Robotics startup Andromeda raises $3m to scale AI companion robot
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The news: Robotics and AI company Andromeda has closed a $3 million seed round led by Purpose Ventures, to help scale the rollout of its humanoid companion robot across Australia.
The numbers: Purpose Ventures is a $46 million fund headquartered in Perth, and was the lead investor in a $3 million equity round, that also saw support from existing shareholders.
The context: Melbourne-based Andromeda's first product Abi is a humanoid robot designed to help older adults in aged care facilities and children in hospitals with daily tasks, and provide social and cognitive support to boost well-being, quality of life, and independence.
The capital raise, which follows a pre-seed round led by Galileo Ventures last year, will support the company moving from its previous residence in the Stone and Chalk Hub to its new manufacturing facilities in South Melbourne.
The new funding will also be used to continue increasing the utility of Abi with support for patient outcomes within the health sector, expand the team and support the move into the larger manufacturing facilities.
What they said: Andromeda's founder Grace Brown said: "We first connected with Purpose Ventures more than 12 months ago. We were looking for a lead investment partner that was both values aligned and had the experience to provide support beyond the funding to help our organisation scale globally".
Purpose Ventures managing director Derek Gerrard said: "There’s no doubt we are in a fast-growing era of robotic and AI opportunities, but the focus that Andromeda has on solving companionship, loneliness and utility within the heath sector sets them apart".
"They have an opportunity to be a global leader in the interaction between social science and technology within the robotics sector, so we are excited to be on the journey with them as one of their investment partners," he said.
The source: Andromeda media release
