Robotics investments top $1.3B in July

Robotics companies raised approximately $1.3 billion in July 2024. That figure is a result of 47 investments for producers of robots and robotics enabling technologies. July’s total is slightly more than the 12-month trailing investments average of $1.2 billion.

Investments for the first seven months of 2024 equals approximately $9.7 billion. The $9.7 billion figure compares favorably to the January to July 2023 total funding amount of $8 billion. Robotics companies raised $2.7 billion in June 2024, but that number was inflated by two large investments raised by autonomous vehicle companies.

Robotics investments will be a major topic at RoboBusiness, which is produced by The Robot Report and runs Oct. 16-17 in Santa Clara, Calif. F-Prime Capital will be speaking on Oct. 16 about investor shifts in the robotics landscape, while a panel on Oct. 17 will look at the current state of robotics investments. MassRobotics’ startup bootcamp will also cover how robotics startups can approach raising funding.

The two largest robotics investments in July 2024 were secured by software firms. Applied Intuition, a provider of simulation and other software solutions for autonomous vehicles, and Skild AI, a developer of robotics foundation models, landed $300 million in July 2024 investment.

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Saronic, a defense technology startup, raised $175 million for its autonomous surface vessels (ASVs). The Austin, Texas-based company said its ASVs serve as a “force multiplier” for the existing fleet, working alongside crewed systems and allowing naval forces to go farther and do more with less risk to life and mission.

Monarch Tractor raised $133 million in Series C funding. The California-based agribotics company will use its latest funding to further develop Autodrive, its autonomous operations product, for new global markets and crop sectors. The company also plans to expand its operational footprint domestically and globally, as well as follow its planned path to profitability. It has raised more than $220 million to date.

Two other notable investments went to companies developing robots for the restaurant and hospitality sectors. Botrista Technology, a supplier of a robotic beverage production platform, attracted $65 million of investment in July, while OakDeer Robotics, a producer of food cooking robots and related technologies, landed $27 million in funding.

Companies based in the United States and China received the most total investment. Companies based in the U.S. (19) and China (11) also received the majority of the funding rounds in July.

All funding types were well represented in July 2024 investment totals. For both the total number of investments and the overall amount of funding, most rounds and investment amounts fell into the ‘Other’ category, a blanket phrase for investment types that fall outside the typical stages of funding that businesses go through before their initial public offering (ex. Seed, Series A, B, C, D, E and F funding).

For ongoing coverage of robotics investments, read The Robot Report‘s investments section.

Editor’s Note: Steve Crowe contributed to this report.

What defines robotics investments?
The answer to this question is central in any attempt to quantify them with some degree of rigor. To make investment analyses consistent, repeatable, and valuable, it is critical to wring out as much subjectivity as possible during the evaluation process. This begins with a definition of terms and a description of assumptions.

Investments
Robotics investments should come from venture capital firms, corporate investment groups, angel investors, and other sources. Friends-and-family investments, government/non-governmental agency grants, and crowdsourced funding are excluded.

Robotics Companies
Robotics companies must generate or expect to generate revenue from the production of robotics products (that sense, analyze, and act in the physical world), hardware or software subsystems and enabling technologies for robots, or services supporting robotics devices. For this analysis, autonomous vehicles (including technologies that support autonomous driving) and drones are considered robots, while 3D printers, CNC systems, and various types of “hard” automation are not.

Companies that are “robotic” in name only, or use the term “robot” to describe products and services that do not enable or support devices acting in the physical world, are excluded. For example, this includes “software robots” and robotic process automation. Many firms have multiple locations in different countries. Company locations given in the analysis are based on the publicly listed headquarters in legal documents, press releases, etc.

Verification
Funding information is collected from several public and private sources. These include press releases from corporations and investment groups, corporate briefings, market research firms, and association and industry publications. In addition, information comes from sessions at conferences and seminars, as well as during private interviews with industry representatives, investors, and others. Unverifiable investments are excluded and estimates are made where investment amounts are not provided or are unclear.