Robotics company receives more than $26 million in financing

Rethink Robotics received $26.6 million in SeriesD financing led by GE Ventures and Goldman Sachs, which brings the company’s total funding to more than $100 million since the company's founding in 2008.
By Rethink Robotics January 8, 2015

Rethink Robotics' Robot Positioning System is designed to allow the Baxter collaborative robot to manage and adapt real-world environments and switch between tasks without retraining. Courtesy: Rethink Robotics

Rethink Robotics received $26.6 million in SeriesD financing led by GE Ventures, the venture capital arm of GE, with additional participation from Goldman Sachs. All of Rethink Robotics’ earlier investors also are participating in the round, including Bezos Expeditions, CRV, Highland Capital Partners, Sigma Partners, Draper Fisher Jurvetson, and Two Sigma Ventures. This investment brings the company’s total funding to more than $100 million since its founding in 2008.

Rethink Robotics’ most recognizable product is Baxter, which is an interactive robot designed to safely work side-by-side with human coworkers. Recent developments and upgrades for Baxter include Intera 3, which is a software upgrade designed to make the robot work faster in applications like tending to machines such as CNC lathes, ultrasonic welders, and press brakes. Rethink Robotics also added the Robot Positioning System, which allows Baxter to manage and adapt real-world environments and switch between tasks without retraining. 

Investment details

GE Ventures is the venture capital arm of General Electric, one of the largest and most iconic manufacturing companies in the world. Goldman Sachs provides financial services in the investment banking industry. As investors, such companies add to the credibility and leadership of Rethink Robotics’ portfolio of Tier 1 capital partners in the company’s mission to advance the collaborative robotics marketplace, according to Rethink Robotics. 

"Advanced manufacturing is an important area of focus for GE, both as an investor and a manufacturer. As an innovator in the field of collaborative robotics, Rethink Robotics is paving the way for a new era of manufacturing in which robots work safely alongside humans, providing new opportunities for manufacturers to improve their production processes," said Sue Siegel, CEO GE Ventures.

“Smart, collaborative robotics have proven to be a significant and disruptive technology. With a differentiated solution set, an innovative software platform and a forward-thinking product roadmap, Rethink Robotics is well positioned to lead this industry for many years to come," George Lee, co-chairman of the global technology, media and telecom group and chief information officer for the investment banking division of Goldman Sachs. 

Rethink Robotics

www.rethinkrobotics.com 

– Edited by CFE Media. See more Control Engineering robotics stories.