Industrial Robotics Company Raises $4.1M

Olis Robotics has raised $4.1 million in funding for its industrial robotics technology.

The funding round was led by PSL Ventures, with additional investment from Tectonic Ventures, Ubiquity Ventures, as well as angel investors including Daniel Theobald, co-founder of MassRobotics and chairman of Vecna Robotics.

Olis Robotics said it will use the funds to progress the development of its remote monitoring, control and error recovery technology for industrial robots. 

The company’s robot control platform, Olis Connect, is a plug-and-play solution that allows users to monitor and manage their robotic fleets from anywhere. The platform can be controlled in a web browser and is compatible with new and legacy industrial robot arms and robotic cells.

By identifying issues rapidly and allowing users to intervene as soon as problems arise, Olis said its technology mitigates costly robot downtime, which is becoming increasingly pressing for businesses as robots are seeing widening uptake across industries.

“In the midst of a global manufacturing labor crisis, companies are adopting automation in record-breaking numbers, resulting in calls from both manufacturers and integrators for robust, safe, and secure remote monitoring, diagnostics, and control solutions,” said T.A. McCann, partner at PSL Ventures. “Olis Robotics’ unique remote robot control technology answers that call; it can easily be deployed on both brand new and legacy automation, which means a dynamic and exciting market opportunity for investors.”

Related:Alphabet Launches Industrial Robotics Platform, Chooses First Partner

“Robot downtime can cost a large plant over $1 million per hour,” said Fredrik Ryden, Olis Robotics’ CEO. “When every minute counts, you need to leverage remote tools to react as quickly as possible no matter where you are.”

With the new funding, Olis also said it will expand the number of robot brands supported by the platform, as well as partnerships with robot system integrators in the U.S.