Robotics Roundup #11: November 2024
Foundation software, defense, and another IPO
Welcome back to Robotics Roundup, a look back on the month’s most important VC deals in the robotics industry. Physical Intelligence grabbed headlines for its massive Series A in November, as did Chinese self-driving giant Pony AI for its Nasdaq IPO. Here are the deals:
The Deals
Physical Intelligence raised $400M in Series A funding led by Thrive Capital, Lux Capital, and Jeff Bezos, with participation from Bond, OpenAI, and Redpoint Ventures. The San Francisco-based company develops foundational operating software capable of supporting any robotic system.
Skydio raised $170M in a Series E extension, bringing the round total past $400M. The extension was led by KDDI and Axon, with participation from NVIDIA, a16z, Linse Capital, IVP, and Next47. The Silicon Valley company specializes in autonomous drones designed for applications in public safety, infrastructure inspection, and defense.
ZAP Surgical raised a $78M Series E led by Qingdao Baheal Medical, with participation from other strategic investors. The Silicon Valley company develops a non-invasive robotic radiosurgery system designed to treat brain cancer.
TEKEVER raised €70M in funding led by Baillie Gifford and backed by the NATO Innovation Fund, with participation from the UK’s National Security Strategic Investment Fund and Crescent Cove Advisors. The Lisbon-based company develops autonomous aerial surveillance drones.
Pickle Robot raised $50M in Series B funding from Teradyne Robotics Ventures, Toyota Ventures, Ranpak, Third Kind Venture Capital, One Madison Group, Hyperplane, and Catapult Ventures. The Cambridge, Massachusetts-based company develops robots that autonomously unload trucks, trailers, and import containers at loading docks and warehouses.
Inversion raised $44M in Series A funding led by Spark Capital and Adjacent, with participation from Lockheed Martin Ventures, Kindred Ventures, and Y Combinator. The Los Angeles company is building autonomous re-entry vehicles to deliver materials to remote locations via space.
Luum raised $30M in a Series A round led by Long Journey Ventures, Artifact Capital, and Boardman Bay Capital Management. The Oakland, California company is building robotic systems capable of independently applying eyelash extensions.
Starfish Space raised $29M in funding led by Shield Capital, with participation from Point72 Ventures, Booz Allen Ventures, Aero X Ventures, Trousdale Ventures, and TRAC VC. The Seattle-based company builds autonomous servicing spacecraft that help dispose of or extend the life of satellites.
Ample raised $25M in strategic funding from the Mitsubishi Corporation. The San Francisco-based company develops battery swapping technology for electric vehicles, offering an alternative to traditional charging stations.
Vecna Robotics raised $14.5M in funding from existing investors, including Tiger Global. The Waltham, Massachusetts company develops autonomous forklifts for warehousing and logistics use cases.
Vatn Systems raised $13M in Seed funding led by DYNE Ventures with participation from Lockheed Martin Ventures, RTX Ventures, In-Q-Tel, Propeller Ventures, SAIC Ventures, Cubit Capital, and Fortitude Ventures. The Portsmouth, Rhode Island company develops autonomous underwater vehicles for defense and commercial applications.
Brightpick raised $12M in equity and debt funding, with participation from new investor EBRD Venture Capital. The Erlanger, Kentucky company offers warehouse automation solutions for order fulfillment and material handling.
IADYS raised $11M in funding led by Go Capital and Innovacom. The French company is developing robots that can decontaminate water by collecting floating waste and hydrocarbons.
Four Growers raised $9M in Series A funding led by Basset Capital, with participation from Ospraie Ag Science and YC. The Pennsylvania company addresses labor shortages in farming with a robot that can autonomously harvest greenhouse produce.
Xavveo raised $8.6M in Seed funding co-led by Vsquared Ventures and imec.xpand. The Berlin-based company is developing a photonic distributed radar system to support autonomous driving, with additional applications in industrial and healthcare settings.
Kilter raised $8.6M in Series A funding led by Pymwymic and Nufarm, with participation from SBG Invest, Natural Ventures, and ProAgInvest. The Norwegian company is building an autonomous weeding robot that delivers herbicides in single, precise droplets that it says can reduce chemical use by up to 95 percent.
Swap Robotics raised $3M in strategic funding from Array Technologies. The Canadian company develops robotic solutions for solar panel maintenance, specifically focused on autonomous grass cutting, as well as installation.
The Big Exits
Pony AI debuted on the Nasdaq stock exchange, hitting a $5.25B valuation. The China-based, Silicon Valley-founded company builds autonomous vehicle technology.
Do you have questions, feedback, or a funding round to announce? Get in touch at stateofrobotics@fprimecapital.com
Access the latest F-Prime Capital State of Robotics report here.