Eugene Demaitre | July 9, 2020


Despite a spring slowdown in funding in part because of the global pandemic, self-driving cars, mobile robots, and healthcare systems received new investments in June 2020.

In June 2020, The Robot Report tracked 49 transactions worth more than $1.9 billion, compared with 20 transactions worth $1.5 billion in May 2020 and 50 robotics deals worth more than $1.1 billion in June 2019. Both last year and this year, there was a dip in May, followed by an increase in activity in June. The COVID-19 pandemic may not have affected the total amount of funding, but the trend of fewer early-stage investments has continued.

Not surprisingly, many of the largest robotics transactions this past month and in the first half of 2020 were around autonomous vehicles. Chinese companies also raised a significant share of global funding so far this year, reported DealStreetAsia.

Top 10 robotics deals of the first half of 2020

CompanyAmt. (M$)TypeInvestor, acquirer, partnerDateTechnology
Argo AI2600investmentVolkswagenJuneautonomous vehicles
Wright Medical2300acquisitionStrykerMaysurgical robots
Waymo2200investmentMarch, Mayautonomous vehicles
Cainiao1300acquisitionAlibaba Group HoldingJunesupply chain
Zoox Inc.1200acquisitionAmazon.com Inc.Juneautonomous vehicles
Beijing Roborock649IPOFeb.vacuums
Didi Chuxing500investment(SoftBank acquired)Mayautonomous vehicles
Pony.ai462investmentToyotaFeb.autonomous vehicles
NuVasive450IPOFeb.surgical robots
Hydroid350acquisitionHuntington IngallsFeb.underwater robots

The table below lists last month’s fundings in millions of U.S. dollars, where amounts were publicly available.

Robotics investments, June 2020

CompanyAmt. (M$)TypeInvestor, partnerDateTechnology
Adaps Photonics Inc.Series A1Lightspeed China PartnersJune 27vision
Aerones SIA1.6seedChange Ventures, YCombinator, Sensum GroupJune 16robotic inspection
Aether BiomedicalseedChirtae VenturesJune 24prosthetics
AIMotive20Series CLead VenturesJune 22autonomous vehicles
Beijing Jingwei HiRain Technologies Co.30Huaxing Growth CapitalJune 30autonomous vehicles
Beijing Tinavi Medical Technology71IPOState Development & Investment Corp.June 22orthopedic robot
Bitsensing5.8pre-Series ALB InvestmentJune 8radar sensors
BotsyncseedWong Fong Industries, SEEDS Capital, Angelhub, Artesian Venture PartnersJune 30mobile robots
Boxbot7.5seedArtiman VenturesJune 4delivery robots
Code 4213seedLIG Nex 1, KTB Network, Shinhan BankJune 18autonomous vehicles
Company Six3Series DSpider CapitalJune 11first-response robots
Drishti Technologies Inc.25Series BSozo Ventures, Toyota AI VenturesJune 16AI
DriveU.auto4investmentZohar ZisapelJune 24autonomous vehicles
DroneBase Inc.7.5Series CValor Equity Partners, Razi Ventures, Union Square VenturesJune 18drone data
Elementary Robotics Inc.12.7Series AThreshold Ventures, Toyota AI VenturesJune 30machine learning, computer vision
Future Robot Shenzhen Co.14.1Series BLenovo Venture Capital, Eastern Bell Venture CapitalJune 15mobile robots
Geekplus Technology Co.200Series CV Fund, Vertex Ventures ChinaJune 18mobile robots
HistoSonics40Series C1Yonjin Venture LLCJune 8robotic therapy
Hyundai Robotics41investmentKTJune 16industrial automation
i-KINGTECH25Series BZhongyi Mingyuan Venture Capital ManagementJune 2industrial drones
Locomation5.5seedJune 22autonomous vehicles
Locus Robotics Inc.40Series DZebra VenturesJune 2mobile robots
OTTO Motors29Series CKensington Private Equity FundJune 1mobile robots
PeppermintseedVenture CatalystsJune 17cleaning robots
Proprio23Series ADCVCJune 17surgical robotics
Psionic0.5seedJune 24lidar
RIOS5investmentValley Capital PartnersJune 30industrial automation
Robocath Inc.43investmentMicroPort Scientific Corp.June 29surgical robots
Shenzhen Youdi TechnologyinvestmentLegend Capital, Convivialite VenturesJune 9mobile robots
SLAMcore Ltd.4.94investmentOctopus Ventures, MMC VenturesJune 17spatial AI
SmartMore Technology Co.seedIDG CapitalJune 29computer vision
StradVision Inc.investmentPegasus Tech Ventures, Aisin GroupJune 16autonomous vehicle vision
Suzhou AGV Robot Co.4.38Series ALenovo Venture CapitalJune 24mobile robots
Suzhou Muxing Inttelligent Technology14.1Series ATCL Venture CapitalJune 5mobile robots
Third Wave Automation15Series AInnovation EngineersJune 23autonomous forklifts
Titan Medical Inc.18investmentJune 9surgical robots
TXMR Sdn Bhd1.17investmentVentureTECH Sdn BhdJune 18industrial automation
Venus Concept Inc.31investmentLincoln Park Capital Fund LLCJune 16surgical robots
VisionNav Robotics Co.14.25Series B1Lenovo CapitalJune 21vision-guided forklifts
Wandelbotics GmbH30Series B83NorthJune 16robot programming
WiBotic Inc.5.7Series AJunson Capital, Rolling Bay VenturesJune 11wireless charging
Yunjing Intelligence Technology Co.Series CSequoia Capital ChinaJune 23cleaning robots

