Rethink Robotics, a US-based industrial robot manufacturer backed by industrial product and appliance equipment maker General Electric, has shut down after a planned acquisition failed to materialise, TechCrunch has reported.
Founded in 2008, Rethink Robotics manufactured flexible, programmable robots branded Cobots, which helped automate manufacturing tasks in industrial settings including automotive supply chains and the production of electronics and plastics.
All of Rethink Robotics’ workforce will need to find new positions within the robotics industry. The company had raised approximately $136m in funding prior to the closure.
GE Ventures, General Electric’s corporate investment subsidiary, took part in Rethink’s $18m series E round in late 2016 together with Bezos Expeditions, Adveq, Highland Capital Partners, CRV, Sigma Partners, DFJ, Two Sigma Ventures and Goldman Sachs.
The round appears to have been extended to $36m in August 2017 according to a regulatory filing, by which point Adveq had been bought by investment management firm Schroders.
GE had also led Rethink’s $26.6m series D round in 2015, which included contributions from Goldman Sachs, Bezos, CRV, Highland Capital, Sigma Partners, Two Sigma and DFJ.