Jun 23, 2022 - Business

Austin robotics company raises $14.6M

Nicole Cobler

Austin-based Apptronik's humanoid robot, "Astro." Photo: Courtesy of Apptronik

Austin robotics company Apptronik announced Thursday a $14.6 million seed funding round, which the startup will use toward expanding its footprint in a growing industry.

The big picture: Apptronik spun off from the Human-Centered Robotics Lab at the University of Texas with the goal of building robots to work alongside humans in health care, the military, space and more.

Apptronik offers standalone humanoid robots and exoskeletons, the latter of which can fit over a person's body to help maximize mobility and performance.

Why it matters: The robotics industry is expected to reach $214 billion by 2030.

What they're saying: Jeff Cardenas, CEO and co-founder of Apptronik, said the funding will help the startup launch a flagship commercial product and recruit new talent.

Apptronik currently has 52 employees based in Austin and the company plans to double that number by next summer, according to Cardenas.
"From day one, we knew three things: This category is extremely important, the market opportunity is enormous, and it’s going to take great technology to win," Cardenas said.

Of note: Notable investors in the recent round include Austin-based Capital Factory, Dallas' Perot Jain and Grit Ventures.

Zoom out: The funding round from Apptronik is the latest sign of Austin's strong venture capital industry.

2021 was a big year for VC funding in Austin, with 387 deals valued at a record-setting $4.9 billion — or 211% growth compared to the previous year.
In the first quarter of 2022, the metro area saw 99 deals valued at more than $1.5 billion, according to data from PitchBook.

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Austin robotics company raises $14.6M

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