The Key Investors Fueling the Startup Company
Developing new hardware and software as a robot company takes serious resources. Fortunately, the Kitchener-based startup business enjoys substantial funding support. Investors in Clearpath Robotics include McRock Capital, Kensington Capital Partners, RRE Ventures, and GE Ventures. In addition to venture investors, the robot company has also obtained funding from banks such as Silicon Valley Bank and the Bank of Montreal.
RRE Ventures is a key investor in the company. Stuart Ellman, the managing partner of RRE Ventures, joined the Clearpath board in 2015. RRE's notable ventures include Bitly, Business Insider, Concur, Datadog (NASDAQ: DDOG), and MessageOne.
McRock Capital and Kensington Capital Partners acted as lead investors in Clearpath's Series C investor round. Based in Toronto, McRock Capital has invested in 21 companies, including ThoughtTrace, SkySpecs, and Miovision Technologies. Kensington Capital Partners was established in 1996 and is an investment manager that has invested in more than fifty companies. The investor has supported OTTO Motors (OTTO Motors is a division of Clearpath Robotics), Pela (a company that produces a compostable phone case), and Procurify (a Vancouver B2B startup business that optimized procurement and payment for companies).
Who Buys Robots From Clearpath?
Several types of organizations buy robots from the Canadian robot startup business. For example, Graz University of Technology used the Husky UGV to run a four-week Mars simulation project in Oman. In the United States (US), the University of Virginia used the Jackal UGV to map the Blue Ridge Tunnel.
In addition to universities, Clearpath Robotics serves several large companies such as General Electric (stock ticker: NYSE: GE), General Dynamics (NYSE: GD), Honda (TYO: 7267), Intel (stock ticker NASDAQ: INTC), and Microsoft (NASDAQ: MSFT). Also, the robotics business also lists the US Department of Defense (DOD) as a customer. According to an article in Clearance Jobs, the “ DoD plans to invest roughly $5.5 billion into the development, testing, and deployment of unmanned technology.”
Clearpath uses a series of distributors to sell its products in Europe. Distributors include Generation Robots (covering France and Germany), Next Robotics (Germany), MyBotShop.de (Germany), and Level Five Supplies (England). In addition, the robot business directly sells robot components from its website.
Five Ways to Use Clearpath Robotics Technology
The robot technology business sees five different applications for its technology. Robots with autonomous navigation can be used for surveys and inspections of facilities. In addition, robots can be used for mining, agriculture, defense, and materials handling. In the defense context, Clearpath suggests bomb disposal as an application. In addition, the robot company provides services to help customers develop custom solutions.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.