Ben Gibbs was working in Johns Hopkins University’s office for licensing and commercialization of intellectual property when he teamed up with Ph.D. robotics researcher Kel Guerin on the technology that became Ready Robotics in 2016. Their idea: Software that could power industrial robots, with an easy-to-use dashboard, enabling even small- and mid-size manufacturers to get the productivity benefit of robotic arms.
Today, the Columbus, Ohio-based company said that it had raised $23 million, led by Canaan, to expand its robotic O/S. The startup counts major manufacturers like Stanley Black & Decker and Smith+Nephew as customers, as well as smaller shops that would not otherwise be able to automate. The new funding brings Ready Robotics’ total investment to $42 million at a valuation that Forbes estimates at $70 million, up from $32.5 million after its last round, according to venture-capital database PitchBook.
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Story excerpt provided by Forbes.
Written by Amy Feldman.
Originally published February 25, 2020.