GrayMatter Robotics has secured a $20 million Series A investment led by Bow Capital to accelerate the growth of its industrial automation solutions. Other organizations participating in the investment include B Capital Group, Calibrate Ventures, OCA Ventures, Pathbreaker Ventures, Stage Venture Partners, 3M Ventures, and Swift Ventures.
GrayMatter Robotics robots, sensors and tools leverage machine learning technology to help manufacturers improve their productivity and quality assurance while also saving operational expenses. The company’s smart robotic cells can be used in high-mix and high variability manufacturing plants to provide automated surface finishing and treatment applications in highly volatile production environments.
“We’re excited to invest in GrayMatter and its highly innovative team of AI experts,” said Murray Rode, general partner of Bow Capital. “We see enormous potential in GrayMatter’s solution to automate ergonomically challenging tasks to improve shop floor productivity and consistency, lower operational costs and increase throughput while creating a safer workplace and promoting sustainability by reducing waste.”
GrayMatter Robotics says it is actively hiring for various roles, from engineering to management. The company aims to use the funds to grow its team to meet the evolving global robotics market and customer demands.
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Since its inception, the AI robotic company has received several awards for its innovative technology, including the RBR50 Robotics Award and NSF SBIR Phase 1 and 2 grants. GrayMatter Robotics intends to use the grant funds to develop the core robotic technology for its product portfolio.
GrayMatter Robotics is one of a growing number of companies offering “Robot-as-a-Service” (RaaS) service for its customers. Basically, The RaaS business model is centered around providing access to robotics for a customer either as a service or a product, rather than selling or leasing a robotic product. Some variations of the RaaS model would include pricing based on a percentage of the amount of labor and material costs the robotic units save, for example.
“We are a next-generation automation company shaping the future of work with smart robots,” said Brual Shah, co-founder and CTO of GrayMatter Robotics. “It is fascinating for our team to see how our day-to-day work is immediately impacting a wide range of industries from recreational equipment to aerospace.”
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