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Funding
Pivot Robots raises undisclosed amount in venture funding to expand team
Smart Factory
Jul 1, 2024
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Smart Factory

Smart Factory

Jul 1, 2024

Pivot Robots raises undisclosed amount in venture funding to expand team

Funding

  • Pivot Robots, a provider of industrial robotic automation solutions, has raised an undisclosed amount in a venture funding round led by NuVentures.

  • The company plans to use the funding to expand its employee base,  particularly in motion planning and computer vision areas. Additionally, the funding will be used to test its robots and establish an office. The company also stated its plans to expand to India within the next two years.

  • Backed by Y Combinator, Pivot Robots is a startup that develops AI vision control software for robotic arms to assist manufacturers in automating labor-intensive and dangerous tasks. Its flagship product, named Proteus, enables users to automate the grinding of metal parts. The company leverages foundational vision models to reduce the traditionally large data requirement for integrating vision into industrial robots. It is currently engaged in a pilot project to deploy over 10 Proteus systems at a large cast iron foundry that reportedly produces over 200 different parts a year.

  • Analyst Quicktake : Pivot Robots offers a similar solution to Bright Machines , Vecna Robotics, Realtime Robotics , and Mimic , which raised  USD 126 million, USD 100 million, an undisclosed amount, and USD 2.47 million over the last two months. Pivot differentiates itself by using foundation models to reduce the large data requirement traditionally needed for integrating machine vision into robots.

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