A Silver Spring, Md.-based robotics company that develops vision capable-robots for manufacturing lines has closed its first funding round at $10.5 million.
Robotics VISION Technologies (RVT) made the announcement Tuesday, and according to a press release, the investment comes from “a mix of CEO and director funding, as well as investments from technology funds from Silicon Valley, Northern Virginia, Canada and Germany.” The sole named investor is Ric Edelman, the founder and executive chairman of Edelman Financial Services, an investment management firm with $22 billion in assets under management.
RVT develops a suite of robots who are able to “see,” or have vision capabilities, primarily for manufacturing companies. With different types of vision capabilities available, RVT’s robots are able to assemble items such as motor vehicles, compute basic mathematical equations and help line up product pieces for assembly.
Here’s a video from RVT’s website demonstrating the variety of capabilities:
Founded in 2010 by Rick Weidinger, the company prices its robotics line lower than the competition. The price for a robot, including the vision software and all of its hardware, is $47,500, $54,500 or $64,500, depending on the model customers want. RVT says on its website that competitors typically skew towards charging between $40,000 to $80,000 for the vision tech alone.
So far, RVT has been granted four new patents for aspects like the visual sensing and processing software to improve the efficiency and safety of the automated robotic systems. And the company has filed 14 patents.
As the company fine tunes its product line and research & development efforts, it plans to use the new funds to focus on building out its sales and marketing efforts.
“Our focus has been to perfect our quality and product line prior to any major marketing effort,” said Rick Weidinger, RVT founder and CEO, in a statement. “With the success we have achieved in early implementations along with the patents we’ve secured for our innovation, now is the time to build our sales channels and lead the way in 3D vision guidance software.”