There were seven robotics mergers and acquisitions in June 2020, compared with only one in May and eight last June. Although no robotics, drone, artificial intelligence, or autonomous vehicle companies shut down completely last month, several had layoffs or sought Paycheck Protection Program funds.

Robotics acquisitions, June 2020

CompanyAmt. (M$)Acquirer, partnerDateTechnology
Astyx GmbHCruiseJune 3self-driving car sensors
Compass AutomationTeslaJune 4nidustrial automation
Made in Space Inc.RedwireJune 23space robots
Marble Robot Inc.Caterpillar Inc.June 17autonomous vehicle vision
MueTec Automated Microscopy and Messtechnik GmbH20.5Tztek Technology Co.June 22industrial automation
Zhuhai RHK HealthcareFourier IntelligenceJune 1exoskeletons, rehab
Zoox Inc.1200Amazon.com Inc.June 26autonomous vehicles

Self-driving cars continue consolidation

The largest single robotics transaction of June 2020 was Amazon.com Inc.‘s acquisition of Zoox Inc., which is building a zero-emissions vehicle with a full autonomy software stack. Cruise LLC was also interested in the Foster City, Calif.-based robotaxi startup. Although Amazon didn’t specify how much it paid for Zoox, sources told the Financial Times that it spent more than $1.2 billion.

Self-driving cars, mobile robots lead June 2020 funding

Source: Zoox

Chinese smart vehicle developer Beijing Jingwei HiRain Technologies Co. raised $30 million in June 2020, while Budapest, Hungary-based autonomous and advanced driver assistance system (ADAS) developer AImotive raised $20 million in Series C funding.

On-demand autonomous transportation provider Code 42 in Gangnam, South Korea, obtained $13 million in seed funding. Pittsburgh-based Locomation, which is developing “human-guided” autonomous trucks, had a $5.5 million seed round.

DriveU.auto, a startup in Kfra Saba, Israel, building a teleoperation connectivity platform for semi-autonomous vehicle operation, raised $4 million in June 2020. Seoul-based StradVision received a strategic investment from global automotive supplier Aisin Siki Co. for its vision-processing software for autonomous vehicles.

Not to be left out, General Motors Co. spinoff Cruise reportedly acquired Ottobrunn, Germany-based radar maker Astyx GmbH. Also, Tesla Inc. acquired Compass Automation, a manufacturing automation design firm in Elgin, Ill. Amounts were not specified.

