In May, Path Robotics announced a Series B for $ 56 million. It was a sizeable increase in the robotics rounds. But the Columbus, Ohio-based startup is already back, launching a “preventive” Series C just two and a half months later.
And it’s a huge thing. The company has raised $ 100 million under the leadership of Tiger Global and with the participation of Silicon Valley Bank, an existing investor. The deal brings the robotic welding company’s total funding to $ 171 million.
Path cites a long-standing shortage of qualified welders as the main reason for interest in its technology. The problem dates back to before the global pandemic (although it probably only exacerbated the problem, as it did with so many other work problems). Another study by the American Welding Society finds that there will be a shortage of around 400,000 welding jobs on the weld surface in the US alone by 2024.
According to the sound, the company is already looking beyond welding. After all, the construction industry is a huge business with tremendous opportunities for proper robotics organization. And of course, a $ 100 million infusion won’t harm your growth plans.
“Most robots just repeat what they are told without the ability to improve themselves. The future of manufacturing depends on high performing, flexible robots, ”CEO Andrew Lonsberry said in a statement. “Robots that can really see and learn.”
The company doesn’t say exactly what these future plans are, but plans to build them on top of its imaging and AI, presumably to build some sort of modular ecosystem for the construction robotics category.
Tiger Global Partner Griffin Schroeder points out these plans in a statement. “Path’s innovative approach to computer vision and proprietary AI software enables robots to recognize, understand, and adapt to the challenges of each and every welding project. We believe that this breakthrough technology can be used in many other applications and products beyond just welding in order to serve their customers holistically. “