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Sarcos Robotics raises $40M in Rotor Capital led Series-C funding

Sarcos Robotics raises $40M in Rotor Capital led Series-C funding
Sarcos Robotics raises $40M in Rotor Capital led Series-C funding

Leading producer of robotics solutions, Sarcos Robotics, has reportedly raised a sum of $40 million in a Series-C funding round led by Rotor Capital. As per sources, the round was oversubscribed with participation by most of the company’s existing investors.

According to Ben Wolff, the Chairman and CEO of Sarcos Robotics, the Sarcos team has achieved a remarkable engineering feat, the previous year, by completing the R&D phase of the world’s first full body, battery-powered industrial exoskeleton, the Guardian XO. He has further highlighted that this new funding will enable the company to realize its next goal of escalating production and shipping commercial units of the newly developed exoskeleton.

Sarcos is also planning to accelerate the development of Guardian XO’s smart version with its CYTAR AI platform, which will allow the robot to augment the operator’s skill and precision for the completion of specific tasks, added Woolf.

As per sources, the Guardian XO exoskeleton, will be released on a commercial basis in 2021. The robot has been under development for over 20 years and has been equipped to lift up to 200 pounds for extended work sessions. The exoskeleton finds application in a broad range of industries comprising manufacturing, aviation, logistics, warehousing, defense, oil & gas, construction, and others.

Sarcos has also announced the appointment of two members to the company’s Board of Directors along with the fundraise. These members include Rotor Capital’s Partner, Brian Finn, and Schlumberger’s Division Vice President of Americas Land, Cecilia Prieto.

According to Brian Finn, Partner at Rotor Capital, Sarcos Robotics is in a unique position to address enormous global workforce challenges comprising the reduction of social and economic impact of workplace injuries. He has also stated that Sarcos’ solutions will also partially solve the problem of ever-increasing shortage of skilled labor, estimated to worsen over the ensuing decades in the light of industrialized workforce ages and a smaller number of young people pursuing jobs that require physically demanding work.

 

Source Credits:

https://www.businesswire.com/news/home/20200901005081/en/Sarcos-Robotics-Raises-40-Million-Series-Funding

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