Robotics

February 2023 Robotics Investment Total US$620 Million

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36 robotics investments accounted for US$620 million, with funding for companies providing drone-enabled data and analytics services especially strong.

February 2023 Total Robotics Investment $620 Million

Robotics funding for February 2023 totals $620 million (See Table 1, below or download Table 1 HERE), the yield of 36 investments. The February investment brings the 2023 total to around $1.14 billion.

Companies offering unmanned aerial vehicles (drones), usually coupled with drone-enabled data and analytics services, were especially strong in February, with companies receiving sizable mid- to late-stage funding rounds. These providers typically focus on survey and inspection applications for their offerings, with the construction, agriculture, utilities and energy sectors as target markets. Examples include Shield ($230 million, Series E), Meet Solutions ($60 million, Series B), Garuda Aerospace ($22 million, Series A), and i-KINGTEC ($20 million, Series C). based in England DRONAMIC secures $40 million in Seed round funding.


Table 1: Robotics Funding and Investment February 2023

COMPANY AMOUNT TYPE COUNTRY TECHNOLOGY, PROD & SERVICES INFORMATION
AirGo $2,700,000 Seed Oman Carrier Services – Drones, Data Acquisition / Processing / Management AirGo offers drone operation services.
Anya $3,000,000 Seed United States of America Other Commercial Aniai has developed a robotic kitchen for fast food restaurants.
Apptronik $10,000,000 Other United States of America Humanoids / Bipeds Apptronik builds and designs humanoid robotic systems.
Climb $162,543 bestow Switzerland Indoor Mobile Platform, Outdoor Mobile Platform Ascento offers a two-wheeled jumping robot designed for mixed environments.
Asylon Estimating Series A United States of America Quadruped, Outdoor Mobile Platform Asylon provides perimeter security solutions using quadrupedal robots and drones.
Aurrigo International $867,136 bestow English Outdoor Mobile Platform, Autonomous Transport System (Car, Truck, Monorail, etc.) Aurrigo offers driverless autonomous vehicles for airport baggage cargo handling and passenger vehicles
CaPow $7,500,000 Seed Israel Power supply CaPow offers a solution that provides continuous power for automated robotics fleets.
God of Robotics $1,500,000 Seed Ukraine Indoor Mobile Platform Deus Robotics manufactures mobile robotics solutions for logistics operations.
DRONAMIC $40,000,000 Seed English Drones, Networks/Connectivity, Sensors/Sensing Systems DRONAMICS provides unmanned aerial systems for commercial shipping and special cargo applications.
Fly X Aerospace $20,542 Seed India Drones, Operator Services – Drones, Data Acquisition / Processing / Management Fly-x Aerospace provides design, development and customization solutions for Unmanned Aerial Vehicles (UAV).
Powerful Technology $17,800,000 Other United States of America Drones, Networks/Connectivity, Sensors/Sensing Systems Fortem Technologies provides awareness, security and airspace defense solutions to detect and defeat harmful drones using distributed radar and autonomous drone capture.
Meet Solutions $60,000,000 B series United States of America Indoor Mobile Platform, Software Fulfill provides robotic automation solutions for grocery stores and other retail e-commerce companies.
Garuda Aerospace $22,000,000 Series A India Drones, Operator Services – Drones Garuda Aerospace develops unmanned aerial vehicles and drones for the defense and aerospace sectors.
Huazhi Technology $4,405,631 Other China AGV Forklift Indoor Mobile Platform Huanzhi Technology offers integrated logistics solutions such as robots and unmanned control systems for industrial and delivery vehicles.
i-KINGTEC Estimating C series China Drones, Drones, Data Acquisition / Processing / Management i-KINGTEC is a developer of intelligent industrial drones and UAV systems.
indrone $847,475 Other India Drones, Operator Services – Drones, Software Indrone provides high-resolution data service solutions using drones for applications in many industries.
IVEX $2,442,238 Seed belgium Software, Sensors / Sensing Systems IVEX develops safety co-pilot technology for autonomous cars.
Kinetic Technology $175,000 Other United States of America Other Industries Kinetic Technologies is an engineering and engineering company that offers the RT1, a robot-controlled turntable designed to maximize welding productivity.
Kiwibot $10,000,000 Other United States of America Outdoor Mobile Platform Kiwibot designs and manufactures fleets of mobile robots used for food delivery on campuses.
Linebird $75,000 bestow United States of America Drones, Others, Data Acquisition / Processing / Management Linebird provides drone-based automation solutions for utilities.
Muniu Technology $14,361,213 C series China Sensors / Sensing Systems Muniu Technology is a provider of intelligent millimeter wave radar system solutions for autonomous driving, smart transportation and smart IoT.
Nanoflex Robotics $12,000,000 Series A Switzerland Surgical/Interventional Systems Nanoflex Robotics, a spin-off of ETH Zurich, provides advanced robotic technology for surgical interventions for the treatment of ischemic stroke.
Oinride Oy $16,208 Pre-Seed Finland Outdoor Mobile Platform, Software Oinride Oy offers intelligent robots to operate in hazardous environments.
Orthopus $2,180,929 Seed France Rehabilitation/Therapy Systems Orthopus manufactures robotic aids for arm mobility.
Passion Intelligence Estimating B series China Indoor Mobile Platforms, Automated Guiding Vehicles Passion Intelligence is a provider of automated robotic solutions and services for warehousing, logistics and manufacturing processes.
PuduTech $15,000,000 C series China Indoor Mobile Platform PuduTech offers autonomous delivery robots for the home care, food service and catering industries.
Shield $230,000,000 E series United States of America Drones, Software, Sensors / Sensing Systems Skydio manufactures drones and assistive technology used by consumer, corporate and government customers.
Slick robotics Estimating Seed United States of America Indoor Mobile Platform sliQue Robotics develops mobile robots and other technologies for various commercial sectors.
SwarmFarm Robotics $8,384,636 Series A Australia Outdoor Mobile Platform ADAMA offers a robotics platform for efficient and sustainable agriculture.
TETRA ELC Estimating B series China Indoor Mobile Platform, Outdoor Mobile Platform TETRA ELC is a manufacturer of robotic equipment providing robotics sensing, operation and maintenance solutions for the energy industry.
Thayer Mahan $30,549,982 Other United States of America Unmanned Underwater Vehicle, Unmanned Surface Vehicle ThayerMahan is a provider of marine robotic solutions for government and industry.
Third Wave Automation $15,000,000 Other United States of America Sensors / Sensing Systems, Controllers Third Wave Automation offers control packages and sensors that can improve existing fork trucks to make them autonomous or remotely controlled.
Switch Robotics $3,000,000 Series A United States of America Articulated Robot, Software Toggle Robotics uses hardware, software and robotics services to automate the pre-assembly of construction materials.
ZD Meditech $14,592,149 B series China Rehabilitation/Therapy Systems ZD Medtech is a company specializing in the development and application of intelligent rehabilitation robots.
by Zeabu $1,947,089 Other Norwegian Unmanned Surface Vehicles, Operator Services – USV Zeabuz offers an autonomous platform as a service to urban ferry operators.
Zeitview (formerly DroneBase) $55,000,000 E series United States of America Drones, Operator Services – Drones, Data Acquisition / Processing / Management Zeitview is a data analytics provider via aerial drone services.


