Robotics start-up, Launchpad, has concluded a Series A funding round, raising $11m (£8.2m).
The Edinburgh and Californian-based company will use the cash to develop its AI robotics technology.
The investment was led by Lavrock Ventures and Squadra Ventures, with participation from Lockheed Martin Ventures, Cox Exponential, Ericsson Ventures and the Scottish National Investment Bank.
The $11m is in addition to the $2.5m in grant funding awarded by Scottish Enterprise.
“Launchpad has built a technology that is helping manufacturers manage the optimal integration of humans and robots. We see AI tools, such as those being pioneered by Launchpad, as reimagining the manufacturing industry and revitalising local economies,” explained Jon Quick, CEO of Launchpad.
According to industry data, the manufacturing sector is experiencing significant challenges in attracting and retaining talent and Deloitte research shows that the US manufacturing industry alone could have up to 1.9m unfilled positions by 2033.
Launchpad believes that robotics have the potential to address this challenge, but the expense of traditional systems is a barrier to adoption, for small- to medium-sized firms.
The company, which recently established a new R&D centre in Edinburgh, said that its AI tools could “halve the time and cost” of delivering automation solutions.
READ MORE – US robotics form launches global R&D hub in Edinburgh
“We are proud to invest our capital and time in support of Launchpad’s quest for a more innovative, automated, resilient future in advanced manufacturing,” stated Steve Smoot, Managing Partner at Lavrock Investors.
“The company has an impressive track record, proven management team, and clear vision of what it will take to make a lasting impact in this dynamic and extremely important industry.”
Adrian Gillespie, Chief Executive Officer of Scottish Enterprise, added:
“With its R&D centre in Edinburgh, Launchpad is able to draw on Scotland’s long-standing academic, technical and entrepreneurial strengths. The company has quickly become an influential part of the Scottish innovation community, and we look forward to supporting its next growth phase.”
