coboworx raises $12M to make robotics more accessible
coboworx last week brought in €11.4 million (about $12.2 million) in funding. The company plans to use the funding to expand its team, grow its product range, and tap into new markets. It’s also set to open a new location in Munich later this year.
coboworx’s platform has a modular design that enables SMEs to start with specific systems for individual process steps and expand as needed. The company currently offers systems for palletizing and machine tending applications.
Investors in the round included Northstar Family Holdings, and returning investors SquareOne and Picus Capital. It also included business angels, including Mirko Novakovic, the founder of Instana.
“Manufacturing is undergoing a revolutionary change both in Europe and the US. Due to personnel shortages, the market is ready for robotics on demand—made in Germany. coboworx is leading this movement, making complex robotic technologies affordable, accessible and intuitive to use. Their modular platform is more than a solution; it is a catalyst for industrial change with the potential to reshape the global manufacturing landscape,” Andy Bender, founder of Northstar Family Holdings said.
The Salmtal, Germany-based company hopes to enable small and medium-sized businesses to harness the power of robotics. Its customers include large food retailers that require a steady supply of goods. With the coboworx platform, SMEs can implement robot-assisted automation quickly and without prior knowledge on a subscription basis.
coboworx says its subscription-based model allows customers to automate their production processes without investing much time and money. The company says this is particularly relevant for companies that supply retail groups and have to produce around the clock.
Inside coboworx’s platform
The company breaks down the journey to automation into five steps, which it says can take just a few weeks. The first step is the configuration of the robotic solution. coboworx configurator enables customers to represent their requirements as accurately as possible during this process.
Next, the team will schedule a non-binding, on-site visit with the customer. During this part, coboworx reviews the customer’s production and creates a concept based on its individual conditions. After this, the company conducts a feasibility study in its technical center. This step allows it to clarify the final gripping technology to guarantee reliability.
Once the concept is finalized, the company will prepare a binding offer including flexible purchase or rental models. The final step is delivery. coboworx says that within 4-6 weeks, the robotic system will be delivered and its team will install it on-site. The company says installation only takes one day.
The company says future developments will include applications for welding, packaging, and material flow in intralogistics.
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