Standard Bots Secures $63M Funding for AI-Powered Robotic Arms

Standard Bots reels in $63M for its AI-powered robotic arms - SiliconANGLE

Standard Bots Inc., a startup that develops robotic arms for the manufacturing and logistics sectors, has secured $63 million in fresh funding to enhance its technology. The company announced the Series B round today. It said that General Catalyst led the raise. The venture capital firm was joined by the Amazon Industrial Innovation Fund, Samsung Next and several returning backers. Standard Bot's flagship product is a $37,000 robotic arm called the RO1. It can lift up to 40 pounds and has a reach of about four feet. The RO1 comes with a portable base, which removes the need to embed the robot into a factory floor's concrete floor and thereby reduces installation costs. Under the hood, the system ships with a built-in graphics processing unit. The RO1 uses the chip to run artificial intelligence models that allow it to complete tasks even in the face of unexpected challenges. The algorithms can maneuver the robotic arm around any objects that might be in its way, as well as adapt to production line changes. The RO1's onboard AI also promises to ease the process of teaching the system new tasks. Historically, configuring a robotic arm to automate a new manufacturing workflow involved weeks or months of manual coding. The RO1 can be programmed through a no-code interface, which Standard Bots says reduces both the duration and cost of configuration changes. The robot is also capable of learning through demonstration. Workers can perform a certain task, such as welding together two components, in front of the RO1's built-in camera and the onboard AI software will automatically learn to replicate the workflow. For customers that wish to program the robot in a more conventional manner, Standard Bots provides application programming interfaces that can be connected to custom code. "Historically, robotics projects required a team of PhDs, multiple years of research, and deep pockets -- and even after all that, use cases were often limited," said Standard Bots co-founder and Chief Executive Officer Evan Beard. "We're on a mission to make advanced, adaptable robots accessible to all." The company says that the RO1 can carry out common manufacturing tasks such as welding, sanding and polishing. It's also capable of feeding raw materials into CNC machines, a type of system commonly used to make plastic and metal parts. To ensure quality standards are met, a company can configure out of its RO1 robots to inspect newly produced parts and take any faulty items it finds off the production line. Standard Bots says that its systems also have uses beyond the manufacturing sector. A logistics company, for example, could use a fleet of RO1 robots to automatically package products into cases before shipping. The systems are likewise capable of loading merchandise onto pallets. Standard Bots will use its newly raised capital to develop a new generation of robotic arms. The company detailed that those machines will be available in "new sizes," which suggests they may be capable of performing tasks the RO1 doesn't support.

Standard Bots Secures $63M in Funding to Propel American Manufacturing Forward with AI-Driven Robotics

GLEN COVE, N.Y., July 12, 2024 (GLOBE NEWSWIRE) -- Standard Bots, a pioneer in robotics automation, today announced it has raised $63 million in total funding, with its recent Series B round led by General Catalyst with participation from Amazon Industrial Innovation Fund and Samsung Next. The company has already successfully launched its RO1 robotic arm and is now preparing to bring its new AI-powered robots to market, unlocking use cases and industries untouched by traditional robotics, such as complex assembly, food preparation, or dishwashing. Standard Bots designs and assembles collaborative robotic arms in the United States to transform industrial sectors such as manufacturing. The company is also developing a transformer-based model that leverages the power of AI to enhance robotic capabilities. By observing human demonstrations, Standard Bots empowers robots to master intricate tasks from loading complex welding fixtures to folding clothing with unprecedented precision, marking a pivotal moment in the industry and unlocking a realm of new possibilities previously deemed by many to be beyond robotic reach. Standard Bots' RO1 and RO2 robotic arms are currently in production and are designed for high variability and challenging real-world applications, a stark contrast to traditional, pre-programmed robots that often cannot navigate unpredictable conditions such as dynamic or cluttered environments and unexpected obstacles. "Historically, robotics projects required a team of PhDs, multiple years of research, and deep pockets -- and even after all that, use cases were often limited. We're on a mission to make advanced, adaptable robots accessible to all," said Evan Beard, co-founder and CEO of Standard Bots. "Standard Bots makes it easy for any company, from small mom-and-pop shops to Fortune 500 companies, to harness the power of robotics." "Robotics is having its ChatGPT moment. New advances in AI allow robots to 'understand' and react to actions in real-time, which means they can take on more complex jobs," said David Golden, co-founder of Standard Bots. "Looking ahead, we're focused on expanding our product line and pioneering new applications for AI-based robotics in industries previously untouched by this technology." From industry giants like NASA and Timken, to small businesses alike, Standard Bots' mission is to help companies enhance productivity, improve operational efficiency, significantly reduce costs, and address the growing labor shortage in manufacturing. Unlike legacy robotics solutions, Standard Bots' intuitive software is as easy to use as a smartphone. With no coding expertise required, anyone can program its robots, from seasoned professionals to newcomers. This democratization of robotics not only fosters innovation but also encourages diverse contributions, pushing the boundaries of what robotics can achieve. For more customized applications, customers can develop their own apps on Standard Bots' platform using flexible APIs and modern technologies like React. "Robotics has been the unlock for the repatriation of manufacturing, but the potential has been hindered by two major barriers: cost and flexibility," said Quentin Clark, Managing Director of General Catalyst. "We think Evan is the ideal founder for this endeavor -- meticulous, driven by the broader potential for transformation, fearless, and thorough in his approach. We look forward to supporting Standard Bots and seeing how their technology will open up new possibilities for robotics across American manufacturing." "We're always on the lookout for novel technologies in automation and robotics. With its versatile and accurate robotics solutions, we believe Standard Bots is positioned to help redefine certain aspects of the manufacturing process," said Franziska Bossart, Head of the Amazon Industrial Innovation Fund. "Standard Bots' technology offers exciting possibilities for enhancing operational efficiency and reducing costs across various industries, which aligns with our commitment to fostering innovations that can create more dynamic, responsive supply chains." Lachy Groom, Quiet Capital, 468 Capital, Lightscape Partners, and Box Group provided additional venture capital support. As part of this round, Max Rimpel of General Catalyst will join the company's board alongside existing board member and lead seed investor Itai Tsiddon. The new funding will be used to expand Standard Bots' engineering team, accelerate the development of its series of next-generation robots in new sizes, and enhance the proprietary platform that makes these robots intuitive for everyday use. About Standard Bots Standard Bots is transforming the robotics industry with its AI-powered robots that are designed and assembled in the U.S. Unlike traditional robots, which require complex programming, Standard Bots' innovative technology allows users to program robots through simple demonstration, making automation accessible to everyone. This approach enables businesses of all sizes to deploy robots quickly and easily, addressing a wide range of industrial and commercial use cases. By lowering barriers to entry, Standard Bots empowers companies to achieve greater efficiency and flexibility. Committed to making advanced automation available to all, Standard Bots is driving the future of robotics. For more information, visit www.standardbots.com. Contacts press@standardbots.com https://standardbots.com/ Market News and Data brought to you by Benzinga APIs