Kitchener’s Clearpath Robotics has raised a $14 million ($11.2 million U.S.) Series A fundraising round, led by New York-based RRE Ventures with an assist from iNovia Capital.
RRE co-founder and managing partner Stuart Ellman will join Clearpath’s board of directors.
“RRE was our first choice from the beginning,” said Clearpath CEO and co-founder Matt Rendall. “They have a history of making smart investments in megatrends before they are popular, and they don’t shy away from hardware and other more complex business models – like Makerbot. We couldn’t be happier to have RRE in our corner.”
Focusing on automating what the company refers to as the three “D”s: the world’s dullest, deadliest and dirtiest jobs, Clearpath Robotics intends use the money to expand its robotics portfolio for industrial applications and increase its workforce.
“With this funding, we will produce intelligent industrial robots to do the jobs that humans shouldn’t do,” said Rendall.
“Robots are changing the way industrial work gets done,” said RRE’s Ellman. “Organizations are realizing that automating dull and dangerous work is not only the right choice for workers, it’s also more efficient and saves money. Clearpath has the vision, talent and track record to lead the service robotics industry.”
The automation of various industrial verticals promises a boon to robotics firms like Clearpath. A McKinsey & Co. report from 2013 estimates the potential economic impact of robots at $1.7 to $4.5 trillion by 2025.
Founded in 2011, Clearpath Robotics made a name for itself last year becoming the first robotics company to participate in the Campaign to Stop Killer Robots, which aims to prevent the development of robotics technology that can autonomously decide to use lethal force on humans.
Clearpath Robotics got its start developing its flagship product, The Husky, as part of a U.S. Army-funded competition to detect and remove landmines.
In 2012, Clearpath received a $365,000 investment and has since signed up clients from Intel to Dow Chemical. The company now has 80 employees and has doubled its revenue over the past year.
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