Augmentus pioneers intelligent, no-code computer vision and robot motion planning, enabling industrial robot programming in minutes instead of days
SINGAPORE, 14 NOV, 2023 – Augmentus, the global leader in intelligent and no-code robotics software solutions, today announced the successful completion of a USD 5M Series A funding round. The round was led by Silicon Valley-based venture capital firm Sierra Ventures, along with existing seed investor Cocoon Capital.
Conventional robot programming is both highly fragmented and costly. Robot manufacturers use proprietary programming languages, which require customers to undergo extensive training and expertise to operate their robots, resulting in 75% of lifetime costs being attributed to software and programming.
The industrial robotics software market is projected to reach USD 47B by 2030, growing at a CAGR of 27%. Augmentus’ no-code, vision-based robotics system is poised to disrupt this market. Their proprietary technology serves as the eyes and the brains of any industrial robot. Augmentus’ 3D cameras capture the relevant spatial information and this data is fed into its AI model. The platform then recommends an optimal path for the robot to move along to perform its task, accounting for complex surfaces. This eliminates the need for technical expertise and lengthy downtime when reprogramming robotic tools. Augmentus enables manufacturers to reduce process automation time from an average of four weeks to just 15 minutes while significantly improving accuracy and efficiency, reducing costs by over 70%.
The fresh funds will be used to scale operations in the United States, Europe and greater Asia and to meet accelerating customer demand across multiple verticals, including welding, surface treatment and finishing processes. The platform supports both SMEs and large enterprises with its sub-millimeter accuracy and wide range of application support. By combining AI and machine learning in robotics, the software assists users when programming complex tasks.
Augmentus increased its deployment efforts and expanded its customer base by four times over the previous year, spanning seven countries. They have supplied more than thirty manufacturers worldwide with its no-code automation solutions. Their customers include Fortune 500 companies such as Hyundai, Applied Materials, ST Engineering and Abrasive Engineering have benefited from Augmentus’ solutions. The platform is compatible with over ten major robot OEMs, including ABB, Kawasaki, Universal Robots, Kuka and Nachi.
As part of its expansion plans, Augmentus will leverage its Augmentus System Partner (ASP) program to enhance the onboarding of global system integrators and channel partners. The program targets the manufacturing sector, focusing on high-mix and complex manufacturing applications.
Leong Yong Shin, Co-Founder and CEO of Augmentus, expressed his enthusiasm for the future, stating, “With their successful history of backing industrial B2B companies in the United States, we are excited to tap into Sierra Ventures’ expertise as well as their network to execute our commercial plans and enhance our product capabilities. We are also thrilled to receive Cocoon Capital’s continued support for our vision to bring intelligent, adaptive robotics to complex manufacturing globally. This funding highlights the transformative potential of merging artificial intelligence and computer vision in robotics to drive truly autonomous and flexible manufacturing. We envision a future where robots can adapt to any part and process with no downtime and expertise required.”
Augmentus will be allocating a portion of the investment to intensify research initiatives further to develop more innovative automation solutions with a key emphasis on making complex manufacturing simpler to automate through a software-first approach.
“With the continuous growth of industrial robotics and the increasing deployment of robots in production, there is a pressing need for a more efficient and scalable programming solution,” said Ben Yu, Managing Partner at Sierra Ventures. “Augmentus’ integration of precise 3D scanning, no-code micro-adjustability, and automated code generation is the solution to this challenge.”
Will Klippgen, Managing Partner at Cocoon Capital added: “Ever since we met the founders, we have been impressed by how fast they reached product-market fit and engaged with some of the largest players around the world only a few months after launch. We are proud to back a team that is so committed to bringing down the cost of production by making robotics available to businesses regardless of size and industry.”