Canada-based robotic solutions designer Kinova Robotics has secured a total of C$25m ($20m) funding from four major contributors, including Fonds Manufacturier, KTB Network, Foxconn, and BDC Capital.
The firm designs and manufactures robotics platforms and components under Assistive Robotics to aid people with disabilities, and Service Robotics to develop safe and efficient interactions with environment.
Intended to boost both local and international support, the fundraising will allow Kinova to advance its growth in research and development, sales and marketing, and manufacturing.
Kinova CEO Charles Deguire said: “We want our users to achieve the extraordinary with our robots - creating more value for themselves and our society.
“The financial support, broad expertise and geographic coverage of our experienced partners give us additional resources to accelerate our growth, quickly and strategically establish our presence in new markets, develop an extended line of breakthrough products, and propel our advanced manufacturing capabilities.”
The firm intends to carry out research and development of innovative new products such as new medical robotics technologies for improved patient care through various resources such as hospitals and governments.
For the expansion of its business, of which 90% is exports, the firm plans to open new facilities in international markets such as the US and across Asia.
Kinova will also utilise the new funds for research on its production efficiency, with plans to carry out digitisation and robotisation of its operations to minimise production costs and enhance the quality.
Image: Kinova designs and manufactures easy-to-use robotic solutions. Photo: courtesy of Kinova Robotics.