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.

Led · Series A · Aug 2019

Worximity Technology Inc. builds a smart factory analytics platform that connects equipment and employees in processing facilities to provide automatic data collection, real-time monitoring, analytical views, predictive insights, and machine learning/AI-driven operational insights. The company's technology targets food, beverage, and consumer goods manufacturers to help measure performance and identify cost-saving opportunities. Founded in 2011 and based in Montreal, Worximity has served more than 200 customers and supported over 1,200 projects worldwide. The firm emphasizes simplicity and scalability of its platform as part of its Industry 4.0 and industrial IoT positioning. Worximity plans product diversification and international expansion, which are stated uses for new funding. Financially, the company announced a $1.5 million growth capital financing provided as debt to support those growth initiatives. Founded in 2011 and led by CEO Yannick Desmarais, Worximity provides technologies that enable automatic data collection, real-time monitoring, analytical views, predictive insights, machine learning and artificial intelligence by connecting all equipment and employees in processing facilities. The company’s product set includes its TileboardTM technology and software used to generate operational analytics and predictive insights. Worximity has worked with global customers including Barry Callebaut, BIC, Grupo Nutec, Daunat, Dessaint Traiteur, Fleury Michon, Royal Canin and Ozpak. The team comprises 25 knowledge-based employees — software developers, engineers, data scientists, business analysts and AI specialists — with plans to double headcount by the end of 2020. The company intends to use the Series A proceeds to increase development of technological innovations and to accelerate growth in international markets. Worximity is based in Montreal, Canada. Worximity Technology produces smart industrial technologies that leverage a mobile application and smart sensors to provide real-time monitoring of manufacturing production. The company intends to use the newly raised funds to step up development of its technology. Worximity raised $2m in funding from institutional backers. Investors named in the round include W3 Investments, the Fonds de solidarité FTQ and BDC Capital. BDC Capital's portion of the financing will come in the form of a patient mezzanine loan with a flexible repayment schedule. The company was founded in 2011 by Yannick Desmarais and is based in Montreal, Canada. Worximity Technology develops connectivity solutions that let factory managers and team members monitor production in real time via smart sensors, a mobile application and a real-time dashboard. Its platform compiles data from a range of industrial equipment, generates alerts according to client standards, and helps address downtime and production decreases immediately. The company’s technologies are currently deployed on more than 250 production lines in North America. Founded in 2011 in Montreal, Quebec, Worximity is led by founder Yannick Desmarais. It raised $2M in funding from W Investments and the Fonds de solidarité FTQ. Worximity will use the proceeds to expand its computer development team, enhance connectivity solutions and pursue new markets across North and South America.