Sanctuary has successfully raised $88.5 million over 2 funding rounds, demonstrating significant investor interest in its mission to create human-like intelligence in general-purpose robots. The company is focused on addressing global labor challenges with its industrial-grade humanoid robots.
Keep reading to explore the intricacies of Sanctuary's fundraising journey and the investors backing this innovative platform.
What Is Sanctuary?
Sanctuary, founded in Vancouver, is pioneering the development of human-like intelligence in general-purpose robots. The company was established to address global labor challenges through advanced robotics.
With a team of 51-200 employees, Sanctuary is actively hiring to expand its capabilities. The company focuses on creating industrial-grade humanoid robots designed for various sectors, including automotive, manufacturing, and logistics.
Sanctuary's mission is driven by its founders, who aim to revolutionize the workforce with intelligent robots. Their technology promises to enhance safety, efficiency, and sustainability in the workplace.
How Much Funding Has Sanctuary Raised?
- Seed Rounds
- Motivation Behind the Round: Initial funding to support the startup's early development and operations.
- Series A Round
- Amount Raised: $58.5 million USD
- Date: Earlier in 2022
- Lead Investors: Bell, Verizon Ventures, Export Development Canada, and Chris Hadfield
- Motivation Behind the Round: To further develop the company's AI and robotics technology.
- Strategic Innovation Fund (SIF) Investment
- Amount Raised: $30 million USD
- Date: December 1, 2022
- Lead Investors: Canadian federal government through the Strategic Innovation Fund (SIF)
- Motivation Behind the Round: To support Sanctuary’s $120.8 million project aimed at developing robots with human-like intelligence and to employ more than 160 employees and 120 co-op students.
Sanctuary has raised a total of $88.5 million USD in funding. The current valuation is $120.8 million (~estimated).
Key Investors
- Strategic Innovation Fund (SIF)
- Details: A Canadian federal government initiative launched in 2017 to support research and development in the country. It has a commitment of $1.26 billion over five years, with additional funding announced in Budget 2021.
- Investment Focus Areas: Research and development, innovative technologies, economic growth.
- Notable Investments: Sanctuary, various Canadian innovation projects.
- Bell
- Details: Bell is a major Canadian telecommunications company providing a wide range of services including wireless, internet, and television. It is one of the largest and oldest telecommunications companies in Canada.
- Investment Focus Areas: Telecommunications, technology, infrastructure.
- Notable Investments: Sanctuary, various telecommunications infrastructure projects.
- Verizon Ventures
- Details: The investment arm of Verizon Communications, focusing on strategic investments in technology and innovation. Verizon Ventures aims to support startups that align with Verizon's strategic interests.
- Investment Focus Areas: Telecommunications, media, technology.
- Notable Investments: Sanctuary, various technology startups.
- Export Development Canada
- Details: A Crown corporation that provides financing and insurance solutions to help Canadian businesses expand internationally. It supports Canadian exporters and investors with a range of financial services.
- Investment Focus Areas: International expansion, technology, innovation.
- Notable Investments: Sanctuary, various Canadian export businesses.
- Chris Hadfield
- Details: A retired Canadian astronaut known for his time aboard the International Space Station and his contributions to space exploration. He is also an author and public speaker.
- Investment Focus Areas: Space, science, engineering.
- Notable Investments: Sanctuary, various space and technology initiatives.
What's Next for Sanctuary?
Sanctuary's future is brimming with opportunities, driven by a $30 million investment from Canada's Strategic Innovation Fund. This funding supports a $120.8 million project aimed at developing robots with human-like intelligence, creating over 160 jobs and 120 co-op positions. The integration of new tactile sensor technology and strategic collaborations, such as with Microsoft, further solidify Sanctuary's position in the AI and robotics industry.
Given its history of successful fundraising, Sanctuary is well-positioned to attract additional investments. The company may pursue further Series B or later-stage funding rounds to support ongoing research and development. However, challenges remain, including skepticism from AI experts and the technical hurdles of developing advanced robotics systems. Maintaining a competitive edge and continuous innovation will be crucial as the industry evolves.
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