The investment in robotics is growing at an exponential rate in Massachusetts for both established and startup companies. Between acquisitions and venture capital funding, Massachusetts companies have seen more than $1.2B in transactions in just the first nine months of this year.
“Massachusetts has the ideal business climate to start and grow robotics companies, and the activity that’s happened already this year is another proof point that we are indeed the hub of robotics,” said Tom Ryden, Executive Director, MassRobotics. “From resident and partner activities at MassRobotics to innovative startups to a robust investment and acquisition climate, this is the place for the robotics industry to thrive. We are excited to see so many of the startups we house or have recently graduated participate in this growth.”
Investments have occurred across the board, from startups to established players as well as across markets, from warehouse automation to medical robotics. Investments include:
• $3.7M for Pickle Robots
• $8M for XYZ Robotics
• $13M for Activ Surgical
• $15M for Veo Robotics
• $20M for Ori Living
• $26M for Locus Robotics
• $28M for Humatics
• FLIR acquired Endeavor Robotics for $385M
• Shopify acquired 6 Rivers for $450M
The value of some acquisitions, such as RipTide by BAE and Root by iRobot, have not been disclosed. Additionally, the $1.2B total does not include the merger of Siemens Healthcare and Waltham-based Corindus Vascular Robotics, which was valued at more than $1.1B
“Massachusetts is home to one of the greatest innovation ecosystems in the country and robotics is a vital part of it. It is exciting to see the record levels of investment in robotics and we are optimistic about how this will benefit the Commonwealth. We are committed to the continued growth of this and other industries that leverage our highly educated workforce, institutions, and research and development activities,” said Damon Cox, Assistant Secretary for Technology, Innovation and Entrepreneurship, Commonwealth of Massachusetts.
MassRobotics’ Ryden will address funding issues and more as moderator of the “Robotics Startup Boot Camp” workshop at the upcoming RoboBusiness conference. MassRobotics works with 250+ companies and supports more than 35 robotics startups to help grow this industry and increase its economic value and contributions to innovation in Massachusetts.
For more information about the robotics industry in Massachusetts, visit massrobotics.org.