Sarcos Technology and Robotics Corporation, a leader in advanced robotic technology, has announced a strategic pivot in its business to focus on the development and commercialization of its robotic artificial intelligence (AI) and machine learning (ML) software platform. The company believes that its AI software platform offers a significant revenue opportunity in the near- and mid-term.
The decision to shift focus stems from the realization that the underlying power of Sarcos lies in its software development. Through extensive analysis, the company has recognized the risks and challenges associated with bringing its robotic systems to market. By prioritizing its AI software platform, Sarcos aims to cater to the growing demand for increased intelligence, efficiency, and capability in industrial robots.
The AI software platform developed by Sarcos aims to reduce robotic training times and enhance the agility of industrial robots. The company’s extensive experience in robotics gives it a unique perspective on leveraging software to address the complexities of training and managing industrial robots in dynamic environments. Through its software platform, Sarcos envisions a future where industrial robots can perform a wide variety of tasks similar to humans, leading to increased productivity and adaptability in various industries.
To ensure sufficient financial resources for the development and commercialization of its software platform, Sarcos has made the difficult decision to suspend its subsea, aviation, and solar robotics hardware programs. By decoupling its AI and ML software from its hardware solutions, the company aims to reach a broader market at a faster pace.
In line with the strategic pivot, Sarcos plans to reduce its workforce by approximately 150 employees and consolidate its operations in Salt Lake City by closing its Pittsburgh office. These measures are taken to optimize resources, reduce cash usage, and position the company for long-term profitability without the need for additional financing.
As Sarcos continues to streamline its business, it remains committed to addressing the subsea, aviation, and solar robotics markets through its AI/ML software platform. By scaling its software business, the company aims to create long-term value for its shareholders while meeting the acute needs of customers in today’s rapidly evolving industrial landscape.
FAQ
What is Sarcos Technology and Robotics Corporation?
Sarcos Technology and Robotics Corporation is a leading company in advanced robotic technology, specializing in the development of AI and ML software platforms for industrial robots.
What does Sarcos aim to achieve with its AI software platform?
Sarcos aims to reduce robotic training times and enhance the agility of industrial robots through its AI software platform. The goal is to enable industrial robots to perform a wide variety of tasks similar to humans, leading to increased productivity and adaptability in various industries.
Why did Sarcos decide to shift its focus to its AI software platform?
Sarcos recognized the significant revenue opportunity in its AI software platform and identified the risks and challenges associated with bringing its robotic systems to market. By prioritizing the software platform, Sarcos aims to leverage its expertise in robotics and address the growing demand for intelligent and efficient industrial robots.
How will Sarcos streamline its operations?
Sarcos will suspend its subsea, aviation, and solar robotics hardware programs and focus on developing and commercializing its AI/ML software platform. This strategic pivot will allow the company to reach a broader market more quickly and optimize resources for long-term profitability.
What measures is Sarcos taking to ensure financial resources for its software platform?
Sarcos plans to reduce its workforce by approximately 150 employees and consolidate its operations in Salt Lake City by closing its Pittsburgh office. These measures aim to reduce cash usage and position the company for long-term profitability without the need for additional financing.
Sources: businesswire.com