Angel-backed Invert Robotics gets VC funding
Great to see AANZ member MIG Angels’, Dean Tilyard, playing such a key role in the next stage of growth for Invert Robotics.
Robots that cling to hazardous chemical containment tanks might sound like the stuff of science fiction, but Christchurch, New Zealand-based Invert Robotics — a spinout from the University of Canterbury’s School of Engineering — has been selling them for close to a decade. The company’s camera-equipped climbing machines can squeeze into spaces too tight or hazardous for human workers and perform daily inspections of equipment in a range of industries, including food and beverage, dairy, aviation, pharmaceutical, and oil and gas.
To lay the groundwork for its next phase of growth, Invert Robotics today announced that it has raised $8.8 million in a round of venture funding led by Finistere Ventures, with contributions from Yamaha Motor Ventures & Laboratory Silicon Valley (YMVSV) and existing investors Allan Moss, Inception Asset Management, and the New Zealand Venture Investment Fund. The fresh capital brings its total raised to roughly $15.9 million, according to Crunchbase, and managing director Neil Fletcher said it will be used to fuel the startup’s expansion to the U.S. and to further develop its hardware platform.