Invert Robotics
New Zealand’s Invert Robotics, the developer of the world’s first non-magnetic, climbing inspection robot for hazardous environments, has secured an investment agreement of $8.8-million (€7.7-million) to expand its business in Europe and worldwide.
Invert Robotics’ principal European office is currently located in Eindhoven in the Netherlands. This strategic investment will enable it to open a US office and increase the global footprint of its climbing robot – the first robot that has been specifically designed to inspect the integrity and safety of non-magnetic, hazardous environments.
Workers charged with inspecting and maintaining the high and confined spaces common in many industries frequently suffer deadly accidents on the job, but increased pressure from health and safety regulators and substantial fines are motivating companies to act. Invert Robotics offers precise, remote inspection of non-magnetic surfaces such as stainless steel, carbon fiber, aluminum and glass. Invert Robotics’ solutions are widely used by some of the world’s largest food and beverage, dairy, aviation, pharmaceutical, oil and gas, and chemical companies,
The funding round was led by Finistere Ventures, an agtech/foodtech venture pioneer, with support from Yamaha Motor Ventures & Laboratory Silicon Valley (YMVSV), the corporate venture capital business of Yamaha Motor Co. Ltd. Existing investors, such as Allan Moss, Inception Asset Management and the New Zealand Venture Investment Fund, also participated in the capital raise.
"The immediate value of Invert Robotics across the global food supply chain – from ensuring food and beverages are stored and transported in safe, pathogen-free environments, to avoiding catastrophic failures in agrichemical-industry containers and plants – is undeniably impressive,” said Arama Kukutai, co-founder and partner, Finistere Ventures.
“However, we see the potential applications as almost limitless. With Invert Robotics, companies across a variety of industries will be able to deploy climbing robots to make asset inspection easier and more effective to avoid life-threatening situations for their workers, their communities and their consumers.”
“Our climbing robots go where other robots cannot and people should not,” said Invert Robotics’ managing director Neil Fletcher.
“We give our customers an easier, safer and faster way to inspect the safety and integrity of the most hazardous and toxic environments. Industrial accidents in the chemical industry can be costly and sometimes even deadly, but they are often preventable. Remote inspection solutions that take into account chemical corrosion and high-pressure processing scenarios can help chemical companies improve worker safety, optimize maintenance and avoid future tragedies.”
The Invert Robotics climbing robots can securely adhere to surfaces that other robots cannot and go into confined, treacherous spaces that would put workers’ lives at risk. Going beyond visual inspections, the company’s robots can perform in-depth scans using surface-wave detection and ultrasonic probes to measure wall thickness, assess structural integrity and find defects on any surface.
“As part of Yamaha’s long-term vision supporting the development of advanced robots to improve workplace efficiency and safety, Invert Robotics’ technology and its value proposition made a positive impression on our investment committee,” added Craig Boshier, Partner and General Manager for Yamaha Motor Ventures in Australia and New Zealand.
“Importantly, the robotic technology’s adaptability to different environments and industries is well supported by an engaged team. That combination, with proper capitalization, positions Invert Robotics for success in its global market expansion.”
World chemical sales are expected to reach €6.3 trillion in 2030, according to the European Chemical Industry Council. Europe is the second-largest chemicals producer in the world, after China. The industry is therefore a valuable part of the region’s economy.
Headquartered in New Zealand with offices throughout Europe, Invert Robotics will also build out an artificial intelligence platform that will allow customers to take a proactive approach to asset management by predicting potential fail points and future maintenance needs.
To support its international expansion and product development plans, Dean Tilyard from The Factory will join the Invert Robotics Board. The Factory acts as a business development partner for innovative New Zealand companies, and is Finistere’s Venture Partner for the Oceania region.
“New Zealand has become a hotbed for groundbreaking companies,” said Tilyard. “Innovators like Invert Robotics need to find connected capital with strong international networks to help them scale globally. With extensive networks throughout the agricultural, food, chemical and electronics industries, Finistere and Yamaha are ideal investment partners for Invert to realize its full potential.”
“By working alongside the company to grow its technology platform and market access, we believe we can help accelerate Invert’s growth and access to capital including from trusted partners like Yamaha, and others in our venture capital ecosystem.”
Adding both industry-specific and technology expertise, Finistere’s Kukutai and Yamaha’s Boshier will also join the Invert Robotics Board as observers.
“Finistere and Yamaha have already demonstrated an incredible amount of knowledge and passion, and we look forward to tapping their deep technical and global support infrastructures to help us continue to scale the company,” concluded Fletcher.
Even greater focus on partnership – Invert Robotics
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