OnRobot A/S, a Denmark-based provider of end-of-arm tooling (EOAT) used in collaborative robot systems, has announced an investment led by global growth equity firm Summit Partners, with participation from existing investors including Vaekstfonden (The Danish Growth Fund).
The funding will help support OnRobot’s continued international growth and expansion of its product portfolio.
Headquartered in Odense, Denmark, 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. OnRobot integrates grippers, sensors and software to facilitate the deployment of robots in a broad set of industries and end-use collaborative applications, including packaging, quality testing, material handling, machine tending and assembly.
Led by robotics pioneer Enrico Krog Iversen, OnRobot seeks to create a one-stop-shop for advanced collaborative applications with true plug & play functionality. Prior to OnRobot, Krog Iversen served as CEO of Universal Robots, which he grew into the global market leader for collaborative robot arms. Universal Robots was acquired by Teradyne in 2015.
“Innovation in collaborative applications is the next frontier in expanding the scope of collaborative robot systems,” says Krog Iversen, CEO of OnRobot. “We are thrilled to partner with Summit and we are confident that the firm’s global network and growth focus will prove to be valuable resources as we work to expand our product offering and geographic footprint.”
“OnRobot is at the forefront of a new generation of factory automation technologies within the Industry 4.0 paradigm,” says Johannes Grefe, a Principal with Summit Partners. “We are impressed with OnRobot’s ability to capitalise on the fast-growing and dynamic market for collaborative robot applications, and we believe the company is well-positioned for accelerated growth.”
“Over the last decade, Enrico helped establish Denmark as the Silicon Valley of robotic innovation,” says Han Sikkens, a Managing Director with Summit Partners who will join the OnRobot Board of Directors. “We have great admiration for his entrepreneurial vision and drive, and we are excited to partner with Enrico to build OnRobot into a global leader.”
“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,” adds Christian Motzfeldt, CEO at Vaekstfonden. “We look forward to working together to support OnRobot’s next stage of growth.”
