Foresight Group, an independent infrastructure and private equity investment manager, and Williams Advanced Engineering have announced a £1.45 million follow-on investment from the Foresight Williams Technology EIS Fund into Inovo Robotics. The investment will allow the company to grow sales internationally and brings the total invested by the fund to £2.95 million, having originally invested £1.5 million in October 2018 to support the Inovo's first product to market.
Inovo was founded in 2016 by Henry Wood and Jonathan Cheung, both former senior engineers at Northrup Grumman. The company is developing a competitively priced cobot aimed at manufacturing and logistics companies performing batch processes. Rather than these businesses having to purchase multiple robots for individual tasks, the modular design means the Inovo cobot can be easily adapted to optimise the balance between reach and payload to cater for a variety of uses and applications. It features simple and easy-to-use software allowing non-specialist users to re-program the cobot quickly for a new task.
Even before the COVID-19 pandemic, the cobot market was growing rapidly. Social distancing directives are likely to headline in the workplace for the foreseeable future, and automation is set to play an increasingly important role in the post-pandemic workplace. Inovo, with its adaptable cobot, says it is well placed to help companies begin to recover, performing manual tasks typically undertaken by humans, resulting in fewer human interactions and safer working conditions for employees in the post-COVID-19 workplace.