Business

Polish robotics start-up VersaBox gets 2.5 million euros to expand globally

The Warsaw-based robotics start-up VersaBox has received 2.5 million euros in investment from Fidiasz EVC, SpeedUp Energy Innovation, Movens Capital, and RST Ventures for Earth.

VersaBox is looking to expand internationally and create a partnership network in several European Union countries.

Founded in 2017, the company is a robot manufacturer and a provider of digital solutions for the logistics sector. VersaBox offers process control, process design, and process execution solutions in a unified product that takes care of the automation needs of its clients. It offers a fully autonomous system for mobile robots which allow for quick transfer of goods to and from warehouses and between manufacturing cells. These autonomous robotic solutions have already been implemented in Polish and foreign industrial plants and in the automotive industry. Current partners include such names as Faurecia, Lubella, HUF, and Autoliv.

Versabots, as the company calls them, require no infrastructure for navigation. Thanks to the True Autonomy AI navigational intelligence these robots are fully self-reliant when they execute transport missions. The tasks are coordinated by the [email protected] system which is able to optimise unit utilisation to reflect the operational requirements of master processes in real time.

VersaBox is the result of efforts of graduates from the the Warsaw University of Technology and managers from the Polish IT scene. It’s a company that has attracted the attention of investors from the very beginning. The current investment round is the third, and the total investment in the company to date is 4.8 million US dollars (around 4.1 million euros).

“We have observed the development of VersaBox in recent years. Now, we are actively involved in the company, as we have seen its readiness and appetite for foreign expansion,” says Michał Olszewski, co-founder and partner at Movens VC.

According to market research by the International Federation of Robotics, these are good times for robotics companies. Europe is a region with the highest density of robots, with an average of 114 units per 11,000 employees, and this is forecast to increase. Between 2020 and 2022 nearly two million new robots are to be installed in factories across the world. This is good news for VersaBox, which aims to be a supplier of comprehensive end-to-solutions in the sector.

“This is an example of a company that showed potential for rapid scaling from the very beginning,” says Krzysztof Domarecki, founder of Fidiasz EVC and the first VC investor in VersaBox. “This is particularly evident now that the Industry 4.0 is already becoming reality, and the benefits of the robotisation process are crucial for the further development of most industries.”

Right now, VersaBox is planning to use the investment to scale.

“In particular, it is important that, in addition to capital for development, we have expanded our group of partners with real experience in scaling business on international markets,” says Jacek Królik, VersaBox’s CEO.

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