On Wednesday, U.S.-based startup Collaborative Robotics (Cobot) announced a significant milestone, raising $100 million in a Series B funding round. The investment reflects growing confidence among investors in the potential of a new wave of robots integrated with artificial intelligence capabilities.
Led by General Catalyst, the funding round valued Cobot at over $500 million. Notably, existing investors, including Sequoia Capital, Khosla Ventures, and Mayo Clinic, also participated, contributing to a total funding surpassing $140 million.
Founded in 2022 by Brad Porter, former Vice President of Robotics at Amazon, Cobot intends to utilize the funding primarily for recruitment efforts and scaling up production. While earlier venture capital focus primarily gravitated towards single-purpose robots, recent trends have seen a shift due to the intensive capital requirements and limited use cases of such robots.
In contrast, general-purpose robots, particularly those resembling humanoids, have once again captured investor interest amidst the AI funding surge, thanks to their ability to mimic human movement and intelligence.
Based in Santa Clara, California, Cobot currently employs 35 individuals and aims to double its workforce within the next year. Brad Porter, expressing his enthusiasm for the company’s growth trajectory, highlighted plans to expand deployment across various sectors, including logistics, retail, and healthcare. Notably, the startup already boasts four clients and is actively collaborating with businesses in multiple industries.
Porter emphasized ongoing efforts to equip the robots with advanced features powered by large language AI models, enabling seamless interactions with users and executing diverse tasks with varying complexity levels.
In terms of design, Cobot’s robot stands at approximately 5 feet 8 inches tall, featuring four wheels, sensors, and carts. Porter, drawing from his extensive experience in robotics, contends that humanoid forms might not be optimal for industrial tasks such as moving boxes.
Paul Kwan, Managing Director at General Catalyst, praised Porter’s pragmatic approach and the company’s rapid progress. Kwan, set to join Cobot’s board, highlighted the company’s ability to deploy robots to customers within a remarkably short span of fewer than 20 months.
