Augmentus, a Singapore-based firm in no-code robotics software, has successfully raised $5 million in Series-A funding.
The round was led by Sierra Ventures, along with Cocoon Capital, Augmentus said in a statement on Tuesday.
According to the statement, the funds will be used to scale operations in the United States, Europe, and Asia, meeting increasing customer demand of various industries and sizes.
Augmentus has supplied to more than 30 manufacturers worldwide, including Fortune 500 companies.
As part of its expansion plans, Augmentus will leverage its Augmentus System Partner (ASP) program to onboard system integrators and channel partners, focusing on high-mix and complex manufacturing.
A portion of the investment will also be allocated to intensify research.
“We are excited to tap into Sierra Ventures’ expertise and network to execute our commercial plans and enhance our product,” said Leong Yong Shin, Co-Founder and Chief Executive Officer of Augmentus.
“We are also thrilled to receive Cocoon Capital’s continued support for our vision,
“This funding highlights the potential future where robots can adapt to any part and process with no downtime and expertise required,” he added.
According to the firm, conventional robot programming is fragmented and costly, requiring extensive training and expertise due to proprietary programming languages.
This results in 75 percent of lifetime costs being attributed to software and programming.
It is noted that the industrial robotics software market is expected to reach $47 billion by 2030, growing at a compound annual growth rate (CAGR) of 27 percent.
Augmentus said it aims to disrupt this market, and their proprietary technology serves as the eyes and brains of any industrial robots.
It said that 3D cameras gather spatial data, which is processed by its AI model to suggest the best path for the robot, even complex parts.
“With the continuous growth of industrial robotics and the increasing deployment of robots in production, there is a pressing need for a more efficient and scalable programming solution,
“Augmentus’ integration of precise 3D scanning, no-code micro-adjustability, and automated code generation is the solution to this challenge,” said Ben Yu, Managing Partner at Sierra Ventures.
Sierra Ventures is an early-stage Silicon Valley-based venture capital firm focused on Enterprise and Next-Gen Technologies.
Will Klippgen, Managing Partner at Cocoon Capital said that the firm has been impressed by how fast Augmentus reached product-market fit and engaged with some of the largest players around the world only a few months after launch.
“We are proud to back a team that is so committed to bringing down the cost of production by making robotics available to businesses regardless of size and industry,” he added.
Cocoon Capital is a Singapore-based venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia.