Gecko Robotics Inc.’s wall-climbing robots continue to be a hit with investors. The Pittsburgh-based company announced today that it has received $73 million in Series C funding. That brings its total valuation to $533 million.
XN, a New York-based investment firm, led the company's funding round. Other participants included Founders Fund, XYZ, Drive Capital, and Snowpoint Ventures. Individual investors included Joe Lonsdale, Mark Cuban, and Gokul Rajaram.
America's infrastructure in disrepair
Gecko Robotics said its systems can capture data at previously unheard-of scale and fidelity, climbing pipelines, boilers, tanks, ship hulls, and other structures in search of damage. The company's software, in turn, enables human experts to contextualize that data and translate it into action.
“Gecko's unique combination of robotics and software radically improves the ability to inspect, protect, and efficiently maintain critical infrastructure,” said Tim Brown, partner at XN and lead investor in the round.
Gecko added that its latest funding round will accelerate its mission “to protect today's critical infrastructure and give form to tomorrow's.”
The sector has been largely underserved by technological investment and innovation, the company said, noting that much of the bridges, storage tanks, and railways across the U.S. are outdated. In turn, there are many workplace injuries, environmental disasters, and system failures.
In 2021, America’s infrastructure received a C-, according to a report card from the American Society of Civil Engineers.
“While we have made some progress, reversing the trajectory after decades of underinvestment in our infrastructure requires transformative action from Congress, states, infrastructure owners, and the American people,” according to the society’s infrastructure report card website
Gecko robots brave harsh environments
Gecko Robotics said it is trying to be a part of the solution, specifically focusing on power generation, oil and gas, heavy manufacturing, and defense.
The company said its platforms operate in some of the most dangerous and demanding environments, using data to maximize the contributions of human experts, and simultaneously keeping them out of harm's way.
Jake Loosararian and Troy Demmer, now CEO and chief product officer, respectively, co-founded Gecko in 2013. The company has offices in Houston, Austin, New York, Boston, and Europe.
“Jake is incredibly passionate about industrial infrastructure—which is a weird thing to be passionate about—but it's been incredible seeing that dedication and drive translate into Gecko's growth,” said Trae Stephens, partner at Founders Fund. “Rather than eliminating workers, Gecko's technology minimizes danger by removing them from the most precarious maintenance tasks.”
Gecko recently announced a global partnership with energy company Sumitomo SHI FW.
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