More new money, more new investors
What began in 2008 with $5 million from Jeff Bezos and his Bezos Expeditions (when Rethink was called Heartland Robotics) has now tallied up to a heady $113.5 million in early 2015.
That’s a tidy $16.2 million annually.
Today, Rethink Robotics announced the closing of its final slice of its $40 million in Series D funding for 2015: the first tranche of $26.6 million hit the vaults in January, the second hit in March for the balance of $13.4 million, which Rethink just announced and closed on today.
With this last piece of $13.4 million, Rethink also welcomed new members aboard its investment team: Wellington Management Company LLP joining GE Ventures and Goldman Sachs as significant new investors in the round.
Previous team members, Bezos Expeditions, CRV, Highland Capital Partners, Sigma Partners, Draper Fisher Jurvetson and Two Sigma Ventures also participated in the $40 million Series D round.
See related: $26.6M More: Investment Money Loves Rethink Robotics
The company announced the first tranche of $26.6M in January and a combination of Wellington Management Company and existing investors contributed the remaining $13.4M in March. Total investment in the company is now $113.5 million.
The company reported: ?The funds will fuel Rethink Robotics’ rapid growth and global expansion, and drive product innovations that will continue to raise the bar for collaborative robots in manufacturing.
From Baxter to Sawyer
Sawyer, the company’s new high-performance, single-arm robot,was introduced last month, to substantial market demand for its ability to perform a variety of precise tasks including
machine tending and circuit board testing. All of Rethink’s collaborative robots are designed to easily and cost-effectively perform many of the 90 percent of tasks in factories that are not yet automated.
Since its founding in 2008, Rethink Robotics has consistently set the standard for what smart, collaborative robots can and should do in manufacturing environments. Sawyer, developed for global distribution, significantly expands the addressable market pioneered by Baxter, Rethink’s flagship offering, launched in 2012.
“A shortage of manufacturing labor around the world, coupled with manufacturers’ need to respond rapidly to market and product changes, is creating the need for a new kind of robot,? said Scott Eckert, President and CEO of Rethink Robotics.
“The market potential is substantial and our investors are enabling us to lead the way with innovative robots that are transforming global manufacturing.”