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How to become the world leader of collaborative applications

Invest in Odense cases, Robotics

OnRobot is poised for global expansion. A few months ago, OnRobot revealed a new merger of three companies. Then investment capital from Summit Partners was announced, and recently OnRobot acquired Purple Robotics to make OnRobot the world leader of collaborative applications.

Merger
Headquartered in Odense, OnRobot is a leading provider of hardware and software that help customers take full advantage of the benefits of collaborative robot applications: ease of use, cost-effectiveness and safe use alongside human workers. With the merger in June the company combined U.S.-based Perception Robotics, Hungary-based OptoForce, and Denmark-based On Robot to become OnRobot, which will drive innovation and ease-of-use for robotic end-of-arm tooling.

The three companies were chosen because of their synergistic end-of-arm technologies, the ability of these technologies to easily integrate to provide improved support and the long-term vision and capabilities of each company’s founders. “The aim is to build a world-leading organization in development and production of end-of-arm tooling. Through further acquisitions and collaborations, we expect to reach a revenue exceeding one hundred million dollars in a few years,” says Enrico Krog Iversen, CEO of OnRobot.

Acquisition
When Enrico talked about “further acquisitions” it was not a long-term dream. Now, OnRobot adds another trail-blazing technology to the product mix. With the acquisition of the company Purple Robotics, OnRobot can now offer its partners the world’s first dual vacuum gripper. The gripper attracted international robot industry attention when presented by the inventors at Automatica, the world’s largest robotics fair, in Munich in June this year.

Purple Robotics was established in Odense by the three Danish ”super-nerds” Lasse Kieffer, Henrik Tillitz Hansen, and Peter Nadolny Madsen, all of whom have a background as product developers at the company behind the world’s first cobot, Universal Robots. “It has been really good fun to create a brand new robotics company and to disrupt the market for vacuum grippers with our invention. It makes a lot of sense and creates significant synergy to join forces with OnRobot who have already created a strong, global sales organisation. This means that we can focus 100% on developing the world’s coolest robotics products. Together, we can go far,” says Lasse Kieffer.

Investment capital
To fulfill the ambition of becoming the world leader of collaborative applications, Enrico Krog Iversen, Summit Partners and Vaekstfonden have invested further in OnRobot. The funding will help support OnRobot’s continued international growth and expansion of its product portfolio.

“Over the last decade, Enrico helped establish Denmark as the Silicon Valley of robotic innovation,” said Han Sikkens, Managing Director with Summit Partners who will join the OnRobot Board of Directors.

“We invested in OnRobot in 2016 and very early on saw the potential of building an international frontrunner in collaborative applications headquartered in Denmark. We are proud to continue our support and partnership with Enrico and the OnRobot team in the company’s global expansion, and we are very pleased to welcome the global resources of Summit,” added Christian Motzfeldt, CEO at Vaekstfonden.

Ambitions are high. According to Enrico, OnRobot can grow to be bigger than Universal Robots was when he sold it to Teradyne for $285M.

 

Further information:

Investment Manager
Bjørn Polenz
bjpo@odense.dk
+45 8174 7050