BOSTON, MA / ACCESSWIRE / August 7, 2024 / MassRobotics, the world's largest independent robotics hub, announces that its resident startups have raised more than $1 billion in venture funding since opening its doors in 2017. This remarkable achievement underscores the vital role MassRobotics plays in accelerating robotics innovation, commercialization, and adoption of advanced technologies.
The Catalyst of Success: The MassRobotics Mission and Support Ecosystem
At the heart of MassRobotics's success is its unwavering commitment to creating and scaling the next generation of robotics and AI technology companies. MassRobotics currently hosts more than 85 robotics startups as residents from around the world. It provides entrepreneurs and startups the resources and support to develop, prototype, test and commercialize their technologies through offering essential workspace, programming and connections.
"The mission of MassRobotics has always been about supporting our resident startups with the resources they need to grow and to work with academia and industry partners to provide deep, relevant industry insights that help new startups with their product focus. This formula leads to successful outcomes, and this funding milestone is another proof point of this," said Tom Ryden, Executive Director of MassRobotics.
Robotics Startups Attracting VCs
There is a shift happening in the venture capital community and VCs are realizing and acting on the fact that the robotics industry is one to pay attention to. The one billion dollar total represents funding from nearly 300 institutional investors.
"MassRobotics has been a huge support for ORI along every step of our journey. Our need for prototyping space, office space and a flexible term lease at competitive rates steered us toward MassRobotics in the first place, but they have been so much more than a good landlord. The sense of community, the anticipation of our needs, particularly during the pandemic, and the ability to accommodate ORI's growth over the years all demonstrate the commitment of the MassRobotics team to do everything possible to help ORI be successful. MassRobotics is a true asset to the Boston startup community," said Ivan Casadevante Etxezarreta, Co-Founder and VP of Product at ORI, which raised their Series B from Alphabet, Battery Ventures and Khosla Ventures.
Top Notable Industries Leading Investment
Investing in robotics companies is a smart move for venture capitalists because the industry is poised for exponential growth, driven by advancements in AI and automation across various industries. Additionally, robotics technology addresses critical labor shortages and operational efficiencies, offering high potential returns.
Robotics is an enabling technology that can impact almost any industry. The MassRobotics resident startups reflect a broad array of industries. The largest concentration of investment dollars has been in the areas of Manufacturing, Defense and Logistics.
A Custom-Built Space for Innovation and Flexible Growth Opportunities
MassRobotics offers a unique, custom-built physical space in Boston, providing access to critical resources such as robotic platforms, sensors, components, prototyping equipment, and testing facilities. These physical assets are complemented by a wealth of domain experts across all aspects of robotics and IoT systems. Residents also benefit from vetted experts who mentor in navigating legal and business challenges.
One of MassRobotics' unique advantages is its flexible monthly agreements. Startups can grow without the burden of long-term contracts, beginning with an open seat in the shared space and expanding to dedicated lab benches or private offices as they scale. This adaptability ensures that startups can manage their growth efficiently and sustainably. Often, MassRobotics residents remain connected to the organization and its resources even after "graduating" from the MassRobotics workspace.
"Choosing to set up at MassRobotics may be the best decision of our seven-year life. Its open resources allowed our $50k initial funding to take us to seed stage and is where we connected with early customers, investors, and partners, including Mitsubishi Electric, which just led our Series B," said Peter Howard, President, CEO and Co-Founder at Realtime Robotics.
Looking Ahead: A Bright Future for Robotics Innovation
MassRobotics continues to play a crucial role in shaping the future of robotics, fostering an environment where startups can thrive and achieve remarkable milestones. The $1 billion in funding will lead to amazing new products that will positively impact our daily lives in many ways.
Join the Robotics Hub
Startups can apply to join MassRobotics' growing roster of successful companies in the robotics hub. For more information about MassRobotics and its mission to drive robotics innovation, visit www.massrobotics.org.
Media Contact:
Sayo Tirrell
Marketing Manager, MassRobotics
[email protected]
About MassRobotics
MassRobotics is the largest independent robotics hub dedicated to accelerating robotics innovation, commercialization, and adoption. Our mission is to help create and scale the next generation of successful robotics and AI technology companies by providing entrepreneurs and startups with the workspace, resources, programming, and connections they need to develop, prototype, test, and commercialize their products and solutions. While MassRobotics originated and is headquartered in Boston, we reach and support robotics acceleration and adoption globally. We work with startups, academia, industry, and governments both domestically and internationally.
SOURCE: MassRobotics