SAN MATEO, Calif. – Cobalt Robotics, a service provider in the physical security space that develops indoor autonomous mobile robots that work with security and facility operations staff, today announced it raised $35 million in Series B financing.
The round, led by Coatue, will be used for expansion of its offerings across the domestic U.S. The company, which joined the RBR50 of the Top Robotics Companies in 2019, was founded in 2016 to combine the concept of autonomous mobile robots with highly trained remote personal to provide new levels of situational awareness and real-time response.
“Security is fundamentally about trust and reputation, and it needs to be reinforced across all aspects of the company: founders, employees, technology, and financial backers,” said Dr. Travis Deyle, CEO of Cobalt. “Our goal is to combine the best parts of machines (unwavering attention, perfect recall, and super-human sensing) with the best aspects of people (warmth, responsiveness, and adaptability) to create service robots that dramatically improve the quality of life for everyone and fundamentally redefine the modern workplace.”
The physical security market is predicted to reach nearly $119.4 billion in 2023, according to Research and Markets. Cobalt said security robots are a new tool within the industry that enhances security programs by “bridging the gap between traditional technologies and services such as cameras, access control, and manned guards.” The company’s robots-as-a-service model combines autonomous patrolling robots with human specialists, giving organizations a 24-hour security solution “that complements existing security assets like manned security guards and access control systems (ACS).”
Since its $13 million Series A funding announcement in March 2018, Cobalt has deployed security and facilities management services to clients in various sectors (Technology, Defense, Finance, and Manufacturing) across a variety of organizational sizes (small startups to marquee Fortune 50 companies). This year, Cobalt introduced its new door integration capability, which enables robots to seamlessly pass through areas closed off by a door using wireless technology to communicate with access control readers—a first for the industry. In addition to its client base, Cobalt has expanded its engineering and operations teams and enhanced its security and facilities teams, bringing its unparalleled customer service and performance to new markets.
“We believe Cobalt’s robotic security guards are revolutionizing the security services space and providing an unmatched experience for customers,” said Kris Fredrickson, Partner at Coatue. “In addition, we have been thoroughly impressed with the team’s philosophy that a great physical security service should positively impact not only the company’s operations but its culture as a whole.”