About Sarcos Robotics
Sarcos Robotics (NASDAQ: STRC) develops dexterous robotic systems. It offers The Guardian System, a wearable robotic exoskeleton that allows users to lift and move heavy objects with ease. It provides solutions for aviation, construction, shipyards, and more. The company was founded in 1983 and is based in Salt Lake City, Utah.
Sarcos Robotics's Product Videos
Sarcos Robotics's Products & Differentiators
Wearable strength amplifier for industrial jobs.
Research containing Sarcos Robotics
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Sarcos Robotics in 4 CB Insights research briefs, most recently on Jul 6, 2023.
Expert Collections containing Sarcos Robotics
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Sarcos Robotics is included in 3 Expert Collections, including Robotics.
This collection includes startups developing autonomous ground robots, unmanned aerial vehicles, robotic arms, and underwater drones, among other robotic systems. This collection also includes companies developing operating systems and vision modules for robots.
Oil & Gas Tech
Companies in the Oil & Gas Tech space, including those focused on improving operations across upstream, midstream, and downstream sectors, as well as those working on sustainable fuels.
Companies in the advanced manufacturing tech space, including companies focusing on technologies across R&D, mass production, or sustainability
Sarcos Robotics Patents
Sarcos Robotics has filed 78 patents.
Robotic manipulators, Robotics, Robot kinematics, Robots, Space robots
Robotic manipulators, Robotics, Robot kinematics, Robots, Space robots
Latest Sarcos Robotics News
Nov 15, 2023
The Robot Report Listen to this article Sarcos’ Guardian XT was one of the core robotics solutions within the Sarcos product line that’s now being abandoned for a new software-based product strategy. | Image credit: Sarcos Sarcos Technology and Robotics Corporation has recently announced a strategic shift in its business focus, pivoting from robotics to a more significant, near-term opportunity presented by its robotic artificial intelligence (AI) and machine learning (ML) software platform. Laura Peterson, President and CEO of Sarcos, emphasized the crucial role of the software developed by the company over the years, stating, “Since I assumed the role of CEO in May, our leadership team has conducted an ongoing rigorous, data-driven analysis and review of our business, market opportunities, products and development programs.” Peterson explained, “We believe that our AI software platform will enable, for the majority of the industrial robots being sold around the world, a dramatic reduction in robotic training times while also making industrial robots far more agile, meaning they can perform more tasks with greater variability similar to how humans can perform a wide variety of tasks.” The vision for Sarcos’s AI software platform commenced in 2017 and progressed to its first CYTAR (Cybernetic Training for Autonomous Robots) government proposal in 2019. Chief Technology Officer Dr. Denis Garagić joined the company in 2020, initiating significant design and development work. The company plans to engage existing customers to determine the next steps in each relationship. The majority of Sarcos’ government contracts are related to AI software development and are key to the go-forward strategy. In 2022, Sarcos acquired RE2 Robotics , a Pittsburgh-based developer of autonomous and teleoperated mobile robotic systems, for $100 million. The company seemed to double down on this acquisition earlier this year when it announced a number of changes to the company that aimed to grow revenue and leverage strategic opportunities that show the greatest market traction and meet customer demand. These changes included focusing on robotic systems for subsea, aviation, and the solar end market. Sarcos has secured AI software development contracts with the U.S. Air Force, providing funding for the platform’s development and opportunities for real-world testing. Peterson anticipates bringing a version of the AI software platform, compatible with most industrial robots, to market in the first half of 2024, with additional features planned for release by the end of next year. Sarcos was one of the innovators in the robotic exoskeleton market as this historical lineup of products shows the evolution from generation to generation. The company has a strong history of leveraging government contracts to fund its development. | Credit: The Robot Report To align with this strategic shift, Sarcos has decided to suspend commercialization efforts on its subsea, aviation, and solar robotics hardware programs. Peterson noted, “With the need to ensure we have sufficient financial resources to pursue our software opportunity, we have made the difficult decision to suspend for the foreseeable future commercialization efforts on our subsea, aviation and solar robotics hardware programs. We will, however, continue to address these markets through our AI/ML software platform.” The company also told The Robot Report that by suspending the commercialization efforts on the subsea, aviation, and solar robotics hardware programs for the foreseeable future, they intend to target these markets through the AI/ML software platform. Furthermore, Sarcos’ robotic systems will be used for further development and testing of its AI/ML software. The company believes that this software platform will enable a dramatic reduction in robotic training times while also making industrial robots far more agile. The company believes this strategic decision will allow Sarcos to reach a broader market more quickly by separating its AI and ML software from its robotic systems. Peterson believes that “By de-coupling our AI and ML software from our own robotic systems, we believe we can reach a much broader market more quickly.” Laying off 150 employees The product portfolio shift necessitates a reduction in Sarcos’s workforce by approximately 150 employees. Peterson acknowledged the difficulty of such decisions, stating, “While it is always a difficult decision to make staffing cuts, especially one this significant, it is important that Sarcos is resourced appropriately and that we are good stewards of our capital.” It has been a tumultuous year for Sarcos as this announcement follows a layoff of 75 individuals from the company in July 2023 and the hiring of Peterson in May 2023 to replace prior CEO Kiva Allgood. Third quarter 2023 net loss was $29.0 million or $1.13 per share, compared to a net loss of $22.5 million or $0.89 per share in the third quarter of the prior year. Revenue is down, as total revenue in the third quarter of 2023 was $1.8 million, compared to $4.7 million in the third quarter of 2022. According to the latest financial report , revenues decreased on a year-over-year basis due to fewer product development contracts being worked during the current year, offset slightly by an increase in product revenue.
Sarcos Robotics Frequently Asked Questions (FAQ)
When was Sarcos Robotics founded?
Sarcos Robotics was founded in 1983.
Where is Sarcos Robotics's headquarters?
Sarcos Robotics's headquarters is located at 650 South 500 West, Salt Lake City.
What is Sarcos Robotics's latest funding round?
Sarcos Robotics's latest funding round is Reverse Merger.
How much did Sarcos Robotics raise?
Sarcos Robotics raised a total of $85.63M.
Who are the investors of Sarcos Robotics?
Investors of Sarcos Robotics include Palantir, Rotor Acquisition, Rotor Capital, Microsoft, SLB and 11 more.
Who are Sarcos Robotics's competitors?
Competitors of Sarcos Robotics include ULS Robotics and 4 more.
What products does Sarcos Robotics offer?
Sarcos Robotics's products include Guardian XO and 4 more.
Who are Sarcos Robotics's customers?
Customers of Sarcos Robotics include Ameren, GE, US Navy and 3 more.
Compare Sarcos Robotics to Competitors
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