Invert Robotics raises $6.4 mln from private investors, expands into Europe
By Sophie Boot
Jan. 30 (BusinessDesk) - Christchurch-based robot maker Invert Robotics raised more than $6 million from private
investors as it expands into Europe and branches out into other sectors.
The company first raised $740,000 through crowdfunding platform Equitise in May 2016 and has now raised $6.4 million
from private investors from Australia and New Zealand, including former Macquarie Group chief Allan Moss. Powerhouse
Ventures is still the robot maker's biggest shareholder, with 23 percent of the company, according to Companies Office
filings. The New Zealand Venture Investment Fund (NZVIF) is the second largest with 14.5 percent followed by Guildford
Investments with 5.3 percent.
The company produces mobile climbing robots with video feeds that can inspect industrial tanks without causing damage.
Australasian dairy groups Fonterra Cooperative Group, Synlait Milk and Murray Goldburn and a number of global food and
beverage brands use the robots, which have attracted interest from the food and beverage manufacturing industry in
Europe and Asia such as FrieslandCampina and Heineken, the company said.
Invert Robotics said it expects revenue to quadruple in the current financial year, with significant contributions from
European operations. Revenue was less than $1 million as at June 30, 2017, according to Powerhouse's website. It is
about to open premises in Germany and Denmark and has already opened in the Netherlands.
The company also said it is about to make an announcement about a European partnership soon after getting attention from
the aviation inspection market and is looking at potential opportunities in the chemical industry, in addition to
further work with energy, oil and gas companies.
"Unlike other inspection methods using dyes, drones and optical or laser devices, Invert Robotic's technology provides
360-degree diagnostics and does so in up to half the time of traditional inspections," managing director Neil Fletcher
said. "The accuracy, efficiency and the value-adding environmental and safety benefits of robotic technology makes it an
obvious choice as global consumer demand for product safety, brand integrity and transparency grows."
(BusinessDesk)