US-based robotics technology developer Sarcos Robotics closed its series A round at $15.6m yesterday after securing funding from oil and gas services provider Schlumberger.
The round had reached a $10.5m first close in September 2016 with backing from Caterpillar Ventures and GE Ventures, the respective venture capital subsidiaries of construction equipment maker Caterpillar and industrial technology manufacturer General Electric, and software producer Microsoft.
Cottonwood Technology Fund, Sarcos co-founders Ben Wolff, Fraser Smith and Marc Olivier, and two unnamed investment firms also contributed to the round’s initial close.
Sarcos is building dexterous robots using its proprietary actuation, sensor, and control technology that can be used to help conduct tasks in remote or hazardous environments.
Ashok Belani, executive vice-president of technology for Schlumberger, has joined the board of Sarcos in conjunction with the round, which brought the company’s total funding in 2016 to $25m.
– Photo courtesy of Sarcos Corporation