Engineering services provider Vision Technologies Land Systems (VTLS) has agreed to acquire US-based hospital supplied delivery system producer Aethon, giving exits to corporates Robert Bosch, Mitsui and Ascension Health.
Aethon has created a smart robot called TUG that autonomously transports medication, meals, linen and waste within hospitals. VTLS, part of engineering firm ST Engineering, paid an undisclosed sum for Aethon and will integrate the company into its land systems division.
Aethon had raised approximately $60m in funding according to press reports and regulatory filings, with industrial technology provider Bosch’s corporate venturing arm, Robert Bosch Venture Capital, first investing as part of a $6.6m round in 2010.
Diversified conglomerate Mitsui invested $4m in the company in 2012 before adding another $3m two years later, while Ascension Health Ventures, the strategic investment vehicle for care provider Ascension Health, contributed to a $7m round for Aethon in 2004.
Other investors in Aethon include Salix Ventures, Pacific Venture Group, Trident Capital and Drpaer Triangle Ventures.
Jan Westerhues, the RBVC investment partner that sat on Aethon’s board of directors, said: “It has been an amazing development for this high-tech company so far.
“The flexibility of the TUGs allowed Aethon to grow from hospital applications into wide spread usage across different industries with over 30 million deliveries made to date. We think this acquisition is the stepping stone for further acceleration of growth.”