Robok takes scale-up funding to $4m
RoboK, a Cambridge startup applying AI-powered computer vision to logistics & industrial workplaces, has clinched a $2.1 million Series A investment round. The company has now raised $4m to accelerate commercial expansion.
RoboK applies AI in CCTV cameras to help logistics companies like large ports, warehouses and sortation hubs prevent safety hazards, inefficiencies, and delays as well as make operations more efficient inside facilities.
The Bristol Port Company, one of RoboK’s customers, saw a reduction of over 90 per cent in potential safety incidents after just three months of deploying RoboK's solution.
The funding round was led by Cambridge Enterprise, the University’s technology transfer arm, with participation from new and existing investors including the Bristol Port Company, U-blox AG, Amadeus Capital Partners, Martlet Capital, the University of Cambridge Enterprise Fund managed by Parkwalk Advisors, Deeptech Labs, and a number of angels.
The company has also secured grants from funders including InnovateUK and the Department for Transport.
The company is on a mission to deliver significant value to customers and unlock the often-overlooked potential of its existing industrial CCTV cameras.
This is achieved via Robok’s proprietary computer vision solutions that are privacy-preserving and cost-effective, allowing the company to offer secure, always-on and proactive insights with deep sector operational knowledge.
Ports handle large volumes of cargo and have complex logistics processes involving many vehicles, equipment, and personnel. By using computer vision to monitor and analyse these processes, RoboK's technology can help prevent accidents as well as improve efficiency in handling and transportation.
Having successfully used the technology, Bristol Port Company decided to invest in RoboK's latest funding round.
The new funding will enable RoboK to connect to more sites, including ports and other industrial infrastructure, and provide even more valuable insights as the solution becomes more embedded within the day-to-day operations of customers, helping operators of very large sites better monitor the potential safety issues as well as improve productivity and throughput.
RoboK also plans to hire additional commercial and product roles to support its growth plans. This infusion of new talent will enable the company to continue to innovate and improve its solution to meet customers' evolving needs.
Hao Zheng, co-founder & CEO at RoboK, said: “Our technology has the potential to revolutionise the entire infrastructure industry and we are starting with ports. This is especially significant for the UK, as 95 per cent of all UK imports and exports are transported by sea.
“We are committed to making it accessible to as many workplaces with existing industrial CCTV cameras as possible. Supported by strong research expertise, our solution stands out in our ability to provide accurate and robust AI insights at scale and cost-effectively.
“Our team has built an easily configurable solution that can address the many key challenges of our customers and we are excited to use this funding to continue our journey of making industrial workplaces safer and more efficient.”
Desmond Cheung, Senior Investment Analyst at Cambridge Enterprise, said: “Cambridge Enterprise has been a staunch supporter of RoboK since it spun-out of the University’s Department of Computer Science and Technology in 2017 and is delighted to have led RoboK’s latest funding round alongside existing investors, the Port of Bristol and the port’s major shareholder.
“The encouraging outcomes at Bristol just 3 months after deploying RoboK’s solution is not only a testament to the performance of RoboK’s AI, but also to Hao and her team’s dedication to delivering a class-leading product. We look forward to seeing RoboK’s platform scale across the logistics and supply-chain sector, and potentially save many more lives to come.”
Amelia Armour, Partner at Amadeus Capital Partners, commented: “Amadeus is very proud to have been a backer of RoboK from very early on and our team strongly believes in the AI technology that Hao and her team has developed. At this stage in its development, it is especially exciting to see the commercial traction the company is having with ports. It is a clear sign of the team successfully productising its technology, and having the ports come on board as new investors will also be seen as strong validation that should help attract further customers.”
Miles Kirby, CEO of Deeptech Labs, said: “Since participating in Deeptech Labs’ Autumn ‘21 cohort, RoboK has gone from strength to strength, and this marks another key milestone in its journey. We are excited to have this latest funding round validate the RoboK model. We look forward to working with the RoboK team as they continue to scale their operations and further enhance the safety and efficiency of large-scale infrastructure sites.”
