Veo Robotics Inc. is prepping to launch a sensor technology that will enable industrial robots to work safely side-by-side with humans.
The startup based in Waltham, Massachusetts, has closed a funding round as it prepares to roll out the product in May, according to Bloomberg.
Patrick Sobalvarro, co-founder and CEO, Veo Robotics, told the daily that the company raised $15 million in its latest funding round, bringing total investment to around $28 million.
Besides the company’s existing shareholders – Google Ventures, Lux Capital Management and Next47, a venture firm started by Siemens AG – new investors including Nikon-SBI Innovation Fund, SBI AI & Blockchain Fund and Baidu Ventures contributed to the latest funding round.
What exactly is this new technology?
Veo’s proprietary technology uses lidar sensors to create real-time maps of factory work spaces, so that robots can slow or stop completely when human workers get too close, the report said.
Veo is working closely with the world’s biggest robot makers Fanuc Corp., Yaskawa Electric Corp. and Kuka AG on the project.
But Veo’s first customers are likely to be car companies, manufacturers of durable goods such as household appliances and oil and gas equipment makers, where the shale revolution created demand for more customization.
The technology could be used to get machines to present parts to human workers, for loading and unloading fixtures and in palletizing, the report added.