The world’s first venture fund focused on service robotics Robolution Capital has held a first close of €80m.
The fund, which is managed by Bruno Bonnell and other Orkos Capital partners, has also lifted its initial target of €60m to €100m.
Robolution noted that the service robotics market is expected to expand from €17bn in 2013 to €100bn by 2018.
The fund has been backed by European Investment Fund and Bpifrance, industrial and institutional players such as AG2R, LA MONDIALE, Orange, EDF and Thales and individual investors. It will invest between €300,000 and €3m in robotics services companies based in France and the rest of Europe.
Bonnell said, “We are proud to have successfully managed the creation of this first international fund exclusively dedicated to service robotics.
“We now have the ability to support French and European companies in the industry, and to accompany them in the growth of their businesses. In the face of global competition, I am confident in Robolution Capital’s capacities to allow new talents to flourish in European robotics.”
Venture capital-backed robotics companies include ocean-based robot maker Liquid Robotics, which raised a $45m Series E round last year.
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