RIOS Secures $5M in Venture Funding
PALO ALTO, CA, RIOS has raised $5 million in venture funding.
RIOS, developer of dexterous AI-powered robots for automating assembly lines, came out of stealth mode today and announced it has raised $5 million in venture funding. RIOS, which spun out of Stanford University and was founded by former Xerox PARC engineers, helps global customers automate their factories, warehouses, and supply chain operations by deploying a new class of highly-dexterous robots that handle hard-to-automate tasks in unstructured environments. RIOS not only automates individual lines, but also builds "lights out" factories by partnering with its network of systems integrators.
The investment was led by Valley Capital Partners (VCP) and Morpheus Ventures, with participation from Grit Ventures, Motus Ventures, MicroVentures, and Alumni Ventures Group. Japanese strategic investors Fuji Corporation and NGK Spark Plug Co., Ltd. also contributed to the funding. VCP Managing Partner Steve O'Hara, Morpheus Principal Howard Ko, and Grit Managing Partner Jennifer Gill Roberts have joined RIOS' board of directors.
"We're building robots of the future-ones that can learn on the job, construct models of the world, and extend these models to perform different tasks in unstructured environments. We're excited to come out of stealth mode and look forward to deploying our robots on a massive scale across every industry," said Dr. Bernard Casse, CEO and founder of RIOS. "With a first-of-its-kind haptic intelligence platform combining dedicated hardware, computer vision, and AI, our robots can learn to grasp and handle many types of objects, precisely selecting and assembling parts and performing complex manipulation tasks."
RIOS develops and deploys AI-powered robots for assembly lines in factories, warehouses, and supply chain operations. The RIOS' robot platform consists of an AI-driven perception system (eye), a central AI (brain), and a purpose-built intelligent end-effector (hand) powered by the world's most advanced tactile sensors.
RIOS first product, DX-1, is a full-stack, multi-purpose robot able to perform a broad range of tasks, from pick-and-place of arbitrary objects to complex component assembly-a skill set largely unseen in the robotics industry until now. DX-1 can interact with objects in both static and dynamic applications, such as bin picking and moving conveyor belts. RIOS' technology delivers true biomimetic touch in a compact footprint, with thousands of miniature sensors relaying information about pressure, texture, and temperature. The sensor data are processed by embedded processors running RIOS' proprietary AI algorithms to give the robots human-level dexterity. RIOS robots possess true haptic intelligence capabilities including optimal grasp, slip detection, surface topography mapping, and texture discrimination.
"RIOS is the rare robotics company that combines unparalleled technical horsepower, from a founding team of skilled PhD engineers, with a massive addressable market and an experienced leader at the helm," said Steve O'Hara, managing partner at Valley Capital Partners. "We believe in Bernard's vision for automation-as-a-service, recognize the potential for wide-scale global deployment of RIOS' dexterous robots in many environments, and have seen firsthand how the company's highly-intelligent robots can manipulate many types of objects with the incredible dexterity of a human hand."
RIOS is industry agnostic. Its robots possess higher levels of dexterity, cognitive skills, and autonomy than existing industrial robots, which allow them to be easily programmed to perform a wide variety of tasks across different industries, handling thousands of SKUs in any environment. Most other industrial robots are scripted to perform single repetitive tasks on tightly-controlled assembly lines. In pilots, DX-1 quickly learned to adapt to multiple use cases in manufacturing, automotive assembly, lab automation, and food services. While in stealth mode for the last 18 months, RIOS built its technology stack from the ground up and has nurtured relationships with global customers and partners to prove its solution.
"While others in the space are tackling simpler use cases like pick-and-pack, RIOS has combined its haptic and perception capabilities to deliver a next-generation solution today," said Howard Ko, Principal at Morpheus. "The RIOS robot does complex autonomous manipulation that enables it to easily integrate into existing assembly lines to deliver a real-world increase in productivity and cost savings."
RIOS delivers DX-1 via a robots-as-a-service (RaaS) model, charging a flat monthly fee that includes installation, initial programming, regular software updates, re-programming as needed, maintenance, and 24x7 monitoring. This flexible model eliminates upfront capital costs and allows facilities to add automation to their facilities quickly and cost-effectively.
RIOS, founded in 2018, is a technology company helping global customers automate their factories, warehouses, and supply chain operations by deploying a new class of dexterous AI-powered robots. RIOS robots handle hard-to-automate tasks, typically requiring human-level dexterity, in unstructured environments. RIOS is headquartered in Palo Alto, CA and has a pilot facility in San Carlos, CA. More information is available at http://www.rios.ai.
About Valley Capital Partners
Valley Capital Partners invests time and money in early-stage, high technology companies. We partner with exceptional founders solving hard problems that require intense curiosity, intellectual depth, and often, science and deep technology. VCP is based in Menlo Park, CA. More information is available at http://www.valleycappartners.com.
About Morpheus Ventures
Morpheus invests in the disruption of large markets across the technology landscape from consumer to enterprise technologies including data analytics, machine learning, robotics, transportation, and SaaS. The firm is headquartered in Los Angeles and backs great entrepreneurs worldwide. For more information, see http://www.morpheus.com
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