Cambridge-based RoboK, a startup applying AI-powered computer vision to logistics and industrial workplaces, announced on Friday that it has secured $2.1M (approximately €1.93M) in a fresh round of funding for accelerating commercial expansion.
The company has now raised $4M (approximately €3.68M) in funding to date.
The computer vision startup transforms passive video into actionable insight to improve safety and productivity at large-scale infrastructure projects.
Investors in this round
The investment was led by Cambridge Enterprise.
The round also saw participation from new and existing investors such as the Bristol Port Company, U-blox AG, Amadeus Capital Partners, Martlet Capital, the University of Cambridge Enterprise Fund managed by Parkwalk Advisors, Deeptech Labs, and a number of angels.
Desmond Cheung, Senior Investment Analyst at Cambridge Enterprise, says, “Cambridge Enterprise has been a staunch supporter of RoboK since it spun-out of the University’s Department of Computer Science and Technology in 2017.”
“We look forward to seeing RoboK’s platform scale across the logistics and supply chain sector, and potentially save many more lives to come.,” he adds.
The company has also secured grants from funders including InnovateUK and the Department for Transport.
An AI-powered computer vision solutions
Co-founded by Hao Zheng in 2017, RoboK is a computer vision company with the goal of using AI to make all industrial workplaces safe and effective.
The company claims to provide safe, always-on, and proactive insights based on extensive operating knowledge in the industry by using its computer vision algorithms, which are both cost-effective and privacy-preserving.
Several of the major critical infrastructure operators now cooperate with RoboK to transform their on-site visual data into highly valuable actionable insights.
RoboK’s technology has applications in ports and other large-scale infrastructure where safety dangers, inefficiencies, and delays can have economic and environmental consequences.
Ports, for example, handle vast amounts of goods and have complicated logistical procedures that include numerous vehicles, equipment, and workers. RoboK’s solution can help prevent accidents and enhance efficiency in handling and transportation by utilising computer vision to monitor and assess these activities.
The Bristol Port Company, also one of the investors in the company, reports that it saw a reduction of over 90 per cent in potential safety incidents after just three months of deploying RoboK’s technology.
Capital utilisation
RoboK claims it will use the money to connect to more sites, including ports and other industrial infrastructure, and provide even more valuable insights. This will enable operators of large sites to better monitor potential safety issues as well as improve productivity and throughput.
Additionally, the company also intends to fill more product and commercial jobs to help with its expansion goals. With the addition of fresh talent, RoboK will be able to keep developing solutions to satisfy the changing demands of its clients.
Zheng says, “Our technology has the potential to revolutionise the entire infrastructure industry and we are starting with ports. This is especially significant for the UK, as 95 per cent of all UK imports and exports are transported by sea.”
Zheng further adds, “Our team has built an easily configurable solution that can address the many key challenges of our customers and we are excited to use this funding to continue our journey of making industrial workplaces safer and more efficient.”
