Columbus-based AI Robotics firm, Path Robotics has reportedly announced securing USD 56 million financing in the Series B tranche led by Addition and joined by returning investors Basis Set, Lemnos Lab, and Drive Capital.
Apparently, the recently raised funds bring the total finances invested in the company to USD 71 million. In fact, reports suggest that this novel move would enable the company to build on its plans of realizing the future of manufacturing.
According to credible sources, the technology for autonomous robotic welding system was designed to ensure no system programming and need for ‘perfect parts’. Besides, it detects where a weld is required and generates all the planning to execute a clean weld instantly.
Importantly, the system was developed to operate accurately in a manufacturing environment and with highly reflective materials.
Speaking on the recent idea of designing future of manufacturing, CEO of Path Robotics, Andrew Lonsberry stated that the industrial robotics of the modern world have a very little ability to understand their environment and the task at hand. This challenge gives the company a mission to change the outlook.
While commenting on the fund raise, Andrew quoted that the firm is equally thrilled to have established a partnership with Addition. The latter has a great vision for the future and are immensely committed to working with organizations that are engaged in bringing in generational changes.
On the other hand, Addition partner, Lee Fixel cited that Path Robotics is looking forward to solving a critical and complex problem in the country by alleviating the gap between the supply of skilled welders and burgeoning demand.
Lee added that the firm is aiming to fully support Path Robotics in its attempt to lead American manufacturing into the future.
Alex Lonsberry, CTO and Co-Founder of Path Robotics exclaimed that the company is delivering on the promise of what robots can turn out to become in the near future. He also mentioned that the team at Path Robotics is excited to have Addition working with it to transform the world.