Salmon Arm-based TechBrew Robotics, a pioneering technology startup specializing in mushroom-picking, recently rebranded itself as 4AG Robotics. Alongside the name change, the company also announced that it successfully secured $17.5 million CAD in Series A funding. These strategic moves come hot on the heels of 4AG Robotics appointing Sean O’Connor as CEO and Chris Payne as the chief financial and operating officer.
The funding boost will allow 4AG Robotics, pronounced as “forage,” to accelerate the development and deployment of its cutting-edge solution. By employing patented suction-cup technology and unique mechanical robots, 4AG Robotics can harvest mushrooms faster and more efficiently than humans, all while avoiding damage to the delicate produce.
With ambitions to revolutionize the industry, 4AG Robotics has planned to introduce its latest robot to a farm in Abbotsford, BC next month, followed by another farm in the Netherlands in April 2024. The company is also in advanced discussions with two other international farms, further solidifying its global influence.
As part of its growth strategy, 4AG Robotics aims to expand its workforce from 37 to 60 employees. The company seeks to hire individuals with expertise in mechatronics, research and development, artificial intelligence, computer vision, and manufacturing. This expansion will support the scaling of production and the incorporation of new features that enhance customer yields.
4AG Robotics’ Series A funding round, which closed in late October, was co-led by BDC Capital’s Industrial Innovation Venture Fund and InBC, with participation from the Jim Richardson Family Office, Lex Capital, and undisclosed angel investors. Notably, Emmertech, a previous investor in 4AG Robotics, also joined the round.
The successful completion of the Series A funding brings 4AG Robotics’ total funding to over $20 million. Although 4AG Robotics refrains from disclosing the valuation resulting from the funding round, the company remains confident in its growth trajectory.
FAQ:
Q: What is 4AG Robotics?
A: 4AG Robotics is a technology startup focused on revolutionizing mushroom harvesting using advanced robotic solutions.
Q: What funding did 4AG Robotics secure?
A: 4AG Robotics secured $17.5 million CAD in Series A funding.
Q: What are 4AG Robotics’ plans for expansion?
A: 4AG Robotics intends to expand its team from 37 employees to 60, hiring individuals with expertise in various fields such as mechatronics, research and development, artificial intelligence, computer vision, and manufacturing.
Q: Who led the Series A funding round for 4AG Robotics?
A: The Series A funding round was co-led by BDC Capital’s Industrial Innovation Venture Fund and InBC.
Q: What sets 4AG Robotics apart from other mushroom harvesting solutions?
A: 4AG Robotics utilizes patented suction-cup technology and mechanical robots to harvest mushrooms faster and more efficiently than humans while ensuring minimal damage to the produce.