Total amount raised
$12 Millions
Latest funding date
11/1/2018
Location
ROAM has successfully raised $11.5 million in a Series A funding round, backed by prominent investors such as Keith Rabois and Khosla Ventures. The company specializes in powered orthotics, aiming to enhance human capabilities through innovative robotic systems.
Keep reading to explore the intricacies of ROAM's fundraising journey and the investors backing this cutting-edge platform.
What Is ROAM?
Founded in 2012, ROAM is a San Francisco-based robotics company specializing in powered orthotics, also known as exoskeletons. The company aims to enhance human capabilities through innovative, cost-effective, and comfortable mobility solutions.
ROAM was established by Mallory Ulaszek, Saul Griffith, and Tim Swift. Their technology leverages high-strength fabrics and a pneumatic powertrain to deliver unmatched power-to-weight ratios, making it suitable for both military and commercial applications.
With a team of 11-50 employees, ROAM continues to push the boundaries of human performance and mobility, offering solutions that are safe for home use and adaptable to various needs.
How Much Funding Has ROAM Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial prototypes and validate the technology.
- Series A
- Amount Raised: $12 million
- Date: November 2018
- Lead Investors: Yamaha Motor Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bring their first product, ELEVATE, to market and boost sales and marketing efforts.
Total Amount Raised: $12 million. Current Valuation: Not publicly disclosed.
Key Investors
- Yamaha Motor Ventures
- Details: Yamaha Motor Ventures is the venture capital arm of Yamaha Motor Co., Ltd., a multinational corporation known for its motorcycles, marine products, and other motorized products. They focus on investing in innovative technologies that align with Yamaha's core business areas.
- Investment Focus Areas: Robotics, mobility solutions, industrial applications.
- Notable Investments: Not publicly disclosed.
- Boost VC
- Details: Boost VC is a venture capital firm that invests in startups, particularly those in the technology sector. They are known for their focus on frontier technologies and have a strong track record in supporting early-stage companies.
- Investment Focus Areas: Virtual reality, blockchain, artificial intelligence.
- Notable Investments: Not publicly disclosed.
- Heuristics Capital Partners
- Details: Heuristics Capital Partners is a venture capital firm that focuses on early-stage investments in technology companies. They aim to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not publicly disclosed.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital to early-stage and growth-stage companies in various sectors. They have a long history of successful investments in high-growth companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Uber, Roku, Warby Parker.
- Spero Ventures
- Details: Spero Ventures is a venture capital firm that invests in companies aiming to improve the quality of life, work, and sustainability. They focus on supporting startups that have a positive impact on society.
- Investment Focus Areas: Quality of life, work, sustainability.
- Notable Investments: Not publicly disclosed.
What's Next for ROAM?
ROAM's future looks promising with significant opportunities in the recreational sports sector, particularly skiing. Their ELEVATE exoskeleton, designed to reduce muscle fatigue and enhance performance, is just the beginning. The company aims to expand into other sports and activities, potentially tapping into the medical and industrial sectors where enhanced mobility solutions are in high demand.
As the market for wearable robotics grows, ROAM is well-positioned to attract further investment. Future fundraising rounds could help them scale their product lines and enter new markets. However, they will need to navigate challenges such as maintaining affordability and competing with established players in the exoskeleton market.
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