Path Robotics Inc., which has developed a robotic welding system, said today that it has raised $56 million in Series B funding. The Columbus, Ohio-based company said it plans to use the financing to help it address a shortage of skilled welders in the U.S.
The number of people entering the welding workforce in U.S. continues to fall, while the average age of welders continues to grow, said Path Robotics. The demand for welders is increasing at 3% per year, while the supply is decreasing, creating a shortage in the American welding workforce of 400,000 skilled welders by 2024. This reality, coupled with a pandemic-driven increased demand for onshore manufacturing, is leading to a choke point for American manufacturing across industries.
Path Robotics said it is dedicated to building intelligent robotic systems to reduce this bottleneck and fuel a new generation of American manufacturing growth.
“Current industrial robotics have very little ability to understand their environment and the task at hand,” stated Andrew Lonsberry, CEO of Path Robotics. “Most robots merely repeat what they are told and have no ability to improve themselves. Our goal is to change this. The future of manufacturing hinges on highly capable robotics.”
Path Robotics adds AI to welding
While working on their Ph.D.s at Case Western Reserve University, brothers Andy and Alex Lonsberry discovered a market need for industrial welding robotics that could do more with less human input. This led to the founding of Path Robotics with their father, Ken Lonsberry, and Matt Klein.
Path Robotics claimed that it has used artificial intelligence to offer “the world's first truly autonomous robotic welding system.” The company said its “turnkey” system was designed to ensure no system programming and require “no perfect parts.”
Through proprietary scanning and computer vision technology and machine learning, the welding system can see and understand nearly any part it's given, with the ability to self-adjust for each unique part, according to Path Robotics.
The AI-driven system analyzes where a weld is needed and generates all the planning to execute a clean weld nearly instantly. It was designed to operate precisely in a manufacturing environment and with highly reflective materials.
Investors look to solve worker shortage
Addition led Path Robotics' Series B round, which brings total investment to date in the company to $71 million. Returning investors included Drive Capital, Basis Set, and Lemnos Lab.
“Path Robotics is solving a complex and critical problem in our country by bridging the gap between the supply of skilled welders and demand,” said Lee Fixel, a venture capitalist at Addition. “We look forward to supporting the company as it works to lead American manufacturing into the future.”
“The future of intelligent machines and manufacturing is being created at Path Robotics right now,” said Alex Lonsberry, co-founder and chief technology officer. “We are delivering on the promise of what robots can become. Realizing our mission requires a visionary team of partners. We are excited to have Addition working with us to change the world.”
“We are thrilled to continue our partnership and investment in Path Robotics,” said Nick Solaro, a partner at Columbus-based Drive. “Their AI and computer vision technology is solving a large and urgent need for manufacturers around the world.”
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