Latest round was led by Irish EIIS fund Business Venture Partners and US investor TechNexus Venture Collaborative.
Dublin-headquartered Invert Robotics has raised a further €2.5 million in investment to help grow its new research and development function in Dublin. The latest round, which is in addition to a previous €10 million investment raised last year, was led by Irish EIIS fund Business Venture Partners (BVP) and US investor TechNexus Venture Collaborative.
Invert’s chief executive Neil Fletcher said the company specifically wanted an Irish fund and one that had a longer horizon. “Deep tech like we do – robots and hardware – it takes a little bit longer than perhaps SaaS products to make a significant return on an investment.”
The company, which specialises in robotics for testing in non-destructive environments, has raised a total of €25 million in funding to date.
Invert, which is chaired by former Aryzta chief executive Kevin Toland, uses robotics for non-destructive, high-precision inspections and testing in assets that are in dangerous or difficult to reach environments. Equipped with high-definition cameras and sensor technology to ensure scientific, accurate analysis of assets, clients can increase safety, reduce costs and speed up inspection times.
The robots can be used to inspect wind turbine blades both on and offshore, examine industrial scale tankers and spray dryers used to produce milk powder, coffee, vitamins and animal feed. Its clients include Danone, Lactalis, Heineken, Milei and DMK.
“We have been impressed by the team at Invert Robotics and believe in the vision to provide a safe and sustainable environment by using technology for working in confined or hazardous spaces,” said Stephen Burdock, executive director at BVP. “Expanding the product sales division will enable the ability to perform tasks remotely and eliminate the need for people to enter these environments.”
The company currently employs around 40 people worldwide, with eight based in Dublin and the remainder in offices in the US, Australia, New Zealand, the Netherlands, France and Germany. The funding and subsequent expansion is expected to almost double the headcount in Dublin in the coming months, with its robot product sales division also expected to benefit.
Mr Fletcher said the company was focused on recruiting the right people. “The market is tight for R&D staff in Ireland in general and in Dublin very specifically. The idea is to have our R&D team centred in Ireland, as many as we can get.”
Ciara O’Brien is an Irish Times business and technology journalist