US-based industrial robot manufacturer Rethink Robotics has extended a series D round featuring industrial conglomerate General Electric to $40m with funding from venture capital firm Wellington Management and unnamed existing investors.
General Electric led the $26.6m first tranche of the round in January this year, investing through its corporate venturing subsidiary, GE Ventures.
Investment bank Goldman Sachs and existing backers CRV, Highland Capital Partners, Sigma Partners, Draper Fisher Jurvetson and Two Sigma Ventures, as well as Bezos Expeditions, the investment vehicle of Amazon chief executive Jeff Bezos, also participated in the first tranche.
Rethink produces robots that can be programmed for use alongside skilled labour in a range of sectors including automotive, plastics, consumer goods and electronics. It introduced a high-performance, single-arm robot called Sawyer last month that can perform precise tasks such as circuit board testing.
The company has secured $113.5m in funding since it was founded in 2008. The series D capital will support growth and international expansion.
Scott Eckert, president and CEO of Rethink Robotics, said: “A shortage of manufacturing labour around the world, coupled with manufacturers’ need to respond rapidly to market and product changes, is creating the need for a new kind of robot.
“The market potential is substantial and our investors are enabling us to lead the way with innovative robots that are transforming global manufacturing.”