Rios raises $5 million for robots that can grasp ‘thousands’ of types of products

Venture Beat | Jun 30, 2020 at 6:00 PM
  • Rios, a Stanford robotics spinout founded by former Xerox PARC engineers, emerged from stealth today after 18 months with $5 million in funding.
  • Around $1.2 billion in U.S. venture capital deals have targeted logistics-focused robotics and automation companies since 2015, according to PitchBook, and investments are poised to accelerate.
  • With the funding round under its belt, the company plans to deliver DX-1 via a robots-as-a-service (RaaS) model, charging a flat monthly fee that includes installation, initial programming, regular software updates, re-programming as needed, maintenance, and 24/7 monitoring.