Toronto, Canada-based developer of the first AI-powered cognitive software solution to automate programming and deployment of robotics and CNC machines, Xaba raised USD 2 million in a seed extension round. The company announced the investment on January 9, 2023. BDC Capital’s Deep Tech Venture Fund led the financing for the company. Hitachi Ventures and existing investors such as Hazelview Ventures joined in the funding.
In addition, Thomas Park from the BDC Capital will work on the Xaba board of directors.
Purpose of financing for Xaba
With the latest financing, Xaba seeks to bring to market AI-driven fabrication processes and intelligent autonomous machines.
The investment has plans to further establish and staff a new robotics lab. It also seeks to accelerate the delivery of two Xaba manufacturing platforms.
What the company’s official has to add
Massimiliano Moruzzi, CEO of Xaba, further said, “With the integration of AI-powered cognition and awareness, robots become easy to adopt and profitable for businesses across various tasks and sizes. With this funding in place, we can now establish our Xaba manufacturing platforms as the go-to solutions for implementing new intelligent robotics, creating automated factories, and developing disruptive new processes and materials.”
What the investors have to comment
Thomas Park, lead partner of BDC Capital’s Deep Tech Venture Fund, said, “AI represents a wave of change in the automation industry, removing significant barriers to technology adoption in manufacturing and other industrial sectors. Xaba is a great example of how the integration of AI is empowering industrial robotics technologies – enabling them to self-generate programs, substantially improve their accuracy and precision, and provide highly valuable feedback to users.”
In addition, Gayathri Radhakrishnan, Partner at Hitachi Ventures, said, “Cognitive systems will be the future of next-generation robotics and Xaba’s AI-based software solution has demonstrated that it can elevate the performance of high precision robotics such as welding and drilling by enabling adaptive learning, real-time decision-making, and seamless human-robot collaboration. As a well-known force in this industry, with a strong focus on robotics and manufacturing, an investment in Xaba gives us the ability to explore this domain further.”
About the company
Xaba develops new processes and AI-powered software solutions. It seeks to automate and enable sustainable manufacturing. Its intellectual property leverages artificial intelligence (AI) to empower industrial robots and cobots with synthetic cognition. By enabling robots to self-generate their programs, Xaba is disrupting current business models, opening the door to new manufacturing processes, and creating a completely new, landscape for robotics automation
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