Foresight, on behalf of the Foresight WAE Technology EIS Fund, has invested £1.5m into Inovo Robotics. Inovo is developing a low-cost collaborative robot (cobot) that can integrate into existing workforce processes.
Its adaptable cobot is well placed to help companies begin to recover from the pandemic, performing manual tasks typically undertaken by humans, resulting in fewer human interactions and safe working conditions for employees in the post-COVID-19 workplace.
The initial investment provided Inovo with capital to build a small team and develop a prototype into alpha units for testing and then beta units for customer trials. WAE helped Inovo to secure one of its lead customer trial programmes with an existing WAE partner.
The follow-on investment of £1.5m will fund further commercialisation of the company’s products and allow Inovo to grow commercial sales.
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