Seattle-based Olis Robotics has raised $4.1 million to explore new markets for tools that make it possible to monitor and control industrial robots remotely and securely.
The funding round was led by PSL Ventures, Olis Robotics said today in a news release. Additional backing came from Tectonic Ventures, Ubiquity Ventures and several strategic angel investors — including Daniel Theobald, a pioneer in the field who played key roles in founding MassRobotics and Vecna Robotics.
Olis’ flagship product, Olis Connect, helps operators monitor and manage their machines remotely from anywhere via any browser-capable device. If a robot encounters a problem, Olis Connect sends out an alert via a secure connection to the operator’s device without connecting to the cloud — which is an added safeguard in environments where cybersecurity is a concern. Operators can then use the system remotely to execute error recovery actions, such as releasing the robot’s grip on a part, or moving the robot from its error position.
“Robot downtime can cost a large plant over $1 million per hour. When every minute counts, you need to leverage remote tools to react as quickly as possible no matter where you are,” Olis Robotics CEO Fredrik Ryden explained. “Our technology is ingeniously simple to use and intensely practical in terms of its impact.”
T.A. McCann, partner at PSL Ventures, said tools for remote management of robotic equipment can be particularly useful in today’s business environment.
“In the midst of a global manufacturing labor crisis, companies are adopting automation in record-breaking numbers, resulting in calls from both manufacturers and integrators for robust, safe and secure remote monitoring, diagnostics and control solutions,” said McCann, who is joining Olis Robotics’ board of directors.
He said Olis Robotics’ remote robot control technology “answers that call.”
“It can easily be deployed on both brand-new and legacy automation, which means a dynamic and exciting market opportunity for investors,” McCann said.
Olis Robotics is currently providing full support for robots from Universal Robots and FANUC, which addresses about 20% of the operational stock of more than 3.5 million industrial robots deployed worldwide. The company says it will use the fresh funding to add support for more robot brands, representing more than half of all industrial robots. The funding will also help Olis develop new software products and expand its partnerships with robot system integrators in North America.
Remote robot management will be a “game changer” for industrial automation, according to Brad Sparkman, president and CEO of Innovative Finishing Solutions, a leading integrator of FANUC paint robots for the automotive industry.
“We have deployed thousands of robots in the past two decades as a company,” Sparkman said. “Given the current labor challenges, we expect a majority of those to be retrofitted with Olis technology within the next couple of years.”
Olis Robotics started out in 2013 as a spin-out from the University of Washington. In its early years, the startup focused on remote control systems for underwater robots and space-based robotic applications, in partnership with the U.S. Navy and NASA. The company changed its name from BluHaptics to Olis Robotics in 2018 and shifted its focus to the industrial robot market.
“We pivoted in July 2021 (which is when I switched over to the CEO role). Since then, we have raised $5.2 million (including this round),” Ryden said in an email. “At that point we canceled our space contracts and also stopped doing the subsea work. This has allowed us to focus fully on the manufacturing and material handling markets (where there are 5 million or so industrial robots deployed around the world).”
Ryden said there are currently six people working at Olis.
