Start-ups from all over the world will raise EUR30 million in Odense, Europe’s robotics capital
The hit rate is high when capital-hungry start-ups and risk-taking investors meet up at Odense Investor Summit, which takes place every year in Europe’s fastest growing robotics environment. Based on the success of previous summits, more than half of attending start-ups will succeed in finding investor capital at the matchmaking event. This year 35 technology companies from Europe, Asia, the USA and Africa have applied to present new technology in health, agriculture, the manufacturing industry and the maritime sector to 300 participating investors. The 15 most promising investment candidates will get the opportunity to pitch from the podium in Odense, known as the Cobot Capital.
sHARED ROBOTIC EVENT GENERATE A LOT OF SYNERGY
Automation, AI and new robot technology is spreading to more and more industries and is becoming a greater part of daily working life in the public sector and in people’s homes. This is why investors are increasingly interested in finding golden eggs in the global start-up scene. This year investors will meet at Odense Investor Summit, which takes place on 24 March 2022- The summit will take place at the same time as the robotics trade fair R-22, where visitors to the exhibition halls will be able to meet established Nordic players in the robotics, drone and automation industry.
Odense Municipality is the organiser of Odense Investor Summit. Odense has for decades taken a forward-thinking approach in its effort to become the world’s best robotics city in every aspect, to create new jobs and business development. Children as young as three years old are experimenting with robot technology in Odense. For decades the municipality has invested in creating an attractive robotics environment, which attracts start-ups, investors and robotics talent from all over the world.
Mayor Peter Rahbæk Juel explained:
In Odense, the key elements to a thriving robotics industry are united: economy, expertise, capacity. Investors in the fields of automation and robotics come here to access the most promising investment opportunities and to learn about the latest trends in the market, incited not least by the event of Odense Investor Summit. As a municipality, we greatly appreciate the massive interest shown to us by both national and international guests. Visitors are impressed by the way in which members of our local ecosystem seek out coopetition and knowhow from one another, and we appreciate the opportunity to showcase this unique collaborative environment at our annual summit.
One of the companies that has succeeded in raising capital at the international event when it was held in 2021, was Mobile Coalescent Robotics, whose CEO and founder is Clionadh Martin.
“The willingness to risk investing capital is based on the building of relationships. It means you have to be physically present. Odense Investor Summit is the obvious venue when you want to meet investors with insight into the robotics industry,” said Clionadh Martin, who is originally from Ireland, but who chose to move to Odense to establish his robotics company, which has developed a solution for transporting goods in staple goods stores, which caught the attention of investors.
Clionadh Martin raised DKK 11 million, which shall finance Coalescent Mobile Robotics on the European market. The company was able to secure capital from some of the most prominent Robotics investors around, including Niels Jul Jacobsen (who founded Mobile Industrial Robots and is now CEO at Capra Robotics, and Enrico Krog Iversen (CEO at OnRobot, formerly CEO at Universal Robots).
The robotics environment in Odense is unique, and I believe everyone can see the potential in the companies based here. Being part of Odense Robotics has become a stamp of approval recognized worldwide. As a founder and an investor myself, I have experienced first-hand the impressive capabilities of this ecosystem. By investing knowledge and capital in the new robotic startups, we are building a strong robotic community, said Enrico Krog Iversen, robotics investor and CEO at OnRobot.
The art of selling robots
This year’s tech entrepreneurs are seeking very different amounts of financing to realise their growth potential in the technologies: capital needs start from just DKK 745,000, rising to DKK 74 million in investment money sought by a single entrepreneur.
The summit also includes presentations, with keynote speakers and panel discussions. Teradyne’s Greg Smith from Boston, who is also President of Industrial Automation Group, is speaking at the event.
’With the acquisition of Universal Robots in 2015, we saw the potential of Odense in the field of robotics. In 2018, we acquired Mobile Industrial Robots and reaffirmed our commitment to Odense as an important center for research into robotics. Since 2015, we have been a constant in Odense’s ecosystem and we have been excited to witness the growth of the robotics community, which is constantly proving its capability to commercialize technology. With our latest investment, to build our Cobot hub in Odense, we are looking forward to supporting NextGen robotics and the robotics industry.
How new robotic successes are born in the Odense ecosystem
Many of Odense’s robotics companies have more or less followed the same recipe for transforming an idea into commercial success.
Robotics innovation often starts at Denmark’s more than 50 robotics and automation educational programmes, where robotics researchers and students conceive new solutions to the automation challenges in close collaboration with end-users and the robotics industry.
New robotics companies are kickstarted with offices in the “robotics incubator” Odense Robotics Startup Hub, where the companies have a survival rate of 80%. As they progress, the companies gain access to the exchanging/sounding out of ideas and capital in entrepreneurial associations, such as Visti Unlimited, and drone technology companies can have their main office in the actual drone airport via UAS Test Center Denmark.
There is good access to capital in Odense’s robotics environment, from the first step via funds, business angels, private equity funds and venture capital companies, etc.
There is a willingness to exchange experiences in the robotics industry and end-users. This is facilitated by several organisations and networks, such as the Danish Industrial Robot Association (DIRA), Odense Robotics, Manufacturing Academy of Denmark (MADE), Danish Automation Society (DAU), Danish Technological Institute (DTI), and others.
When robotics companies in Odense are acquired, the founders invest exit capital in new robotics start-ups, which thus gain experience, networking and growth capital.