Collaborative robot maker Flexiv announced today that it has closed on a Series B+ funding round of nearly $100 million, claiming it has now reached unicorn status.
Founded in 2016, the Santa Clara, Calif.-based company says it makes “general purpose” adaptive robots. Its robots include the Rizon 4, the Rizon 4s, and the Rizon 10, which was recently given a Red Dot Design award.
The company said its robots are equipped with “proprietary force/torque sensing technology” that enables the machines to better work in their environment. They also have high tolerance for position variance, which gives them the “ability to perform tasks despite uncertainty in position,” according to the company.
The Rizon 10, for example, features industrial-grade force control, computer vision and artificial intelligence technology. The robot is capable of carrying payloads of 10 kg (22 lb.) and can extend its reach to 1,015 mm (39 in.).
Flexiv to use funds for software and hardware development
Flexiv said its robots are designed to be used in the manufacturing, service, and innovation industries.
“The adaptive robot is versatile enough to automate common assembly tasks in manufacturing, including but not limited to loading, unloading, fastening, installing, plugging, etc.,” reads an excerpt on the company’s website.
In addition to making robots, the company also makes its own software platform, Flexiv Elements, which the company said “enable adaptive robots to be programmed, monitored, and controlled with ease.”
The company said it will use the additional for software enhancements, market expansion and to grow Flexiv’s robotic ecosystem.
In addition to having an office in Silicon Valley, the company is also in Shanghai, Beijing, Shenzhen, Foshan, Taiwan, and Singapore.
Market Insights estimated the cobot market will be valued at $8.6 billion by 2029.