O slideshow foi denunciado.
Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. Altere suas preferências de anúncios quando desejar.
SCALING to SUCCESS
for Robotics Startups
Benjamin Joffe, Partner, SOSV / HAX
• Global

• Early stage

• Deep tech

• >700 startups (4 unicorns)

• $400M AUM

• NEW! $250M Fund (2019~)
HARDWARE LIFE
SCIENCES
SOCIAL &
MOBILE FOOD
70% 30%
$100k-$250k
FIRST CHECKS
200startups
~30 INVESTMENTS / YEAR
GrowingB2B
>20 ROBOTICS STARTUPS
Stage 1 Shenzhen
4-8 months
Mentorship & co-development
Engineering
Design
Stage 2 San Francisco
2-3 months
Mentorship & s...
Hej!
• 5 years @ HAX (Shenzhen, HK… Paris?)

• 18 years in China / Japan / Korea (+ SF)

• Telecom / Consulting / Gaming /...
QUIZ !
Q1
Which Danish robotics companies
were acquired for over $100M?
Answer
• Universal Robots ($285M) - May 2015

• MiR ($148M) - April 2018
Universal Robots
• 2005: Founded
• 2008: UR5 (5kg, Denmark, Germany)

• 2012: UR10 (10kg)

• 2015: UR3 (3kg)

• 2015: Acqu...
To note
• 3+ years from start to first product
• Sold for 4x revenue
Mobile Industrial Robots (MiR)
• 2013: Founded

• 2015: Investment 1.5 MUSD

• 2018: Acquired for 148 MUSD (Teradyne)
Q2
Which robot pet
just got back on market?
$3,000
~10,000 units in 3 months in Japan
1999
150,000 units in 7 years
Q3
Which robotics companies were
acquired by Softbank?
Q4
What is the #1 home robotics
company in the world?
Roomba Story
• iRobot (1990, from MIT), Roomba (2002)

• Sales: 1mln units (2004), 10mln (2013), 20mln (2017)

• New model...
iRobot: $2.83B
Ecovacs: $2.57B
Q5
Which robotics startups are valued
over $1B (‘unicorns’)?
Robot Unicorns
• IPO
• iRobot + Ecovacs

• Cyberdyne ($1.5B)

• Kuka ($5B)

• PRIVATE
• Ninebot / Segway ($1.5B)

• DJI ($...
Q6
Which are the next
robotic unicorns?
?
IDEAS
Robots will replace humans
Robots will work with humans
Robots will teach humans
NEWS
$220 million (Uber)
All-electric (2020)
Market Cap: 90 million EUR
John Deere buys Blue River for $305M
2012 2017
STARSHIP
raised $42M
Raised $170M
Raised $48M
Raised $95M
Raised $26M
JIBO
raised
$72M
KURI
Makeblock (HAX startup) raised $80M
20,000 schools use their products
I DISLIKE
WHAT WE LEARNED
@benjaminjoffe - ben@hax.co
2012
Makeblock
@benjaminjoffe - ben@hax.co
500 Staff
>$200M valuation
B2C / B2G
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
2014
Cell Robotics
Lab to Market is hard
Finding your market
• B2C?

• B2B?

• B2G?
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
2014
Avidbots
Insights
• ‘Canada factor’

• High [Talent / Entrepreneurs] ratio

• Gov pays back >35% R&D

• Access to U.S., global mind...
@benjaminjoffe - ben@hax.co
100 staff
B2B
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
2014
OpenTrons
@benjaminjoffe - ben@hax.co
Big labs
@benjaminjoffe - ben@hax.co
University labs
+ Biotech Startups
@benjaminjoffe - ben@hax.co
Raised $10M
Insights
• Finding your market

• Speed

• Price

• Ship from China

• “China is the future of industrial R&D” ?
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
2015
Simbe Robotics
@benjaminjoffe - ben@hax.co
SIMulated BEing
@benjaminjoffe - ben@hax.co
Supermarket Inventory
@benjaminjoffe - ben@hax.co
SUPermarket INventory ?
Benefits
• Pilot at Schnucks : 3 scans / day

