Robotics Manufacturing Startup Raises $20M
An AI-robotics startup has closed a series A funding round with $20 million for its smart robotic platforms.
The California startup Graymatter combines artificial intelligence (AI), multi-modal sensing and robotics to make ‘AI-brains’ for industrial-use robotic assistants, making them smarter for complex operations.
The resulting pipeline of robot-as-a-service (RaaS) technologies helps streamline production on manufacturing shop floors, giving time consuming tasks to robots and freeing human workers for more detailed chores.
The robots look at tackling the surface finishing market, taking on the task of smoothing surfaces of products; from football helmets to airplane parts.
GrayMatter says its technologies can save costs and increase capacity for manufacturers, and plans to expand operations to help meet ongoing challenges in labor shortages and operational costs.
“We are improving shop workers’ lives, enhancing their productivity, and enabling them to focus on higher-value tasks,” said Ariyan Kabir, CEO of GrayMatter Robotics. “Manufacturing drives our economy, and without automating surface finishing and treatment, there is a significant risk the global economy may suffer due to the increasing labor shortage.”
The latest investment round was led by Bow Capital and joined by existing investors B Capital Group, Calibrate Ventures, OCA Ventures, Pathbreaker Ventures, Stage Venture Partners and 3M Ventures. New investors including Swift Ventures also joined the financing round.
“Customer demand has never been higher for robotics and automation solutions, helping manufacturers improve productivity, obtain cost savings, and provide consistent high-quality performance,” said Adi Leviatan, president of 3M Abrasive Systems Division.