Insider Brief
- Augmentus, specializing in no-code robotics software, has secured $5M in Series-A funding led by Sierra Ventures and Cocoon Capital, aiming to disrupt the industrial robotics software market expected to reach $47B by 2030.
- The company’s technology significantly simplifies robot programming, reducing time and costs by over 70%, and is compatible with major robot OEMs.
- The funds will be used for expansion in the US, Europe, and Asia and to enhance their Augmentus System Partner program.
PRESS RELEASE — SINGAPORE, November 14, 2023 /PRNewswire/ — Augmentus, a leader in no-code robotics software, has successfully raised USD 5M in Series-A funding. The round was led by Sierra Ventures, along with Cocoon Capital.
Conventional robot programming is fragmented and costly, requiring extensive training and expertise due to proprietary programming languages. This results in 75% of lifetime costs being attributed to software and programming.
The industrial robotics software market is expected to reach USD 47B by 2030, growing at a CAGR of 27%. Augmentus aims to disrupt this market. Their proprietary technology serves as the eyes and brains of any industrial robots. 3D cameras gather spatial data, which is processed by its AI model to suggest the best path for the robot, even complex parts. This reduces time from four weeks to 15 minutes and cuts costs by over 70%.
The funds will be used to scale operations in the US, Europe, and Asia, meeting increasing customer demand of various industries and sizes.
Augmentus has supplied to more than 30 manufacturers worldwide, including Fortune 500 companies. The platform is compatible with over ten major robot OEMs, including ABB, Kawasaki, and Kuka.
As part of its expansion plans, Augmentus will leverage its Augmentus System Partner (ASP) program to onboard system integrators and channel partners, focusing on high-mix and complex manufacturing. A portion of the investment will also be allocated to intensify research.
Leong Yong Shin, Co-Founder and CEO of Augmentus states, “We are excited to tap into Sierra Ventures’ expertise and network to execute our commercial plans and enhance our product. We are also thrilled to receive Cocoon Capital’s continued support for our vision. This funding highlights the potential future where robots can adapt to any part and process with no downtime and expertise required.”
“With the continuous growth of industrial robotics and the increasing deployment of robots in production, there is a pressing need for a more efficient and scalable programming solution,” said Ben Yu, Managing Partner at Sierra Ventures. “Augmentus’ integration of precise 3D scanning, no-code micro-adjustability, and automated code generation is the solution to this challenge.”
Will Klippgen, Managing Partner at Cocoon Capital added: “We have been impressed by how fast they reached product-market fit and engaged with some of the largest players around the world only a few months after launch. We are proud to back a team that is so committed to bringing down the cost of production by making robotics available to businesses regardless of size and industry.”
About:
Augmentus (augmentus.tech) pioneers intelligent computer vision and AI robot motion planning systems, enabling truly autonomous manufacturing in high-mix, complex applications.
Sierra Ventures (sierraventures.com) is an early-stage Silicon Valley-based venture capital firm focused on Enterprise and Next-Gen Technologies.
Cocoon Capital (cocooncap.com) is a Singapore-based venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia.
Contact:
Daryl Lim, Co-Founder @ Augmentus
Email: daryllim@augmentus.tech
Phone: +65–9737–7223
Featured image: Credit: Augmentus