• Shelf-level data (‘Shelf Health’) at a granularity and a frequency not
prev...
access to the ultimate supply chain
Shenzhen -Huaqiangbei
U.S.A.
@benjaminjoffe - ben@hax.co
Fundraising?
Insights
• Willow Garage

• “Prototype effect”

• Milestones: Launch video + pilot customer
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
2017
Viabot
Do more?
Target Market?
• From B2C to B2B

• Schools, Stadiums, Parks, Malls, etc.
@benjaminjoffe - ben@hax.co
2017
Unsupervised.ai
Boston Dynamics Black Mirror
Unsupervised A.I.
Warehouse efficiency
@benjaminjoffe - ben@hax.co
2017
Youibot
@benjaminjoffe - ben@hax.co
Vehicle inspection
Insights
• Clear paint point for first application

• Industry partner (Michelin)

• Expansion
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
HOW ABOUT
INDUSTRY?
@benjaminjoffe - ben@hax.co
2017
Elephant Robotics
• 5kg / 810mm range

• 0.05mm repeatability

• Co-bot

• Vision system

• Easy programming
Insights
• Chinese

• Customization

• Customer service
@benjaminjoffe - ben@hax.co
Invest now?
@benjaminjoffe - ben@hax.co
Kniterate
Unspun
Wazer
Bespoke manufacturing
WAZER
Waterjet
KNITERATE
Knitting
UNSPUN
Weaving
3d scan
@benjaminjoffe - ben@hax.co
Nuada
@benjaminjoffe - ben@hax.co
JAPET
@benjaminjoffe - ben@hax.co
Trainerbot
2016
Insights
• 2 founders

• $250k

• Shipping in November!
@benjaminjoffe - ben@hax.co
Key Moments
For Fundraising
Momentum & Milestones
• (idea?)

• Working prototype

• Pilot customer

• Real product

• Sales growth
Who to raise from?
• Grants

• Customers

• Angels

• Local VCs

• Global VCs
Dangers
• Founders fights

• Bad timing

• Too much tech

• Lack of PR, Marketing & Sales
@benjaminjoffe - ben@hax.co
Summary
SUMMARY
• SciFi is mostly wrong

• More B2B

• More high-tech, A.I. & Machine Learning
• Not just a robot
SUMMARY
• Find real needs
• Do one thing well

• Make it cheaper
• Be fast
• Be frugal
• Look for the best resources
• Cus...
WHAT HAX IS LOOKING FOR
• Startups !
• Co-investors
• Industry partners
• LPs ($250M fund)
@benjaminjoffe - ben@hax.co
Mange Tak !
@benjaminjoffe
ben@hax.co
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Scaling to Success for Robotics Startups
Próximos SlideShares
Carregando em…5
×

Scaling to Success for Robotics Startups

87 visualizações

Publicada em

Case studies of how some robotics startups from the HAX portfolio managed to finance their first stages, get to market and scale. Talk given at R18 Conference in Odense, Denmark in September 2018.

