Lucid Bots Inc. this week announced that it has raised $9.1 million in Series A funding. The Charlotte, N.C.-based company said it plans to use the funding to advance its portfolio of autonomous robotic systems. That includes the flagship Sherpa cleaning drone and Lavo Bot pressure-washing robots.
“Today marks an important milestone in Lucid Bots’ journey, and we are immensely grateful to our team, customers, and investors as we build upon the strong market momentum behind our robots that enable customers to do more jobs in less time, with less liability,” stated Andrew Ashur, founder and CEO of Lucid Bots.
“The demand for dynamic robots represents one of the largest market opportunities of our generation, and we look forward to leveraging this investment to accelerate the execution of our strategy as we expand to serve new customers and better support our existing customers,” he added.
Cubit Capital led the round, which also included participation from Idea Fund Partners and Danu Venture Group. Along with these new investors, existing investors Y Combinator’s Growth Fund and Gratus Capital also participated.
Lucid Bots aims to scale operations
While advancing its product portfolio, Lucid Bots also plans to use its funding to rapidly scale its operations and team. The company said it hopes to better serve its growing customer base and expand its platform into new markets.
“What Lucid Bots has achieved is unheard of in the cleaning robotics industry – they’re able to bring frontier products to market in rapid innovation cycles while being capital-conscious,” said Philip Carson of Cubit Capital. “This brings clear sight of profitability and meaningful scale.”
“Lucid Bots has pioneered a model where it costs less to build a drone domestically than it would to ship a drone from a manufacturer overseas,” he said. “These differentiated capabilities, combined with strong revenue growth and a proven team, bring us immense confidence in their ability to win in this exciting, growing market.”
The company has built a capital-efficient infrastructure encompassing manufacturing, repairs, training, and customer success domestically built in its home city. It claimed that its systems are “changing the landscape of autonomous commercial-grade cleaning technology for customers cross the commercial, industrial, and municipal sectors.”
Founded in 2018, the company asserted that as market demand continues to grow, it is focused on leveraging its differentiated, AI-driven software and sensor platform to expand into new markets. It is pursuing a strong growth trajectory to capture an estimated $100 billion market opportunity for intelligent robots to perform dangerous, labor-intensive tasks.
