The rising demand for automation has fueled significant growth in the robotics industry. While the upfront costs of robot installation might be daunting for some companies, the long-term benefits, including reduced operational expenses compared to human labor, improved safety, and enhanced accuracy, make robots a valuable investment. Additionally, robots do not experience fatigue, illness, or spread viruses, positioning them as indispensable assets across various industries.
According to Market Research Future, the global robotics market was valued at USD 59.7 billion in 2022 and is projected to exceed USD 200 billion by 2030, with an anticipated CAGR of 16.1% between 2023 and 2030. The International Robot Federation (IFR) reported that over 553,000 industrial robots were installed worldwide in 2022, surpassing pre-pandemic records. This growth is further highlighted by the global operational robot count reaching approximately 3.9 million units.
Here are some of the standout robotics and automation companies and startups to watch in 2024 demonstrating promising potential:
1.Fetch Robotics
Year founded: 2014
Location: San Jose, CA
Funding: $94M (Series C)
Description: Fetch Robotics offers a comprehensive robotic solution for logistics and warehouse automation. Their autonomous mobile robots (AMRs) are designed to handle various tasks, including picking, packing, and transporting goods within warehouse environments. By integrating advanced AI, computer vision, and machine learning technologies, Fetch Robotics enables businesses to optimize their supply chain operations, increase productivity, and reduce operational costs.
2.Aeva
Year founded: 2017
Location: Mountain View, CA
Funding: $150M (Series C)
Description: Aeva is a technology company specializing in developing next-generation sensing and perception systems for autonomous vehicles and robotics. Their unique Frequency Modulated Continuous Wave (FMCW) LiDAR technology offers superior range, resolution, and velocity measurement capabilities compared to traditional LiDAR systems. Aeva's innovative solutions are poised to revolutionize autonomous driving, robotics navigation, and industrial automation by providing enhanced perception and safety features.
3. Ghost Robotics
Year founded: 2015
Location: Philadelphia, PA
Funding: $50M (Series C)
Description: Ghost Robotics specializes in developing rugged and advanced legged robots designed for various terrains and environments. Their robots are equipped with multi-terrain capabilities, enabling them to navigate challenging landscapes, climb obstacles, and operate in extreme conditions. Ghost Robotics' versatile robotic platforms cater to defense, public safety, military robotics and industrial applications, providing unmatched mobility, durability, and performance.
4. Brain Corp
Year founded: 2009
Location: San Diego, CA
Funding: $125M (Series C)
Description: Brain Corp is a software technology company specializing in developing AI-driven autonomous navigation systems for robots. Their BrainOS platform enables robots to perceive, learn, and adapt to complex environments, allowing them to operate autonomously in various settings, including retail stores, airports, and commercial spaces. Brain Corp's solutions empower businesses to automate repetitive tasks, enhance operational efficiency, and deliver improved customer experiences through intelligent robotic systems.
5.Company Six
Year founded: 2019
Location: Boulder, CO
Funding: $6.9M (Series Unknown)
Description: Company Six is a drone technology company specializing in creating reconnaissance drones tailored for scouting various terrains. These portable drones are designed to operate across challenging environments, offering unlimited range due to LTE capabilities and extended battery life. They cater primarily to first responders and professionals working in high-risk environments, providing critical situational awareness and data gathering capabilities.
6. Cobalt Robotics
Year founded: 2016
Location: San Mateo, CA
Funding: $49.5M (Series B)
Description: Cobalt Robotics specializes in developing autonomous security robots designed to patrol and monitor indoor environments. These robots combine advanced sensors, AI-driven analytics, and human-in-the-loop technology to provide real-time situational awareness and threat detection capabilities. Cobalt Robotics' solutions are tailored for commercial spaces, office buildings, and healthcare facilities, offering enhanced security and peace of mind to clients.
7. Skydio
Year founded: 2014
Location: Redwood City, CA
Funding: $570M (Series E)
Description: Skydio is at the forefront of AI-driven drone manufacturing. Their drones feature Skydio Autonomy, enabling them to fly autonomously with expert-level precision, reducing the need for manual control. They have recently collaborated with Axon Evidence to automate media uploads captured by their drones.
8. Anduril Industries
Year founded: 2017
Location: Irvine, CA
Funding: $2.2B (Series E)
Description: Anduril Industries specializes in autonomous aerospace robotics to address national security challenges. With products like the Lattice Platform and Sentry Tower, they offer comprehensive robotics solutions for oversight, scanning, and command management. Following a significant Series E funding round, the company's valuation soared to $8.5B.
9. Vecna Robotics
Year founded: 2018
Location: Waltham, MA
Funding: $128.5M (Series C)
Description: Vecna Robotics specializes in warehouse automation, ecommerce automation and workflow optimization through autonomous mobile robots. Their robots are equipped with learning capabilities, allowing them to adapt to changing workplace conditions and challenges, thereby consistently improving productivity over time.
10. Energy Robotics
Year founded: 2019
Location: Darmstadt, Germany
Funding: $4.9M (Grant)
Description: Energy Robotics operates as a "Robotics as a Service" (RaaS) company, offering fleets of inspection robots designed to enhance inspection, cloud systems, and management in various industries. Their robots are equipped with multiple onboard sensors and are capable of autonomous operations in diverse environments, enabling predictive maintenance and seamless integration with operational management systems.
