The global search for capital continues for robotics startups. Scape Technologies A/S yesterday said that it plans a private placement of more than DKK 9 million ($1.31 million U.S.) new shares of nominally DKK 1.00 against a cash payment of DKK 1.30 per new stock.
The Odense, Denmark-based bin-picking robot developer said in a release that it needs the additional capital for continued operation and execution of its growth strategy.
In its report of its results for the first half of 2023 this week, Scape Technologies said its turnover fell from DKK 5.08 million in the first half of 2022 to DKK 1.86 million ($270,000) in the first half of 2023, but its revenue grew from DKK 1.05 million ($150,000) in the second half of 2022. It said it hopes to overcome market uncertainty in Europe.
The global market for bin-picking robots could expand from $1.3 billion in 2022 to $2.6 billion by 2028 at a compound annual growth rate (CAGR) of 11.7%, according to Market Reports World. It added that Asia-Pacific is the leading region and automotive is the leading industry in terms of demand.
Founded in 2004, Scape Technologies sells its SCAPE Package-Picker, Easy-Picker, and Mini-Picker systems through integrators, which build and run them in customers' production environments. The company also said it provides services to ensure the high quality and reliability of the SCAPE system, and it has customers in Sweden, Germany, Denmark, France, and China.
Robotic vision provider scopes out growth
Scape Technologies said it offers an integrated system including components and software modules that can connect directly with six-axis robot arms from leading vendors such as KUKA, ABB, Kawasaki, Universal Robots, and more.
The company added that it is applying its expertise in 3D vision to increase its focus on artificial intelligence for automation. In May, it released the SCAPE Stationary Scanner P2 recognition as an alternative to its robot-mounted SCAPE Grid Scanner Recognition and SCAPE Stationary Scanner E1 Recognition.
It also plans to introduce a SCAPE development platform for a variety of robotics applications. In addition, Scape said it is expanding its product portfolio, most recently with the SCAPE Package-Picker, which it said addresses the growing need for automation in distribution centers and has been implemented with a customer in China.
Scape China commits capital
Scape Technologies said it has received a commitment from the main shareholder Shenzhen Scape Technologies Co. in Shenzhen, China (Scape China), for a capital increase of DKK 12 million ($1.75 million U.S.) through the direct issue of new shares for cash payment. The company's board said has decided to withdraw DKK 12 million on the commitment from Scape China and carry out a directed issue with implementation as soon as possible.
The new shares are fully subscribed by Scape China. Scape Technologies said it plans to use the gross proceeds from the issue to finance development and growth in accordance with previously announced plans to secure additional financing.
The new shares will be issued in accordance with the board's authorization in 4a.1c. of its articles of association. The company said it will register the fundraising with the Danish Business Authority as soon as possible.
Scape said it will issue the new shares through VP Securities and be admitted to trading on Nasdaq First North Growth Market Denmark under the permanent ISIN DK0061114246 as soon as possible after registration of the capital increase with the Danish Business Authority.
The new shares give the same rights as the existing shares, including the right to any dividends from and including the date of registration with the Danish Business Authority. After the issuance of the new shares, the company's share capital amounts to nominally DKK 38.7 million ($5.64 million) divided into shares of nominally DKK 1.00 ($0.15).
After completion of the private placement, Scape China will hold 63% of the total share capital and votes in the company.
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