UPDATE: Rethink Robotics CEO and president Scott Eckert told BostInno in a statement that the funding will go towards continuing the company's growth abroad. Said Eckert:
The funds we raised are growth capital to help fuel further expansion. We just launched the Baxter Research Robot in Europe in September and are expanding into other locations soon. We are also working on new additions to our software roadmap. Like the recent delivery of our Baxter 2.0 software release, we intend to continue to increase the value of Baxter for new and existing customers.
On Friday, word got out that South Boston-based Rethink Robotics filed a Form D with the SEC outlining a new $11.5 million investment led by Two Sigma Ventures, the VC arm of a New York asset management company Two Sigma Investments.
In total, the robotics company responsible for the human-esque robot Baxter has raised $62 million in financing from Sigma Partners, Charles River Ventures, Highland Capital Partners, Draper Fisher Jurvetson and the personal investment fund of Amazon tycoon Jeff Bezos. All existing investors participated in the company's most recent $11.5 million round.
Baxter, the company's key offering, is an easily programmable robot that can be trained to do an array of repetitive yet detailed tasks (I tried my hand at teaching him in August).
The company shipped out its first batch of Baxters to stateside manufacturing companies back in January 2013. Manufacturers have seen strong results since incorporating the robots into factory floor processes. Unlike a human worker, Baxter has no problem withstanding a regular night shift in addition to a daytime hours, thereby increasing factory productivity. Though it has a steep price tag of $22,000, Baxter offers a simple solution and brings return on an investment in under a year.
According to CEO Scott Eckert, Rethink Robotics is focusing on bringing Baxter to small and medium companies with "under-robotted" manufacturing–businesses where it has never before made sense, economically or otherwise, to invest in robotics. Eckert also mentioned that within the next year and a half, an undisclosed company plans to build a plant entirely around the use of Baxters.
Additionally, local universities, such as MIT and Tufts, are incorporating a research version of the red robot into various studies.
The company was started in 2008 by Rodney Brooks, current CTO and former iRobot co-founder, and Eckert, the company's current chief executive.
