BOSTON BUSINESS JOURNAL?Boston-based Rethink Robotics, maker of the humanoid robot Baxter, has raised $11.5 million in new funding, the company confirmed Friday. The funding was led by Two Sigma Ventures, a division of New York-based asset management company Two Sigma Investments, Rethink said. Also taking part in the round were all existing investors, the company said. Existing investors include Sigma Partners, Charles River Ventures, Highland Capital Partners, Draper Fisher Jurvetson and Bezos Expeditions, the personal investment firm of Amazon.com founder and CEO Jeff Bezos. Previous funding had totaled $62 million. Rethink Robotics first disclosed the amount of the new funding in a filing with the SEC this week. The company said the new funding will be used as growth capital for continued expansion. Baxter has two arms and grippers on each arm, and can easily be programmed to do a variety of repetitive tasks. Rethink began shipments of Baxter to U.S. manufacturers in January. Manufacturers are using the robot to automate a variety of manual labor tasks alongside workers in factories. Rethink also launched a research version of Baxter in April, which is now being used by universities including MIT, Tufts and WPI. Rethink Robotics was founded in 2008 by iRobot co-founder Rodney Brooks, who is the company’s CTO. CEO of Rethink, Scott Eckert, said in August that Baxter has been in demand so far from the plastics and packaging industries. The company has also found a “surprising amount of interest from the automotive industry,” Eckert said. Customers which have purchased Baxter so far include Rodon Group, a Pennsylvania plastic injection molder, the company said. Rethink isn’t disclosing how many robots it has shipped to manufacturers so far.
Rethink Discloses $11.5M in New Funding
rRethink’s new funding will be used as growth capital for continued expansion.
