Sarcos Robotics secured $40 million in an oversubscribed Series C financing round Tuesday.
The Salt Lake City-based company produces robots that augment humans to enhance productivity and safety.
Rotor Capital led the round, which included most of the company’s existing investors, such as Schlumberger, the company said in a written release. With the new funding, the company has raised a total of $96.1 million in venture-backed investments since being founded in 1983, according to Crunchbase data. Prior to this investment, Sarcos last closed on a $30 million Series B round in 2018.
In addition to the investment, Rotor Capital Partner Brian Finn, and Schlumberger’s Cecilia Prieto, division vice president Americas land, joined Sarcos’ board of directors.
The new funding will be used to begin commercial production of Sarcos’ Guardian XO industrial exoskeleton, which has been under development for more than 20 years. The company touts it as “the world’s first full-body, battery-powered wearable industrial robot designed to increase strength and endurance.” The commercial release of the new exoskeleton is slated for 2021, the company said.
“This new funding will allow us to achieve our next goal of scaling production and shipping commercial units of the Guardian XO exoskeleton,” said Ben Wolff, Sarcos chairman and CEO, in a written statement. “In addition, we will also advance the development of our ‘smart’ version of the Guardian XO exoskeleton with our Cybernetic Training for Autonomous Robots artificial intelligence platform, which will enable the robot to augment the operator’s precision and skill to complete specific tasks.”