Path Robotics raises $100M to automate welding
Path Robotics offers is autonomous welding robots with a RaaS pricing model. | Source: Path Robotics
Over the past 12 months, Path Robotics has closed $100 million in new investments. The Columbus, Ohio-based company said it is dedicated to embodying artificial intelligence so that robotic systems can take on challenges that traditional automation is incapable of tackling.
Founded in 2018 by brothers Andy and Alex Lonsberry, Path Robotics’ stated goal is to fill gaps in the manufacturing industry. As a result, the company has created robots that use AI, machine learning, and computer vision systems to fit up and weld parts.
The company currently has two robotic welding products in the market. The first, the AW-3 Robotic Welding Cell, can handle large parts, as big as 70 ft. long.
The AF-1 Robotic Welding Cell, on the other hand, can pick, fit, and weld parts without human intervention. Path Robotics said both of its welding cells can autonomously weld steel parts and are deployed in fabrication shops across the U.S. and Canada.
“As a firm, we seek out transformative technologies that solve pressing, real-world challenges — and Path Robotics exemplifies that vision,” said Haomiao Huang, founding partner at Matter Venture Partners, a leader of the funding round.
“Path’s AI robotics technology is a game changer for manufacturing, starting with addressing critical labor shortages in welding but with potential far beyond that,” Huang said. “We are incredibly proud to partner with Andy and the Path Robotics team in their mission to revitalize American manufacturing and lead the future of AI robotics in the factory.”
Path Robotics adds investors
Matter Venture Partners and Drive Capital led the round, which also included participation from Yamaha Ventures, Taiwania Capital, MediaTek, Catapult Ventures, Gaingels, Addition, Tiger Global, and Basis Set.
“With Matter Venture Partners, there was a mutual attraction we both recognized,” said Andy Lonsberry, co-founder and CEO of Path Robotics. “There are multiple layers to what we’re doing at Path; we build software, but it powers hardware.”
“We serve the welding industry, but with cutting-edge AI, robotics, and machine learning,” he reiterated. “Having an investor that understands those layers is important to our success and continued growth.”
Path Robotics previously received venture backing from prominent investors such as Drive Capital, Addition, Tiger Global, Basis Set, Lemnos, and Silicon Valley Bank totaling $170 million.
“This investment from Matter Venture Partners is valuable, but their expertise and relationships are just as meaningful,” said Lonsberry. “The manufacturing industry’s challenge with the shortage of welders is not going away, and they understand the nuance of what we’re tackling. They are aligned with us in our belief that to rebuild manufacturing, we are going to have to create autonomous systems that can take on the labor challenges currently plaguing American manufacturing.”
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