US startup Collaborative Robotics raises $100 million in Series B funding

AI integration with Robotics: US-based startup Collaborative Robotics (Cobot) announced on Wednesday that it has successfully secured $100 million in its Series B funding round, highlighting the growing investor interest in the integration of artificial intelligence into robotics.

Led by General Catalyst, the funding round valued Cobot at over $500 million. Notable existing investors such as Sequoia Capital, Khosla Ventures, and Mayo Clinic also participated, pushing the company's total funding to surpass $140 million.

Established in 2022 by Brad Porter, former vice president of robotics at Amazon, Cobot intends to use the funding to expand its team and enhance production capabilities.

While venture capital interest was previously centred on single-purpose robots, their capital-intensive nature and limited applications have tempered enthusiasm. However, the recent surge in AI funding has reignited interest in general-purpose robots, particularly those with human-like movement and intelligence.

Based in Santa Clara, California, Cobot currently employs 35 individuals and plans to double its workforce within the next year.

"We're poised to deploy robots and are committed to further expansion," stated Porter during an interview.

Cobot, which counts logistics, retail, and healthcare among its client sectors, is focusing on incorporating features enabled by large language AI models. These enhancements aim to facilitate interaction with users and execute various tasks efficiently.

Despite his extensive experience in robotics, Porter believes that humanoid forms are not ideally suited for industrial tasks like box handling. Cobot's robot stands 5'8" tall and features four wheels, sensors, and carts.

"We were impressed by their ability to deliver robots for deployment in under 20 months. Brad's pragmatic and commercially-driven approach resonates with us," remarked Paul Kwan, managing director at General Catalyst, who will join Cobot's board.

(With Reuters inputs)