A bit more public was Caterpillar Inc.’s purchase of San Francisco-based Marble Robot Inc. for autonomous mining and construction vehicles.

Mobile robots scoop up more money

Logistics and supply chain automation providers raised a total of $338 million in June 2020, led by the $200 million Series C round for Beijing-based Geekplus Technology Co. PitchBook noted that first-quarter investments in warehouse robotics startups surged in the first quarter.


Wilmington, Mass.-based autonomous mobile robot (AMR) maker Locus Robotics Inc. closed a $40 million Series D round as it expands in Europe. The day before that, OTTO Motors, an AMR unit of Clearpath Robotics Inc. in Kitchener, Ontario, raised a $29 million Series C round to expand its own global network.

Forklifts are dangerous and therefore good candidates for automation. Union City, Calif.-based self-driving forklift vendor Third Wave Automation raised Series A funding of $15 million, and Shenzhen, China-based vision-guided forklift company VisionNav Robotics Co. raised $14.25 in Series B1 funding.

Mobile robot maker Suzhou Muxing Intelligent Technology raised $14.1 million in June 2020, as did Future Robot Shenzhen Co. Oakland, Calif.-based Boxbot raised $7.5 million in seed funding, and delivery robot firm Suzhou AGV Robot Co. raised $4.38 million in seed funding.

Singapore-based heavy-duty AMR maker Botsync closed an unspecified seed round. Although much of its portfolio is beyond the scope of this report, China Smart Logistics Network Ltd. (also known as Cainiao) was acquired by Alibaba Group Holding for $1.3 billion.

Healthcare robotics obtain investments

In June 2020, healthcare robotics companies raised at least $220 million. Beijing Tinavi Medical Technology, which is developing an orthopedic robot, had its initial public offering of $71 million on the STAR Market of the Shanghai Stock Exchange.


HistoSonics, a non-invasive robotic therapy company with offices in Ann Arbor, Mich., and Minneapolis, Minn., raised $40 million in Series C1 financing. Rouen, France-based Robocath Inc. raised $43 million for cardiac surgical systems. Venus Concept Inc., a “medical aesthetic” company in Toronto, raised $31 million.

Seattle-based surgical navigation firm Proprio received $23 million in Series A funding. Toronto-based surgical robotics developer Titan Medical Inc. raised $18 million and established a U.S. research and development unit.

Chirtae Ventures led an unspecified seed round for Poznan, Poland-based prosthetics maker Aether Biomedical. Fourier Intelligence acquired Guangdong, China-based exoskeleton and rehabilitation provider Zhuhai RHK Healthcare.

Manufacturing robots get money in June 2020

Industrial automation companies received more than $65 million this past month. Toyota AI Ventures was among the participants in the $25 million Series B round of Palo Alto, Calif.-based Drishti Technologies Inc., which is working to apply AI to production.

Also in June 2020, Tztek Technology Co. acquired MueTec Automated Microscopy and Messtechnik GmbH for $20.2 million. Suzhou, China-based Tztek, which uses AI in manufacturing, plans to apply Munich, Germany-based MueTec’s measurement technologies to enter the test equipment market.

Late last month, Los Angeles-based Elementary Robotics Inc., which is developing hardware and software for automated visual inspections, raised $12.7 million in Series A funding. RIOS Corp. emerged from stealth with $5 million in venture capital. The Palo Alto, Calif.-based startup said it has developed AI-driven dexterous robots for complex tasks in unstructured environments.

In Malaysia, wastewater treatment company VentureTECH invested $3.5 million in industrial automation provider TXMR Sdn Bhd and ACME Chemicals. Roseburg, Ore.-based wood products integrator Con-Vey Holdings has spun off 7robotics as an automation supplier.

