The funding will help Rapid Robotics enhance its automation solutions. Here are the top-line bullets you need to know.
Rapid Robotics, a robotics automation company, has raised $36.7M in Series B funding. The round drew participation from Tiger Global, Kleiner Perkins, New Enterprise Associates, and Greycroft, among others.
How’s the company performing?
- San Francisco-based Rapid Robotics provides manufacturers with automation solutions that can perform common machine tasks.
- Rapid Robotics manufactures the Rapid Machine Operator (RMO) – a preprogrammed industrial robotic arm. The RMO system is capable of automating machine-tending tasks like stamping, molding, and labeling for factories.
- The company currently has 31 employees and anticipates growing that number to 50 by 2022.
- Rapid Robotics caters to several manufacturers, including TouchMark, TruePill, and Fabri-Tech.
Source: Rapid Robotics
Why does the market matter?
- The global industrial robotics market is projected to expand at a CAGR of 12.3% to reach a value of $75.3B by 2026, according to Markets and Markets.
- The labor shortage and increased competition, along with advancements in robotics technology, are driving the growth of the industry.
- The Covid-19 pandemic has accelerated the adoption of automation tools, boosting investments in robotics to transform conventional production facilities.