US-based robotics systems developer Veo Robotics has closed a $12m series A round featuring the corporate venturing units of internet and technology conglomerate Alphabet and industrial product manufacturer Siemens.
Alphabet subsidiary GV co-led the round with venture capital firm Lux Capital, while Siemens participated through Next47, the investment arm that had provided Veo with an undisclosed amount of seed funding in 2016.
Veo was founded in 2016 and develops intelligent, human-aware systems for industrial robotics that allow human workers and automated machines to work together safely.
The systems are comprised of artificial intelligence-powered software paired with hardware such as sensors. The funding will be used to support product development and expand Veo’s engineering, systems and product management teams.
GV general partner Andy Wheeler said: “There is a significant market opportunity for intelligent software that enables safe interaction between humans and machines in industrial environments.
“With the founding team’s deep understanding of manufacturing environments and extensive technical expertise in sensor technology, robotics and artificial intelligence applications, Veo is well-positioned to have a meaningful impact on the industrial robotics industry.”