Foresight Group (Foresight) has made a GBP1.5 million growth capital investment into Inovo Robotics Limited (Inovo) on behalf of the Foresight Williams Technology EIS Fund.
Inovo is developing a low-cost 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.
Henry Wood and Jonathan Cheung, previously senior engineers at Northrop Grumman, founded Inovo in 2016. Both founders possess deep technical expertise and experience of delivering complex engineering development projects and, between them, they have more than 30 years of combined experience in robotics and engineering.
Andy Bloxam, Senior Investment Manager, Foresight Group, says: “Inovo represents an opportunity to invest in a fast-growing segment of the robotics sector. We look forward to working with Henry and Jon to continue this.”
Several areas have been identified where Inovo could benefit from collaboration with Williams Advanced Engineering. These include design and development of the electric motor and transmission as well as thermal modelling of the drivetrain. Williams Advanced Engineering is keen to support Inovo given the highly complementary nature of the two businesses.
Craig Wilson, Managing Director, Williams Advanced Engineering, says: “We are looking forward to working with Inovo as they develop their innovative technology. Alongside the investment, the teams at Williams Advanced Engineering will relish linking up with Inovo to deliver enhanced products for the market.”
Alongside the investment, Foresight will be introducing an experienced Chairman with considerable commercial expertise to the Company.
Henry Wood, Co-Founder, Inovo Robotics, says: “We are very pleased to be working with Williams Advanced Engineering and Foresight. Foresight will bring a wealth of financial and strategic experience to the company going forwards.”
Jonathan Cheung, Co-founder, Inovo Robotics, says: “We are also very much looking forward to working closely with Williams Advanced Engineering on various technical aspects of the product where they have world class expertise and a strong network of potential end users.”
Inovo currently has offices in the UK on Surrey Research Park and 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.