Publicada em: Tecnologia
  • Seja o primeiro a comentar

  • Seja a primeira pessoa a gostar disto

Scaling to Success for Robotics Startups

  1. 1. SCALING to SUCCESS for Robotics Startups Benjamin Joffe, Partner, SOSV / HAX
  2. 2. • Global • Early stage • Deep tech • >700 startups (4 unicorns) • $400M AUM • NEW! $250M Fund (2019~)
  3. 3. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD 70% 30%
  4. 4. $100k-$250k FIRST CHECKS 200startups ~30 INVESTMENTS / YEAR GrowingB2B >20 ROBOTICS STARTUPS
  5. 5. Stage 1 Shenzhen 4-8 months Mentorship & co-development Engineering Design Stage 2 San Francisco 2-3 months Mentorship & sales Traction Fundraising
  6. 6. Hej! • 5 years @ HAX (Shenzhen, HK… Paris?) • 18 years in China / Japan / Korea (+ SF) • Telecom / Consulting / Gaming / Hardware • Writer / Speaker / Angel investor (12 startups) • ben@hax.co / @benjaminjoffe
  7. 7. QUIZ !
  8. 8. Q1 Which Danish robotics companies were acquired for over $100M?
  9. 9. Answer • Universal Robots ($285M) - May 2015 • MiR ($148M) - April 2018
  10. 10. Universal Robots • 2005: Founded • 2008: UR5 (5kg, Denmark, Germany) • 2012: UR10 (10kg) • 2015: UR3 (3kg) • 2015: Acquired for US$285 million (Teradyne)
  11. 11. To note • 3+ years from start to first product • Sold for 4x revenue
  12. 12. Mobile Industrial Robots (MiR) • 2013: Founded • 2015: Investment 1.5 MUSD • 2018: Acquired for 148 MUSD (Teradyne)
  13. 13. Q2 Which robot pet just got back on market?
  14. 14. $3,000 ~10,000 units in 3 months in Japan 1999 150,000 units in 7 years
  15. 15. Q3 Which robotics companies were acquired by Softbank?
  16. 16. Q4 What is the #1 home robotics company in the world?
  17. 17. Roomba Story • iRobot (1990, from MIT), Roomba (2002) • Sales: 1mln units (2004), 10mln (2013), 20mln (2017) • New model • Hands-free cleaning (vacuum the vacuum => bag) • Permanent maps • "Alexa, ask Roomba to clean the kitchen” • Robot + base = $949
  18. 18. iRobot: $2.83B Ecovacs: $2.57B
  19. 19. Q5 Which robotics startups are valued over $1B (‘unicorns’)?
  20. 20. Robot Unicorns • IPO • iRobot + Ecovacs • Cyberdyne ($1.5B) • Kuka ($5B) • PRIVATE • Ninebot / Segway ($1.5B) • DJI ($15B?) • UBTech ($5B?) • Carbon 3D ($1.7B) + Desktop Metal (>$1B)
  21. 21. Q6 Which are the next robotic unicorns?
  22. 22. ?
  23. 23. IDEAS
  24. 24. Robots will replace humans Robots will work with humans Robots will teach humans
  25. 25. NEWS
  26. 26. $220 million (Uber) All-electric (2020) Market Cap: 90 million EUR
  27. 27. John Deere buys Blue River for $305M
  28. 28. 2012 2017
  29. 29. STARSHIP raised $42M
  30. 30. Raised $170M
  31. 31. Raised $48M Raised $95M Raised $26M
  32. 32. JIBO raised $72M KURI
  33. 33. Makeblock (HAX startup) raised $80M 20,000 schools use their products
  34. 34. I DISLIKE
  35. 35. WHAT WE LEARNED
  36. 36. @benjaminjoffe - ben@hax.co 2012 Makeblock
  37. 37. @benjaminjoffe - ben@hax.co 500 Staff >$200M valuation B2C / B2G
  38. 38. @benjaminjoffe - ben@hax.co Invest now?
  39. 39. @benjaminjoffe - ben@hax.co 2014 Cell Robotics
  40. 40. Lab to Market is hard
  41. 41. Finding your market • B2C? • B2B? • B2G?
  42. 42. @benjaminjoffe - ben@hax.co Invest now?
  43. 43. @benjaminjoffe - ben@hax.co 2014 Avidbots
  44. 44. Insights • ‘Canada factor’ • High [Talent / Entrepreneurs] ratio • Gov pays back >35% R&D • Access to U.S., global mindset • Trade show => Customers (Singapore, Australia)
