SINGAPORE, 27 July 2021 — Augmentus, a no-code AI robotics programming platform, has announced a seed financing round led by Singapore-based, early-stage venture capital firm Cocoon Capital. Augmentus allows companies to deploy complex industrial robots with high accuracy in a matter of minutes instead of weeks. Their proprietary technology incorporates an easy-to-use graphical interface that eliminates the need for coding and CAD files enabling up to 17 times faster programming and integration across various industrial applications. Today, robot manufacturers are using proprietary programming languages that demand extensive training and expertise. As automation processes require a high level of customisation, approximately 75% lifetime cost of your average industrial robot is software-related.
Founded in 2019, Augmentus is already working with 15 manufacturers to deploy its software for applications ranging from harvesting and plant inspections in urban farms to advanced spraying and welding in automotive production. Augmentus also provides an integrated artificial intelligence module that allows users to train the software to identify and classify objects, such as car parts or strawberries. Augmentus has partnered with major global robot manufacturers, including ABB, Universal Robots, TM Robots, Kuka, Nachi and Mitsubishi Electric, to support over 60% of the industrial robots in the market. The team has also developed a method to help onboard new robot models quickly.
The funds will support Augmentus’ official debut of its robotics platform, which aims to streamline the $20bn robotics software market. In addition, Augmentus plans to hire new talent in software development, business development and partnerships to support the growing demand for its solution across the world in the coming months. A recent report by consulting company McKinsey&co stated that one of the keys to unlocking further growth in robotics is “making factories less dependent on expert suppliers and engineering departments”. Reduced cost and increased capabilities were among the main factors identified as drivers in robotics adoption. The second most important challenge in robot adoption was the lack of homogeneous programming platforms and interfaces. “With the growing adoption of industrial robots in industries such as manufacturing, automotive and farming, Augmentus is on a mission to bring greater efficiency to the industry by lowering the time, cost and skill barriers. Ultimately, we want to make robotics accessible to everyone to use in any application imaginable”, said Leong Yong Shin, Co-Founder and CEO at Augmentus.
“The Augmentus team impressed us from the very beginning with its combination of deep tech expertise and real-world understanding. The quick embrace by leading robotics manufacturers is unique as early-stage companies usually take years to get this level of top executive attention. We are excited to partner with Shin and his team to accelerate a more automated, efficient and robust manufacturing industry in a post-COVID world”, said Will Klippgen, Managing Partner at Cocoon Capital. Klippgen recently joined the Augmentus board of directors.
Disclaimer: This article is submitted to us and handpicked by VC News Network editors to be published. Due diligence has been made, but we do not guarantee the completeness, reliability, or accuracy of the articles. Kindly contact us at hello[at]vcnewsnetwork.com if there are any errors.
