Seattle, USA-based specialists in remote monitoring, control, and error recovery technology for industrial robots, Olis Robotics raised USD 4.1 million in funding. The round took place on August 11, 2023. PSL Ventures led the financing for the firm. Meanwhile, Tectonic Ventures and Ubiquity Ventures joined in the funding. Prominent strategic angel investors, such as robotics pioneer Daniel Theobald, the President and co-founder of MassRobotics and Founder and Chairman of Vecna Robotics, participated in the funding.
What the company’s official has to add
Fredrik Ryden, CEO of Olis Robotics, said, “Robot downtime can cost a large plant over $1 million per hour. When every minute counts, you need to leverage remote tools to react as quickly as possible, no matter where you are. Our technology is ingeniously simple to use and intensely practical in terms of its impact.”
Brad Sparkman, President and CEO of Innovative Finishing Solutions (IFS), an Olis Robotics Partner and leading integrator of FANUC paint robots for the automotive industry, further said, “Being able to remotely operate industrial robots is a game changer for us and the industry as a whole. We have deployed thousands of robots in the past two decades as a company. Given the current labour challenges, we expect a majority of those to be retrofitted with Olis technology within the next couple of years.”
In addition, Silas Robertson, SVP of Sales and Marketing at Applied Automation and an Olis Robotics Partner said, “What really excites me about what Olis brings to the market is the ability to unlock company resources through remote robot access in real-time, ultimately providing better support for customers and their robotic applications.”
What the investors have to comment
T.A. McCann, partner at PSL Ventures, who joins Olis Robotics’ Board of Directors, further said, “In the midst of a global manufacturing labor crisis, companies are adopting automation in record-breaking numbers, resulting in calls from both manufacturers and integrators for robust, safe, and secure remote monitoring, diagnostics, and control solutions. Olis Robotics’ unique remote robot control technology answers that call. It can easily be deployed on both brand new and legacy automation. This is a dynamic and exciting market opportunity for investors.”
T.A. McCann, partner at PSL Ventures, further said, “In addition to the market need and opportunity, we love backing technical founders with a clear starting point and a big vision. Fredrik is one of those kinds of founders.”
About the company
Fredrik Ryden launched the company in 2013. The company is a spinoff of the University of Washington. The innovative industrial telerobotic solutions of Olis Robotics are the result of R&D with the US Navy and NASA.
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