  45. 45. @benjaminjoffe - ben@hax.co 100 staff B2B
  46. 46. @benjaminjoffe - ben@hax.co Invest now?
  47. 47. @benjaminjoffe - ben@hax.co 2014 OpenTrons
  48. 48. @benjaminjoffe - ben@hax.co Big labs
  49. 49. @benjaminjoffe - ben@hax.co University labs + Biotech Startups
  50. 50. @benjaminjoffe - ben@hax.co Raised $10M
  51. 51. Insights • Finding your market • Speed • Price • Ship from China • “China is the future of industrial R&D” ?
  52. 52. @benjaminjoffe - ben@hax.co Invest now?
  53. 53. @benjaminjoffe - ben@hax.co 2015 Simbe Robotics
  54. 54. @benjaminjoffe - ben@hax.co SIMulated BEing
  55. 55. @benjaminjoffe - ben@hax.co Supermarket Inventory
  56. 56. @benjaminjoffe - ben@hax.co SUPermarket INventory ?
  57. 57. Benefits • Pilot at Schnucks : 3 scans / day • Shelf-level data (‘Shelf Health’) at a granularity and a frequency not previously possible, • “$450B in under-optimized shelf space”
  58. 58. access to the ultimate supply chain Shenzhen -Huaqiangbei
  59. 59. U.S.A.
  60. 60. @benjaminjoffe - ben@hax.co Fundraising?
  61. 61. Insights • Willow Garage • “Prototype effect” • Milestones: Launch video + pilot customer
  62. 62. @benjaminjoffe - ben@hax.co Invest now?
  63. 63. @benjaminjoffe - ben@hax.co 2017 Viabot
  64. 64. Do more?
  65. 65. Target Market? • From B2C to B2B • Schools, Stadiums, Parks, Malls, etc.
  66. 66. @benjaminjoffe - ben@hax.co 2017 Unsupervised.ai
  67. 67. Boston Dynamics Black Mirror
  68. 68. Unsupervised A.I.
  69. 69. Warehouse efficiency
  70. 70. @benjaminjoffe - ben@hax.co 2017 Youibot
  71. 71. @benjaminjoffe - ben@hax.co Vehicle inspection
  72. 72. Insights • Clear paint point for first application • Industry partner (Michelin) • Expansion
  73. 73. @benjaminjoffe - ben@hax.co Invest now?
  74. 74. @benjaminjoffe - ben@hax.co HOW ABOUT INDUSTRY?
  75. 75. @benjaminjoffe - ben@hax.co 2017 Elephant Robotics
  76. 76. • 5kg / 810mm range • 0.05mm repeatability • Co-bot • Vision system • Easy programming
  77. 77. Insights • Chinese • Customization • Customer service
  78. 78. @benjaminjoffe - ben@hax.co Invest now?
  79. 79. @benjaminjoffe - ben@hax.co Kniterate Unspun Wazer
  80. 80. Bespoke manufacturing WAZER Waterjet KNITERATE Knitting UNSPUN Weaving
  81. 81. 3d scan
  82. 82. @benjaminjoffe - ben@hax.co Nuada
  83. 83. @benjaminjoffe - ben@hax.co JAPET
  84. 84. @benjaminjoffe - ben@hax.co Trainerbot 2016
  85. 85. Insights • 2 founders • $250k • Shipping in November!
  86. 86. @benjaminjoffe - ben@hax.co Key Moments For Fundraising
  87. 87. Momentum & Milestones • (idea?) • Working prototype • Pilot customer • Real product • Sales growth
  88. 88. Who to raise from? • Grants • Customers • Angels • Local VCs • Global VCs
  89. 89. Dangers • Founders fights • Bad timing • Too much tech • Lack of PR, Marketing & Sales
  90. 90. @benjaminjoffe - ben@hax.co Summary
  91. 91. SUMMARY • SciFi is mostly wrong • More B2B • More high-tech, A.I. & Machine Learning • Not just a robot
  92. 92. SUMMARY • Find real needs • Do one thing well • Make it cheaper • Be fast • Be frugal • Look for the best resources • Customers are better than raising money
  93. 93. WHAT HAX IS LOOKING FOR • Startups ! • Co-investors • Industry partners • LPs ($250M fund)
  94. 94. @benjaminjoffe - ben@hax.co Mange Tak ! @benjaminjoffe ben@hax.co

×