Rethink Robotics, the creators of the dexterous and human-friendly industrial robots Baxter and Sawyer, raised an extra $18 million in Series E funding.
While private equity firm Adveq spearheaded this round, many other investors were involved. With names like Bezos Expeditions and Goldman Sachs contributing, Rethink Robotics continues to establish a brand name. The total of these five funding rounds is just over $130 million.
The robotics company expects additional Series E finances to trickle in. Scott Eckert, president and CEO of Rethink Robotics, noted that they expect more funding from different investors.
“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.”
Eckert also explained the company’s continuous growth and Sawyer’s extreme success in relation to Baxter. “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.”
With its promising growth and innovative industrial robots, Rethink Robotics is well on its way to rethinking robots in the workplace.
Source: Rethink Robotics