Japan’s LifeRobotics raises $4.4m in Series A round
LifeRobotics, the developer of an industrial collaborative robot called Coro, has raised JPY500 million ($4.4 million) in Series A funding aimed at a marketing initiative and technological developments.
According to a statement, Koden Holdings, Mitsubishi UFJ Capital and Omron Ventures participated in the round. The investment follows a $2.2 million capital raising last year led by Global Brain and Nippon Technology Venture Partners, which resulted in Global and Nippon nominations to the LifeRobotics board, according to The Bridge.
LifeRobotics was founded in 2007 with an aim to lead the rapidly expanding sector of industrial-use collaborative robots, also known as co-robots. The company's Coro project was showcased at the 2015 International Robot Exhibition in Japan and has been demonstrated as capable of operating safely in close proximity to human co-workers.
Last month, US-based market researcher International Data Corporation estimated that global spending on robotics would reach $135.4 billion by 2019. Asian investment in the industrial automation space has recently included a Tiger Global Management and Blume Ventures-led Series B round for Indian warehouse robotics developer GreyOrange Robotics. SoftBank China Venture Capital, meanwhile, is expected to pursue investments in robotics and advanced industrial applications after raising a $459 million fund with robotics and advanced industrial applications.
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