Tracxn June 2020

Source: Tracxn

Infrastructure inspection, service robots get a lift

Interest in service robots for cleaning and customer service, as well as drones for industrial inspection, has risen as the pandemic has forced social distancing. Korean telecommunications firm KT invested $41.4 million into Hyundai Robotics. The Daegu, South Korea-based industrial automation provider plans to develop service robots and smart factories with KT.


Beijing-based i-KINGTECH raised $25 million for its inspection drones and AI products and services for smart cities and utilities management.

Yunjing Intelligence Technology Co., also known as Narwhal, raised an unspecified amount of Series C funding. The Dongguan, China-based cleaning robot provider completed Series B funding of $14 million in April.

DroneBase Inc., an aerial analytics service provider in Santa Monica, Calif., received $7.5 million in Series C funding. Riga, Latvia-based Aerones SIA raised $1.6 million in seed funding as it pivots from aerial drones to ground-based robots for cleaning wind turbines.

Company Six, a sibling to educational robot company Sphero Inc. in Boulder, Colo., raised $3 million to develop AI and robots to assist first responders.

Shenzhen Youdi Technology Co., which is developing indoor and outdoor service robots, raised an unspecified amount in June 2020. Mumbai, India-based Peppermint raised seed funding for industrial cleaning robots.

Robotics components, aerospace round out June 2020

Dresden, Germany-based Wandelbots GmbH, whose TracePen is designed to make it easier to program robot motion, raised a $30 million Series B.


Seoul-based Bitsensing, which is developing radar sensors, has raised $5.8 million in pre-Series A funding. Seattle-based wireless charging provider WiBotic Inc. has obtained Series A funding of $5.7 million.

SLAMcore Ltd. in London is developing “spatial AI” for robot and drone navigation, raised $4.94 million. Pittsburgh-based lidar startup Psionic has raised $500,000 in seed funding.

Computer vision providers SmartMore Technology Co. in Hong Kong and Adaps Photonics Inc. in Guangdong, China, received an unspecified seed round and Series A1 funding, respectively.

In aerospace, Redwire acquired Made In Space Inc. in Jacksonville, Fla., for an unspecified amount. Redwire itself was created from Littleton, Colo.-based Deep Space Systems and Marlborough, Mass.-based Adcole Space.


Editors’ note: What defines robotics investments? The answer to this simple question is central in any attempt to quantify them with some degree of rigor. To make investment analyses consistent, repeatable, and valuable, it is critical to wring out as much subjectivity as possible during the evaluation process. This begins with a definition of terms and a description of assumptions.

Investors and investing
Investment should come from venture capital firms, corporate investment groups, angel investors, and other sources. Friends-and-family investments, government/non-governmental agency grants, and crowd-sourced funding are excluded.

Robotics and intelligent systems companies
Robotics companies must generate or expect to generate revenue from the production of robotics products (that sense, analyze, and act in the physical world), hardware or software subsystems and enabling technologies for robots, or services supporting robotics devices. For this analysis, autonomous vehicles (including technologies that support autonomous driving) and drones are considered robots, while 3D printers, CNC systems, and various types of “hard” automation are not.

Companies that are “robotic” in name only, or use the term “robot” to describe products and services that that do not enable or support devices acting in the physical world, are excluded. For example, this includes “software robots” and robotic process automation. Many firms have multiple locations in different countries. Company locations given in the analysis are based on the publicly listed headquarters in legal documents, press releases, etc.

Verification
Funding information is collected from a number of public and private sources. These include press releases from corporations and investment groups, corporate briefings, industry analysts, and association and industry publications, including PitchBook and Tracxn. In addition, information comes from sessions at conferences and seminars, as well as during private interviews with industry representatives, investors, and others. Unverifiable investments are excluded.

About The Author

Eugene Demaitre

Eugene Demaitre was senior editor of The Robot Report from 2019-2020. Prior to working at WTWH Media, he was an editor at BNA (now part of Bloomberg), Computerworld, TechTarget, and Robotics Business Review. Demaitre has participated in robotics webcasts and conferences worldwide. He has a master's from the George Washington University and lives in the Boston area.

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