Sarcos Robotics Raises $30 Million in Series B Funding
SALT LAKE CITY & BELLEVUE, Wash.--(BUSINESS WIRE)--Sep 5, 2018--Sarcos ® Robotics, a global leader in robotic systems that augment, rather than replace, humans working in the industrial, public safety and military sectors, today announced that it has secured $30 million in Series B funding from a consortium of investors co-led by DIG Investment and Alex. Brown & Sons. Each of the Company’s Series A investors also participated in this round, including Caterpillar Ventures, Cottonwood Technology Fund, GE Ventures, Microsoft, Schlumberger and Sarcos’ chairman and CEO, Ben Wolff.
This Series B funding will be used to expand Sarcos’ team, scale the production and deployment of its Guardian ™ S mobile IoT inspection and surveillance robot, and prepare for the launch of the commercial versions of its powered, full-body industrial exoskeleton Guardian ™ XO ® product line in late 2019.
“Sarcos is growing rapidly – we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries, while also increasing productivity and efficiency,” said Ben Wolff, chairman and CEO of Sarcos Robotics. “This new funding will allow us to continue to grow our team, scale our production and deliver our unrivaled products to customers around the globe to address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”
Sarcos’ powered, full-body exoskeletons augment human productivity and safety by combining the best of what man and machine have to offer – the intelligence, intuition and instincts of humans and the strength, endurance and precision of machines. Sarcos’ Guardian ™ GT system, the largest in its line of powered exoskeletons systems, can be custom ordered to meet customers’ specific requirements and needs. The Guardian XO and Guardian XO ® Max will be the first autonomously powered, full-body industrial exoskeletons that materially increase strength and stamina, allowing workers to work more safely and more productively than ever before.
In March, Sarcos announced the formation of an industry-focused Exoskeleton Technical Advisory Group (“X-TAG”) that is comprised of executives from leading companies across a variety of industries, with the goal of identifying key performance and safety requirements necessary to bring powered, full-body industrial exoskeleton systems to the workforce.
Sarcos has also launched its next generation ground-based surveillance and inspection robot, the Guardian S, that is uniquely capable, cost-effective and man-portable. The Guardian S has been designed for wide applicability in industries including manufacturing, construction, mining, oil & gas, power, aerospace, maritime, petrochemical, mining, defense and public safety.
“Sarcos represents one of those rare opportunities where an incredibly talented team with a proven track record has developed an entirely new category of products that address an enormous global need,” said Sanjan Dhody, managing director at Alex. Brown. “In this case, the need is driven by the growing shortage of skilled workers and the skyrocketing social and economic costs associated with workplace injuries. I am very pleased to have been able to work with Sarcos to bring together a consortium of prominent investors who are well-positioned to assist Sarcos with expansion into new industries and new geographic regions.”
For more information about Sarcos, its leadership team, board of directors and investors, visit https://www.sarcos.com/company/.
Sarcos ® Robotics is the world’s leader in mobile, dexterous, tele-operated robots that combine human intelligence, instinct and judgment with robotic strength, endurance and precision to augment worker performance. Leveraging more than 25 years of research and development, Sarcos makes revolutionary robotics products designed to save lives, reduce injury and improve productivity, including the Guardian S, Guardian GT, and Guardian XO. Sarcos is revolutionizing a myriad of industries by deploying robots that will create the safest, most productive and cost-effective work force in the world. Sarcos’ investors include Caterpillar, GE Ventures, Microsoft, and Schlumberger. Sarcos is headquartered in Salt Lake City, Utah, with additional offices in the Seattle area. For more information please visit www.sarcos.com.
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CONTACT: Sarcos Robotics
KEYWORD: UNITED STATES NORTH AMERICA UTAH WASHINGTON
INDUSTRY KEYWORD: TECHNOLOGY VENTURE CAPITAL ELECTRONIC DESIGN AUTOMATION HARDWARE INTERNET SECURITY MANUFACTURING ENGINEERING PROFESSIONAL SERVICES FINANCE DEFENSE OTHER DEFENSE
SOURCE: Sarcos Robotics
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PUB: 09/05/2018 09:00 AM/DISC: 09/05/2018 09:01 AM