coboworx raises 11.4 million euros for automation platform

With the fresh capital from a new financing round, coboworx plans to further develop its robot platform for SMEs. The aim is to offer automation without prior knowledge or high costs.

Salmtal near Trier, June 5, 2024 - The robotics company coboworx has received 11.4 million euros in a new financing round. Investors include Northstar Family Holdings from the USA as well as existing investors SquareOne and Picus Capital. Business angels such as Mirko Novakovic, the founder of Instana, have also participated. The aim of coboworx is to break down the barriers for small and medium-sized enterprises (SMEs) so that they can use advanced automation technologies.

Robotization in the subscription model

The coboworx platform enables SMEs to implement robot-assisted automation quickly and without prior knowledge on a subscription basis. Customers can thus automate their production processes without investing a great deal of time and money. This is particularly relevant for companies that supply large retail groups and have to produce around the clock.

Small and medium-sized companies are the backbone of the global economy, but only six percent of them use robot-assisted automation to date.

Olaf Gehrels, CEO and co-founder of coboworx

With the new capital, coboworx plans to expand its team of robotics experts and software engineers. The company also plans to expand its product range and tap into new markets. A new location in Munich is set to open this year.

Skills shortage in the SME sector

There is a shortage of skilled workers for physically demanding and repetitive tasks in the German economy, particularly in SMEs. A survey shows that nine out of ten SMEs are looking for employees for such tasks. Although 58 percent of those surveyed consider the use of robots to be sensible, only a few have used this technology to date. This is due to the fact that the robotics industry has so far concentrated on major customers.

coboworx operates in an undigitalized market. Simplicity throughout the entire process, from purchase and commissioning to use and financing, is the key.

Georg Stockinger, Partner at SquareOne

coboworx addresses this problem with a platform specially tailored to SMEs. This enables companies to automate production processes without prior knowledge or high investments. The online configurator from coboworx allows individual robot solutions to be put together quickly and easily. The modular structure of the system makes it easy to get started and enables flexible expansion.

Another obstacle for SMEs is the high investment costs. coboworx therefore offers robotics on a subscription basis, which lowers the barriers to entry and modernization. This flexibility allows companies to test and gradually implement technological solutions without high upfront investments. With these steps, coboworx wants to pave the way for an industrial future. Back in 2021, we reported on the Startbase about the latest round for the startup.