At a glance

Extend Robotics enables companies to:

• Train robots to perform human-like tasks

• Use extended reality technology to deploy and monitor these robots

Quick fire details

• Headquarters: Reading

• Employee count: 14

• Business model: SaaS

• Backed by: Digital Catapult

• Funding amount: £1m (£500k committed)

The founder

• CEO & Founder, Chang Liu: 12 years of experience building and studying robots across startups (Inkonova AB) and universities (Imperial College London and Southampton University)

The market

• Oxford University estimates that 20 million manufacturing jobs will be completed by robots by 2028.

• This has created a £22bn Market Opportunity in Europe. 

This startup is solving two key problems:

• Average UK factory spend £50m per year of human labour.

• By 2028 2.4 million manufacturing jobs will be unfilled.

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Traction metrics

• £800k of Revenue to date with 86% Gross Margin

• Live trials ongoing with PACCAR & Leyland Trucks

• Advanced conversations with Airbus, Accenture & Chevron

• £2.2m sales pipeline

Competitive landscape

• There are very few competitors building SaaS to help train robots, however humanoid companies tend to develop embodied AI capabilities in-house

We’re collaborating with VC’s to offer exclusive allocations into deals. Stay tuned for the launch of quick pitch deal.

In the meantime register below if you’re interested.

Our Take

Appeals

• Huge market: Companies are desperate to adopt new technology to help automate factories. As a result, the opportunity is massive.

• Strong unit economics: The combination of both software and hardware products generates very healthy margins.

• Early mover: Development started in 2019 before a lot of AI companies were created meaning the company has had a head start in creating its tech.

Risks

• Capital intense: As a company building AI products and robotics hardware its cost base is high and will require a lot of cash to keep operating

• Complex sales process: Selling robot-training software and tools to large, industrial companies could be challenging

Last week’s results

Our readers are BULLISH on Mattr.