Innovative robotics company has pioneered an
efficient, scalable process to build modular robotic platforms that
serve customers by automating dangerous, labor-intensive
tasks
Cubit Capital leads round joined by The Idea
Fund Partners, Danu Venture Group, and Y Combinator's Growth
Fund
CHARLOTTE, N.C., May 8, 2024
/PRNewswire/ -- Lucid Bots Inc., an industry leader in
cutting-edge robotics for labor-intensive tasks, announced today
that it has raised $9.1M in Series A
funding led by Cubit Capital, with participation from Idea Fund
Partners, Danu Venture Group, and existing investors that include Y
Combinator's Growth Fund and Gratus Capital. Lucid Bots will
utilize the funding to advance its portfolio of autonomous robotic
solutions, including its flagship Sherpa cleaning drone and Lavo
Bot pressure washing robot products, while rapidly scaling its
operations and team to better serve its growing customer base and
expand its platform into new markets.
"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," said 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."
Lucid Bots has built a capital-efficient infrastructure
encompassing manufacturing, repairs, training, and customer success
domestically built in Charlotte, North
Carolina. The company's solutions are redefining the
landscape of autonomous commercial-grade cleaning technology for
numerous customers across the commercial, industrial, and municipal
sectors.
"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.
This brings clear sight of profitability and meaningful scale,"
said Philip Carson of Cubit Capital.
"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. 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."
Founded in 2018, Lucid Bots' innovative approach to
commercial-grade cleaning robotics has garnered significant
traction through the validation of a wide array of applications for
its robotic platforms. As market demand continues to grow, Lucid
Bots is focused on leveraging its differentiated, AI-driven
software and sensor platform to expand into new markets. From
cleaning payloads that rejuvenate urban landscapes to agricultural
payloads that optimize farming practices and delivery payloads that
redefine logistics, the company is on a strong growth trajectory to
capture the $100 billion market
opportunity for intelligent robots to perform dangerous,
labor-intensive tasks.
About Lucid Bots, Inc.
Founded in 2018, Lucid Bots
Inc. is an AI robotics company that is committed to uplifting
humanity by building the world's most productive and responsible
robots that can do dangerous and demanding tasks. Headquartered in
Charlotte, the company engineers,
manufactures, and supports its products domestically, which include
the Sherpa, a cleaning drone, and the Lavo Bot, a pressure-washing
robot. Lucid's robots are elevating safety and efficiency for a
growing number of customers around the world. Lucid is a Y
Combinator-backed company, with investments from Cubit Capital,
Idea Fund Partners, Danu Ventures, and others.
For more information, visit LucidBots.com and follow the company
on LinkedIn.
Contact:
Stephen@ArvoPR.com
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SOURCE Lucid Bots Inc.