SVT Robotics Inc. yesterday announced the close of its $25 million Series A funding round. The Norfolk, Va.-based startup has developed its SOFTBOT platform to accelerate and simplify the integration and deployment of robots. SVT claimed that companies can use its software to integrate any enterprise system with automation for any task, without custom code, in days or weeks instead of months or years.
Even with the global robotics market growing at an annual rate of 26%, automation deployments have not been fast enough for most companies to adapt to supply chain and staffing challenges they have experienced over the past 18 months, said the company.
“The reason is the lack of interoperability,” said A.K. Schultz, co-founder and CEO of SVT Robotics. “The demand for industrial automation is even higher, but industry growth has been limited by capacity to execute.”
“Integrations are typically all custom-coded, meaning long development cycles,” he said. “It’s expensive, and companies wait as much as a year or more for new automation to go live. Solving that problem with the SOFTBOT Platform empowers the market to grow at its full potential.”Read More