Participated · Series C · Nov 2022

Soft Robotics is a Bedford, Massachusetts–based company that develops compliant soft robotic grippers and an AI/computer vision platform for handling fragile and variably sized items, particularly in food production. Its core product, the mGripAI system, combines 3D vision with soft gripping hardware to pick up meat, produce, and other inconsistently sized foodstuffs. The company has emphasized food production as a major go-to-market strategy and has seen increased demand as soft robotics grippers have become more in vogue. Soft Robotics reported that pandemic-related dynamics helped produce the four largest sales quarters in its eight-year history. The firm announced a $26 million Series C to accelerate deployment of its mGripAI system. The round was led by Tyson Ventures, with Marel and Johnsonville joining as new investors. Previously, Soft Robotics raised a $23 million Series B and a $10 million extension in June of last year. Soft Robotics develops soft, pneumatic-powered robotic grippers combined with 3D perception and AI to allow robots to handle fragile and variable food products. Its technology augments widely available industrial robots with hand-eye coordination for tasks typically done by human workers. The company targets food-supply-chain use cases such as agriculture, food processing and logistics, where product variability and unstructured environments challenge traditional robots. Demand for its automation solutions has risen during the COVID-19 pandemic amid labor shortages and concerns about disease transmission. Tyson Foods is an existing customer and Tyson Ventures has joined the investor list. Founded in 2013 and based in New England, the company has raised roughly $58 million to date after the latest extension. Soft Robotics designs soft-material end-effectors (grippers) that allow robots to more easily grip varied objects without the precise tolerances and complex programming required by traditional industrial claws. The company has established relationships with large global clients and the article notes it likely isn’t hurting for revenue. Product efforts include the mGrip gripper and an integrated system tied to FANUC’s Mini‑P controller for easy use with FANUC robots. The new capital will fund growth initiatives to increase gripper variability and expand applications in food packaging, consumer goods, e‑commerce and logistics. Soft Robotics plans to target automation of returns processing in e‑commerce, a highlighted pain point. The company has previously raised $20M in 2018 and $5M in 2015, each described as oversubscribed rounds. Soft Robotics develops soft, air-filled robotic grippers made from rubbery materials that are more compliant than traditional robotic hands. Its grippers reduce the need for extensive pre-programming and on-board vision by adapting to a variety of objects. The company has primarily served the food industry, handling delicate products like produce and pizza dough, and counts Just Born Quality Confections (makers of Peeps) as a customer. It has also demonstrated a low-cost, AI-driven warehouse system to retrieve products from bins and fulfill retail orders with minimal oversight. Soft Robotics announced a $20 million funding round to expand operations, following a $5 million Series A in late 2015. The company plans to use the new capital to push further into food and beverage categories and to grow its presence in retail, logistics, and warehouse fulfillment. Soft Robotics has developed novel, proprietary soft-robotic technology for manipulation and material handling, capable of handling fresh produce, electronic components, consumer goods, clothing and other objects without tool changes or software modifications. The company was founded in 2013 out of the Whitesides Research Group at Harvard University and is led by CEO Carl Vause. It brought its technology to market in June 2015 and is deploying solutions with industry partners and end users across consumer products, advanced manufacturing and food handling. Soft Robotics is headquartered in Cambridge, MA. The company intends to use recently raised funds to grow commercial deployment of its technology and to support continued product development. No operating metrics (revenue or users) were disclosed in the article.

Participated · Seed · Jul 2020

The Better Meat Co. is a Sacramento, Calif.-based maker of plant-based meats that uses fermentation to produce Rhiza mycoprotein ingredients. Rhiza mycoprotein is described as an all-natural, whole-food, complete protein and clean-label ingredient that is shelf-stable, free from common allergens, neutral in taste and color, and delivers a meat-like texture. According to the company, adding Rhiza to meat improves nutrition and mouthfeel while reducing saturated fat, cholesterol, and calories. The company intends to use the funds to expand operations and develop new products. Its leadership team includes CEO Paul Shapiro, CFO Nikhil Prashar, EVP of Tech Moran Farhi, and VP of Ops Andrea Choe. The company has raised a total of $43M to date. The Better Meat Co. is a Sacramento-based food tech company that supplies a mycoprotein ingredient called Rhiza to food manufacturers. It transforms microscopic fungi via fermentation into Rhiza and operates as a business-to-business ingredients supplier. The company produces Rhiza at a Sacramento pilot plant that uses a 9,000-liter fermentation system and has completed 100 harvests. The Better Meat Co. reports seed-to-harvest production in just a few hours and significant cost reductions, claiming cost parity with commodity beef. The company recently received a “no questions” letter from the U.S. Food and Drug Administration recognizing Rhiza as Generally Recognized as Safe (GRAS). It plans to use new funding to scale Rhiza production further. Better Meat Co, based in Sacramento, makes white-label plant-based formulations designed to be blended with animal meat to create hybrid products for beef, chicken, crab, fish, pork, and turkey. Its 'meat enhancers' are allergen-free and positioned as cost-competitive with similar animal-derived ingredients. The company sells B2B to food manufacturers seeking to boost sustainability, nutrition credentials, and cost effectiveness of animal-derived products. Customers include Perdue Farms, which used Better Meat Co's formulations in its Perdue Chicken Plus range of nuggets, patties, and tenders. Better Meat Co emphasizes partnership with major meat companies to drive environmental and public health impact. Financially, the startup has raised $8.1 million in a seed round and previously raised $1.6 million in pre-seed financing, bringing total capital raised to just shy of $10 million. Better Meat Co creates proprietary plant-based ingredient blends formulated to mix invisibly into meat products; its first product, Albina 100, combines wheat protein, mushroom, pea fiber and umami extracts. Albina 100 is shelf-stable, described as looking like a packet of croutons, and is specifically formulated for ground pork applications such as sausages, meatballs, chorizo, and dumplings, with future formulations planned for beef, chicken and other meats. The company says a 30% blend of Albina 100 into ground pork maintains similar protein while reducing saturated fat and cholesterol by about 30% each and calories by about 12%. Better Meat Co reports that roughly 80% of consumers in blind taste tests preferred meatballs made with 30% plants. The team emphasizes trade secrets and processes including extrusion as their IP approach rather than patents. The company is targeting foodservice initially while remaining open to CPG partners and aims to be cost-competitive with the meat it replaces.