Veo Robotics Inc., a sensor developing startup has closed a funding round since they are on the verge of rolling out a product in the month of May.
Patrick Sobalvarro, Co-founder and Chief Executive Officer said in an interview that last month the company raised $ 15 million with total financing of $ 28 million.
There are above 2 million industrial robots operating globally. Veo’s owned technology makes use of lidar sensors that displays maps of the workspace which helps the robots to slow down or stop when human workers are getting close.
Sobalvarro quoted, “Where you see a lot of robots, that’s just the beginning of assembly,” Sobalvarro said. “Those welding robots make for flashy pictures, but what you don’t see is another 250 to 500 process steps that are entirely manual.”
Sobalvarro said the robots we see is just the start of assembly, what we don’t see is, there are 250 to 500 process steps that are completely manual.
“Veo could take an industrial environment, fuse all of that data and diagnose the health of the whole factory on a real-time basis,” Bilal Zuberi, a partner at Lux Capital said.