A leading robotics company, developed in partnership with the RoboHub at Waterloo Engineering by two alumni, has raised US $70 million to fuel its growth.
Avidbots, a manufacturer of autonomous floor-cleaning robots for commercial use, was founded in 2014 by Pablo Molina (BASc ’11, mechatronics engineering) and Faizan Sheikh (BASc ’11, mechatronics engineering). Their idea to outsource the dirty work to robots has proved enormously successful; with this latest financing, the startup has raised over US $107 million to date.
“We are very excited about the future,” Sheikh, the company’s CEO, said in a media release. “This financing allows us to accelerate our timelines for bringing new products to market as well as continuously improve our autonomous driving software and service for existing customers to deliver an even better experience and greater value.”
Avidbots currently has more than 1,000 of its Neo robots hard at work in over a dozen countries. Powered by the company’s AI-driven technology, Avidbots Autonomy, Neo’s robotic intelligence enables it to do its job effectively with minimal human intervention.
With growing demand for the second version of its robot, Neo 2, the company plans to use its new funding to enhance its product line and expand its fleet of autonomous robots in the United States and globally.
To achieve this, Avidbots is investing in a massive upgrade to its current premises in Kitchener-Waterloo. The company’s new, 70,000-square-foot headquarters boasts additional space for research and development, includes a significant expansion to its testing facilities and room for 100 new employees in product, engineering, sales and marketing.
Watch this video to learn how Avidbots and the RoboHub at Waterloo Engineering work together.