Veo Robotics Announces $29M Investment Round
WALTHAM, Mass., April 25, 2023 (GLOBE NEWSWIRE) -- Veo Robotics, an innovator in intelligent safeguarding for industrial robots, announced today that it has newly closed funding from the Amazon Industrial Innovation Fund, Safar Partners, and Yamaha Motor Ventures for a total of $14M. The full investment round including earlier closings totals $29M.
This funding will accelerate Veo’s strategy of working with selected corporate partners to deploy a new class of efficient and collaborative, human-in-the-loop robotic solutions enabled by Veo’s proprietary safety technology.
“The newest generation of intelligent robotic systems work with people, not separately from them,” said Clara Vu, co-founder and CTO of Veo. “Unlocking this potential requires a new generation of safety systems – this is Veo’s mission, and we’re very excited to be taking this next step.”
“With the increased need for efficiency improvement in industrial environments, we’ve seen increasing requirements for safe robot operation in the close presence of humans. These integrated workflows involving both robots and employees provide maximum flexibility and ROI for our customers in manufacturing and logistics,” said Patrick Sobalvarro, co-founder and CEO of Veo Robotics. “We’re working closely with select customers who share our vision for the future of automation. This funding enables us to add a few more partners to our early-adopter program.”
Arunas Chesonis, Managing Director at Safar Partners, said, “We're thrilled to invest in Veo Robotics, a company that has positioned itself at the forefront of the rapidly expanding robotics industry. Veo's innovative technology, which allows for safe and seamless collaboration between humans and robots, has the potential to revolutionize a wide range of industries. We're particularly excited about the company's growth potential, as it expands its capabilities and reaches new markets. With its experienced leadership team and talented engineering staff, we believe that Veo Robotics is well positioned to become a key player in the robotics space, and we're eager to support its continued growth.”
Anish Patel, COO and Managing Director at Yamaha Motor Ventures, Inc., said, “We are delighted to support Veo Robotics in their latest financing round. Their innovative approach to robotics and their commitment to safety in the workplace have impressed us greatly. Veo's cutting-edge technology, which combines advanced sensing and computer vision with powerful software, has the potential to transform manufacturing and other industries. We believe that the team's deep expertise and focus on customer success position Veo Robotics to become a leader in the industry. We are excited to be part of their journey.”
To learn more about Veo Robotics and sign up for their customer development program, visit www.veobot.com.
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