to understand and interact with the physical world in meaningful ways.”
-Saman Farid, managing director, Comet Labs
IAM Robotics announced an investment by Silicon Valley group Comet Labs. Comet Labs is a venture initiative focused on helping business-to-business intelligent machine, Artificial Intelligence (AI) and Robotics, startups scale.
They invest capital, and provide resources that accelerate the product and customer development cycles-resulting in a shorter time to paying customers. Their portfolio companies include both platform technologies, as well as specific industry applications using intelligent machines.
Saman Farid is the managing director of Comet Labs. He introduced the investment group by saying, “Comet Labs actively invests in robotics and AI technology companies augmenting the scale and scope of human abilities. We believe that an inflection point has arrived that allows robotic solutions to understand and interact with the physical world in meaningful ways, and we are actively investing in and partnering with companies building those solutions.”
Praise & confidence
Comet Labs has taken a particular interest in the problems being addressed by IAM Robotics.
“Warehouses have remained largely unchanged for dozens of years,” Farid said. “Many attempts are being made with half-measures, however IAM Robotics is one of the only companies ambitiously attempting to solve the whole set of problems, from scanning objects to picking and general automation in the warehouse, they can make a significant impact to the bottom line and workflow of fulfillment centers. They have assembled a world-class team of engineers and have a proven ability to execute.”
“It’s wonderful having a vote of confidence from a key player in the community of robotics investors,” said CEO of IAM Robotics, Tom Galluzzo.
“Comet Labs sees the best robotics and AI startups from all over the world and Silicon Valley,” he said. “The fact that they see the value of what IAM Robotics is bringing to the market is a new level of validation for us.”
“This is the first of many exciting partnerships and bridges we will build into the broader network of AI technology companies and investors,” Galluzzo said.
IAM Robotics will use the investment from Comet Labs to accelerate the commercialization of its autonomous mobile picking robots.
Swift industrial mobile manipulation robots are used for new applications in logistics and manufacturing. Companies using Swift are able to automate manual operations rapidly without changing human-friendly infrastructure.
Financial terms were not disclosed.