Inovo Robotics have recently just closed a £1.5m investment round with Foresight Williams Technology EIS Fund. Inovo is developing an affordable collaborative robot (“cobot”) that can integrate into existing workforce processes. Inovo’s modular design means the cobot can be easily adapted to varying customer requirements.
The £20m Fund was created in 2016 and is a collaboration between Foresight Group and the Williams Advanced Engineering business (part of the Williams Group) who are looking to invest £0.25m and £2m 10 or more businesses over a 2 year period.
With the funding, Inovo have been able to secure their own premises in the Surrey Technology Centre but do also have an office in Hong Kong, on the Hong Kong Science and Technology Park (“HKSTP”). Having a presence in the Far East puts Inovo close to its supply chain, largely in Shenzhen, and the fast-growing Chinese market. The first cobot prototype is currently in development with first customer trials scheduled for mid-2019.
A big congrats to Inovo Robotics on this great news!