Salt Lake City-based Sarcos Corp just scored a $10.5 million investment from group that includes Caterpillar, Microsoft, and GE Ventures, but seems the company hardly needed the cash infusion.
Bloomberg reports that Sacros has cumulative revenues in excess of $350 million, and has spun out four technology companies. Plus $10.5 million doesn’t last very long in the kind of heavy-duty robotics R&D environment in which Sarcos operates.
In exchange for the investment, Sacros accepted four new members to its board, which seems to indicate that their presence is more a move to gain strategic advantage somewhere further down the line.
Founded in 1983, Sarcos has produced a wide variety of robotic devices for different applications. Undersea salvage robots used by the United States Navy and other units for law enforcement organizations, robotic props for films and amusement park attractions, even the robot fountains of Las Vegas’ Bellagio casino.
More recently, its products include the XOS-2 exosuit, the teleoperated Dextrous Arm and a snake robot used by the U.S. Navy, and micro-machined guideware and micro-catheters for medical procedures (acquired by Boston Scientific).
Sacros was acquired by Raytheon in 2007 before being bought back (2015) by a consortium led by the former president of Raytheon Sacros, Dr. Fraser Smith.
Said the company in a press release issued today: “The infusion of capital will be used to expand the Sarcos team and to accelerate the production and deployment of Sarcos’ Guardian line of robots that are significantly reducing the risk of injury and the cost of performing many of the world’s most dangerous and difficult tasks.
See also: Sarcos buys Raytheon unit