Robotic Funding: Where Does the Money Come From?

Robotics Roundup: Acquisitions, Shutdowns, and New Developments

As previously noted in last week’s summary, a significant challenge in compiling this roundup on Wednesdays arises from news often emerging on Thursday mornings. I extend a request to the robotics community to potentially avoid major announcements on Thursdays, which would be greatly appreciated.

The recent acquisition of Fetch Robotics by Zebra Technologies was revealed last week. Having covered Fetch extensively over the past few years, and having interviewed its founder, Melonee Wise, on numerous occasions, this outcome wasn’t entirely unexpected. However, a different scenario – acquisition by a large retailer such as Walmart or Target – would have been a preferable development.

Major retailers are actively seeking a competitive edge against Amazon, and possess the financial resources to acquire innovative solutions. Ultimately, this acquisition is likely beneficial for the industry as a whole, considering Amazon’s tendency to integrate acquired technologies exclusively.

I had the opportunity to speak with Wise regarding the deal late last week. Key insights from that conversation are as follows:

Funding and Shutdown News

This week witnessed a noticeable deceleration in funding announcements. Unfortunately, we also received news of Abundant Robotics’ closure. A statement from CEO Dan Steere was obtained by Good Fruit Grower:

Further details are being sought, though the company is understandably hesitant to publicly discuss the reasons for its difficulties. It is often simpler to highlight successes than to analyze failures, which occur more frequently than acknowledged within this sector. These setbacks often materialize early in development and don’t always warrant extensive coverage.

Abundant Robotics appeared well-positioned to become a leading force in robotic fruit harvesting. The company had secured a total of $12 million in funding, including a Series A round in 2017. However, the extended period between funding rounds and the inherent challenges of bringing robotics to full production are considerable.

Surprisingly, the company was unable to secure further investment despite increased interest in robotics and automation during the pandemic, particularly within the agricultural sector, which has faced significant labor shortages over the past year. Additional information on this matter is anticipated soon.

New Robotic Systems

Sarcos continues to generate attention with the launch of the teleoperated Guardian XT. While the company’s exoskeletons receive considerable recognition, Sarcos also develops robotics that do not require being worn. According to the company:

The SenSuit controller allows the Guardian XT robot to replicate the operator’s movements in real-time. It utilizes an inertial measurement unit (IMU)-based motion tracker and Sarcos’ proprietary force feedback technologies. The integration of a VR- or AR-based head-mounted display (HMD) is also planned to enhance remote visual and situational awareness for the operator.

The Guardian XT robot is equipped with 3-degrees of freedom end effectors, enabling precise control of various tools and materials, including power tools, welding equipment, inspection devices, and retail inventory. The system boasts a lifting capacity of up to 200 pounds and is slated for market release by the end of next year.

Mergers and Acquisitions

Fusion Robotics, a robotic surgery company, announced plans to merge with Adaptive Geometry, a technology firm specializing in spinal surgery. The combined entity will operate under the name Accelus. (While “Fusion” would have been a fitting name, that’s simply a personal observation.)

“Accelus will facilitate broader adoption of robotics in spine surgery—in both hospitals and ambulatory surgery centers (ASCs)—by overcoming previous limitations related to cost and efficiency,” stated Accelus’ Chris Walsh in a press release. “Fusion Robotics and Integrity Implants have both developed enabling technology platforms that significantly enhance spinal care. Our products and culture promote accessibility, accommodating each patient’s anatomy, each surgeon’s preferred technique, and each healthcare facility’s spatial and budgetary constraints, reflecting our commitment to access without compromise.”

To conclude, here’s a video showcasing Boston Dynamics’ latest capabilities, likely as a welcome to their new parent company, Hyundai: