Ultra raises $62 million for fast-growing ‘robots as a service’ business, announces tie-up with AI research firm Physical Intelligence
Source: Fortune ·
The raise consisted of a Series A seed round led by Framework Ventures plus an earlier seed round.
From the source
Finance editor Jeff John Roberts here. The explosive growth of the robotics industry in recent years is reflected in new technology feats, but also by the proliferation of new business and distribution models. Ultra, a startup that leases its devices to warehouses under a monthly “robots as a service” model, is a case in point. On Friday, the Brooklyn-based company announced it had raised $62 million, while also deepening a partnership with the buzzy “robot brains” AI firm Physical Intelligence. Ultra’s funding came in two rounds: a $50 million Series A led by Framework Ventures with participation from Y Combinator, and an earlier $12 million seed round led by the latter and Next View. In an interview with Term Sheet, Ultra CEO and co-founder Jon Miller Schwartz made a point we’re hearing a lot these days: Namely, he says humanoid robots get the lion’s share of attention, but that it is other forms of robots that are having the most impact in the real world. This phenomenon is hardly…