What Is Plus One Robotics?
Plus One Robotics was founded in 2016 by entrepreneurs Erik Nieves, Shaun Edwards, and Paul Hvsass. According to the company website, the idea for the startup sparked in 2010 when Nieves, conducting an international research project, noticed the potential of an emerging technology, ROS (robot operating systems), in shifting the way robotics are used in an industrial setting. Within a few years, the co-founders had developed their own software and launched a new technology.
This resulted in the main specialty of the startup: computer vision software that allows robots to perform a wide range of warehouse tasks. The software developed by this company — which is both 3D and artificial intelligence (AI)- powered — allows one human worker to manage up to 50 robots remotely. This helps companies meet the growing demands of consumers and provides much-needed efficiency to warehouse logistics. “Plus One supports the mission of ‘always-on’ logistics,” the company says.
Money and Investors
The company has raised a total of $43.6 million in the five years since it was founded, according to investment tracking platform CrunchBase. The first bout of funding came two years after the business was launched when Plus One Robotics raised $2.4 million in a seed round led by Schematic Ventures. The Texas startup then raised another $8.3 million later that year in a Series A led by Pritzker Group Venture Capital.
The fundraising blitz has not let up for this company as the business pulled in its biggest sum in this most recent fundraising round. The startup raised $33 million in a Series B closed this month. The funding round for the company was led by McRock Capital and TransLink Ventures. BMWi Ventures, Kensington Capital Partners, and Ironspring Ventures, along with other existing investors, also invested in the business this round.
Future of the Business
Plus One Robotics plans to use this money to expand its business internationally. Also, the funding will help the startup keep up with accelerating demand for robotics, which has presented new opportunities for startups like Plus One Robotics. “We’re excited to grow alongside our clients here and abroad,” Nieves said in a statement about the funding round. “Like our clients, our investors have a global footprint representing Asia and the EU as well as North America.”
The company is hoping its connections with the investors that sponsored its last round will help it gain a stronger foothold in both North America and Europe. The startup also announced — in tandem with the investment round — that it has added Whitney Rockley of McRock Capital and Toshi Otani of Translink Capital to its board of directors. “This potent combination sets Plus One on a course to continue growing our international installed base,” Nieves said.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.