An AI robotics company has raised more than £8 million, including funding from the Scottish National Investment Bank, to develop innovative technology.
Launchpad announced it has successfully concluded a Series A funding round, raising a total of 11 million US dollars, the equivalent of £8.2 million.
Launchpad is combining AI and advanced robotics to support critical automation strategies.
Its aim is for its technology to help companies build products faster, smarter, and more affordably.
The round was co-led by Lavrock Ventures and Squadra Ventures with participation from financial investors including the Scottish National Investment Bank, Ericsson Ventures, Lockheed Martin Ventures and Cox Exponential.
This is in addition to the 2.5 million dollars in grant funding previously awarded to Launchpad by Scottish Enterprise.
Last year, it opened a new research and development (R&D) centre in Edinburgh, choosing the city for its access to a skilled workforce and connections to university AI research and expertise.
Adrian Gillespie, chief executive of Scottish Enterprise, said: “With its R&D centre in Edinburgh, Launchpad is able to draw on Scotland’s long-standing academic, technical and entrepreneurial strengths.
“The company has quickly become an influential part of the Scottish innovation community, and we look forward to supporting its next growth phase.”
Anthony Kelly, investment director at the Scottish National Investment Bank, said: “Launchpad is fast becoming a leader in robotics, with its new R&D centre reinforcing Scotland’s reputation for innovation.
“We’re backing a high-calibre team whose cost-efficient solution shows strong potential to scale across multiple industries.”
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