Companies located in the US received the most rounds (14) and the most funding ($436 million), dwarfing any other country (Figure 1). Investments into Chinese companies came a long way in the second (7 rounds totaling $81 million).


Robotics Investment February 2023

Figure 1: February 2023 Robotics Investment by Country


All types of funding are well represented in the February 2023 investment survey (Figure 2). The Series E round accounted for the bulk of the funding amount, supported by investments into drone data service providers Zeitview (formerly DroneBase) and Shield of $55M and $230M respectively (Figure 3).


Robotics Investment February 2023

Figure 2: Total February 2023 Robotics Funding by Type of Investment


Robotics Investment February 2023

Figure 3: February 2023 Robotics Funding Amount by Amount and Investment Amount


Editors Note: What defines a robotics investment? The answer to this simple question is crucial in any attempt to measure it with some degree of precision. To make investment analysis consistent, repeatable, and valuable, it is important to exclude as much subjectivity as possible during the evaluation process. It begins with definitions of terms and descriptions of assumptions.

Investors and investments
Investments must come from venture capital firms, corporate investment groups, angel investors, and other sources. Friends-and-family investments, governmental/non-governmental agency grants, and crowd-sourced funding are excluded.

Robotics and intelligent systems company
Robotics companies must generate or expect to generate revenue from the production of robotics products (that sense, analyze, and act in the physical world), hardware or software subsystems and enabling technology for robots, or services that support robotics devices. For this analysis, autonomous vehicles (including technologies supporting autonomous driving) and drones are considered robots, while 3D printers, CNC systems and various types of “hard” automation are not.

Companies that simply have the name “robot”, or use the term “robot” to describe products and services that do not enable or support devices that work in the physical world, are excluded. For example, these include “software robots” and robotic process automation. Many companies have multiple locations in different countries. Company locations given in the analysis are based on their publicly listed head offices in legal documents, press releases, etc.

Verification
Funding information is collected from a number of public and private sources. This includes press releases from companies and investment groups, corporate briefings, research firm imarket, and association and industry publications. In addition, information comes from sessions at conferences and seminars, as well as during personal interviews with industry representatives, investors and others. Investments that cannot be verified are excluded and estimates are made if the investment amount is not given or is not clear.

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