Coboworx with further financing

Automation enabler Coboworx raised another €4.5 million in its second round of funding. The startup, whose four founders have a combined 100 years of robotics experience, had already received €0.8 million in 2019, according to reports. Paua Ventures, the investor at the time, is back. The new investors Picus Capital, Team Global as well as Rubin Ritter and Florian Huber had, as far as I know, no special robotics experience before. Ritter was responsible for finance at Zalando for years. Zalando relies on the special robots from Magazino and also has a stake in the Munich-based company. A large part of the investors are therefore - similar to Frank Thelen - newcomers in the field of robotics.

Coboworx becomes a hardware provider

I must confess, the business model of Coboworx is no longer clear to me. (The company focuses not only on pure cobots, but also on lightweight robots up to 30 kg payload). The company started as a consultant. Especially SMEs were visited and within a short time they received a robotization recommendation including the option to have it completely implemented by Coboworx. Coboworx then bought in - including services from integrators or certifiers. Perhaps also as a consequence of Corona (ban on third parties in many companies), but probably planned from the beginning, was what is quite new to me, but to which the Handelsblatt refers: "The company develops process-ready robot cells that can be installed particularly easily. For a palletizing task, for example, there is then an app that makes it very easy to switch the robot to the activity." Clearly, this is where the music plays.

Business models are mixing

With ready-made robot cells, Coboworx will thus compete with drag&bot and others. drag&bot started with programming aids and now also offers a first robot cell. Coboworx is focusing on Wandelbots. Both companies are thus also grabbing a slice of the pie from integrators, but also from hardware manufacturers. Both cobot manufacturers and gripper suppliers offer or mediate complete solutions in some cases. The Coboworx approach can thus weaken the position of hardware suppliers. An extreme example of this is a robot cell from Zeiss recently presented in the blog: the global corporation actually uses a low-cost robot from China. Another aspect will be possible RasS models (Robot-as-a-Service), as they are emerging in the USA. There, the first startups are offering fully programmed solutions on a rental basis. Such an approach could be another option for Coboworx. In addition, more and more robotics providers are promising the simplest possible use of their devices. Neura Robotics is even talking about cognitive robots. Parallel to this, the qualification of employees in companies is constantly improving. Today, every university graduate is likely to have had some contact with a cobot.

One thing should never be forgotten: For every German company, there are probably 10 in China that have the same business model. At some point, the companies will get in each other's way. At present, the markets are still quite national. That will change. Siasun, a robotics giant in China, will also come to us. Kassow Robots would probably have a harder time here if Productive Robotics were already present in Germany - and vice versa.

Heads are decisive

Even more than in established companies, the people are decisive in a startup. Olaf Gehrels, who most strongly represents Coboworx to the outside world, is very well known and networked in the industry. Last year, he was a key initiator in the founding of the German Robotics Association. As ex-head of Fanuc Europe and Midea consultant, he knows the world including China very well. This suggests an internationalization of Coboworx. This must also take place, says Picus Capital co-founder Robin Godenrath after all, "This can become a multi-billion company."

However, the best management can also only realize the targeted growth if it can hire enough staff. The headquarters for software development is currently apparently Trier. This is indicated by the job vacancies . There is certainly close cooperation with the nearby environmental campus and the chair of Prof. Dr. Vette-Steinkamp. Nevertheless, Hahn Robotics is also eagerly looking for personnel for Rheinböllen. Acquiring personnel will certainly be one of the main challenges.

In any case, a visit to the upcoming Dresden Robotic Festival will be even more rewarding. Olaf Gehrels will be present. Dear Olaf, see you there. You might want to share some info with our readers then 🙂 .

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The author of this blog is significantly involved in the AI/ robotics project Boost-Bot. He advises robotics companies and investors on market (entry)/business development and funding/subsidies. The standard book (though already 2 years old) about cobots is also written by Guido Bruch. More about him can be found here.