Frankfurt (Germany) (AFP) – German AI robotics start-up Agile Robots said Thursday that a new funding round valued the company at $8.5 billion (7.7 billion euros), providing additional firepower for a global expansion. One of Europe’s leading makers of humanoid robots and robotic arms, Agile works in the field of “physical AI,” with its equipment used to automate and speed up factory work.
The Munich-based company raised $500 million in the funding round led by the Japanese tech investment giant SoftBank. Other participants included AI chip behemoth Nvidia and the Japanese group Hitachi. A spokesman told AFP that the company, founded in 2018, was now Europe’s most valuable “physical AI” robotics firm.
“Our vision is intelligent robots working alongside people in factories and warehouses everywhere, and Agile Robots is determined to lead that shift,” said CEO and founder Zhaopeng Chen. The funding would be used to support expansion in the United States, additional production capacity in Germany, and entry into new markets, he said. The company says it has deployed around 20,000 robots in industries including automotive, consumer electronics, and logistics.
Earlier this year, it opened a factory outside Munich that it says can produce up to 10,000 humanoid robots annually to meet rising demand. Agile Robots is among a crop of start-ups in Germany trying to shift AI from the digital realm into the physical world, with a particular focus on its deployment among the country’s traditional manufacturers.
While Europe has lagged behind the United States and China in developing the best-known artificial intelligence models, deployment of AI in industrial processes is an area where some believe the continent could have an edge. But when it comes to robotics, European firms face fierce competition internationally from bigger Chinese rivals such as Unitree, famed for its backflipping robots, which have enjoyed substantial government support.
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© 2024 AFP
