Startup venture Veo Robotics has secured funding of $12 million. The robotics startup is building a smart robotics system for industrial applications. The funding round was headed by Lux Capital and GV. The funding round also saw participation from existing investor Next 47, a venture firm that was started by Siemens.
The artificial intelligence-enabled startup was founded in 2016 and enables machines to act and respond to humans. The system is seamlessly integrated with hardware. The hardware consists of a graphics processing unit computer engine and distributed 3D sensors.
Speaking on the occasion, CEO and Co-founder Patrick Sobalvarro stated, “Our system builds a unified, semantic representation of what is happening in the work cell — where the robots are, where the people are, where the work pieces are.”
The team at Veo Robotics is in the process of reducing manual labor in industrial work and trying to transition the task of heavy lifting to robots. A solution that has caught attention is the exoskeleton suit that was designed and developed by startups Ekso Bionics and SuitX.
However, what differentiates Veo Robotics from these other startups is the fact that it has leveraged the human and machine elements.
Sobalvarro commented: “The intelligent work that humans do often requires a lot of human dexterity and ease of motion. You don’t use exoskeletons for that. And if a human in an exoskeleton is just doing the heavy lifting, they will be just as bored and unhappy making repetitive motions. We want people to do the things only people can do, using their judgment and dexterity, and robots doing the brute force, repetitive things that machines should do.”
Even though the commercial availability of the product won’t be available until 2019, the company is working in close quarters with a few customers across sectors like automotive, consumer packaged goods and household appliances.
With this round of funding, the company has raised a total of $13 million and currently houses nine full-time employees.