Scaling to Success For Robotics Startups
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How can robotics startups reach scale? Case studies from HAX and beyond. Talk given at the R-18 conference in Odense, Denmark, in September 2018
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Scaling to Success For Robotics Startups
- 1. SCALING to SUCCESS for Robotics Startups Benjamin Joffe, Partner, SOSV / HAX
- 2. • Global • Early stage • Deep tech • >700 startups (4 unicorns) • $400M AUM • NEW! $250M Fund (2019~)
- 3. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD 70% 30%
- 4. $100k-$250k FIRST CHECKS 200startups ~30 INVESTMENTS / YEAR GrowingB2B >20 ROBOTICS STARTUPS
- 5. Stage 1 Shenzhen 4-8 months Mentorship & co-development Engineering Design Stage 2 San Francisco 2-3 months Mentorship & sales Traction Fundraising
- 6. Hej! • 5 years @ HAX (Shenzhen, HK… Paris?) • 18 years in China / Japan / Korea (+ SF) • Telecom / Consulting / Gaming / Hardware • Writer / Speaker / Angel investor (12 startups) • ben@hax.co / @benjaminjoffe
- 7. QUIZ !
- 8. Q1 Which Danish robotics companies were acquired for over $100M?
- 10. Answer • Universal Robots ($285M) - May 2015 • MiR ($148M) - April 2018
- 11. Universal Robots • 2005: Founded • 2008: UR5 (5kg, Denmark, Germany) • 2012: UR10 (10kg) • 2015: UR3 (3kg) • 2015: Acquired for US$285 million (Teradyne)
- 13. To note • 3+ years from start to first product • Sold for 4x revenue
- 14. Mobile Industrial Robots (MiR) • 2013: Founded • 2015: Investment 1.5 MUSD • 2018: Acquired for 148 MUSD (Teradyne)
- 15. Q2 Which robot pet just got back on market?
- 16. $3,000 ~10,000 units in 3 months in Japan 1999 150,000 units in 7 years
- 17. Q3 Which robotics companies were acquired by Softbank?
- 21. Q4 What is the #1 home robotics company in the world?
- 23. Roomba Story • iRobot (1990, from MIT), Roomba (2002) • Sales: 1mln units (2004), 10mln (2013), 20mln (2017) • New model • Hands-free cleaning (vacuum the vacuum => bag) • Permanent maps • "Alexa, ask Roomba to clean the kitchen” • Robot + base = $949
- 26. Q5 Which robotics startups are valued over $1B (‘unicorns’)?
- 27. Robot Unicorns • IPO • iRobot + Ecovacs • Cyberdyne ($1.5B) • Kuka ($5B) • PRIVATE • Ninebot / Segway ($1.5B) • DJI ($15B?) • UBTech ($5B?) • Carbon 3D ($1.7B) + Desktop Metal (>$1B)
- 28. Q6 Which are the next robotic unicorns?
- 29. ?
- 30. IDEAS
- 31. Robots will replace humans Robots will work with humans Robots will teach humans
- 32. NEWS
- 33. $220 million (Uber) All-electric (2020) Market Cap: 90 million EUR
- 34. John Deere buys Blue River for $305M
- 35. 2012 2017
- 37. Raised $170M
- 38. Raised $48M Raised $95M Raised $26M
- 40. Makeblock (HAX startup) raised $80M 20,000 schools use their products
- 41. I DISLIKE
- 42. WHAT WE LEARNED
- 46. @benjaminjoffe - ben@hax.co 500 Staff >$200M valuation B2C / B2G
- 47. @benjaminjoffe - ben@hax.co Invest now?
- 48. @benjaminjoffe - ben@hax.co 2014 Cell Robotics
- 52. Lab to Market is hard
- 53. Finding your market • B2C? • B2B? • B2G?
- 54. @benjaminjoffe - ben@hax.co Invest now?
- 61. Insights • ‘Canada factor’ • High [Talent / Entrepreneurs] ratio • Gov pays back >35% R&D • Access to U.S., global mindset • Trade show => Customers (Singapore, Australia)
- 62. @benjaminjoffe - ben@hax.co 100 staff B2B
- 63. @benjaminjoffe - ben@hax.co Invest now?
- 66. @benjaminjoffe - ben@hax.co Big labs
- 68. @benjaminjoffe - ben@hax.co University labs + Biotech Startups
- 69. @benjaminjoffe - ben@hax.co Raised $10M
- 70. Insights • Finding your market • Speed • Price • Ship from China • “China is the future of industrial R&D” ?
- 71. @benjaminjoffe - ben@hax.co Invest now?
- 72. @benjaminjoffe - ben@hax.co 2015 Simbe Robotics
- 74. @benjaminjoffe - ben@hax.co SIMulated BEing
- 75. @benjaminjoffe - ben@hax.co Supermarket Inventory
- 76. @benjaminjoffe - ben@hax.co SUPermarket INventory ?
- 78. Benefits • Pilot at Schnucks : 3 scans / day • Shelf-level data (‘Shelf Health’) at a granularity and a frequency not previously possible, • “$450B in under-optimized shelf space”
- 79. access to the ultimate supply chain Shenzhen -Huaqiangbei
- 81. U.S.A.
- 83. Insights • Willow Garage • “Prototype effect” • Milestones: Launch video + pilot customer
- 84. @benjaminjoffe - ben@hax.co Invest now?
- 87. Do more?
- 88. Target Market? • From B2C to B2B • Schools, Stadiums, Parks, Malls, etc.
- 91. Boston Dynamics Black Mirror
- 95. @benjaminjoffe - ben@hax.co Vehicle inspection
- 100. Insights • Clear paint point for first application • Industry partner (Michelin) • Expansion
- 101. @benjaminjoffe - ben@hax.co Invest now?
- 102. @benjaminjoffe - ben@hax.co HOW ABOUT INDUSTRY?
- 103. @benjaminjoffe - ben@hax.co 2017 Elephant Robotics
- 104. • 5kg / 810mm range • 0.05mm repeatability • Co-bot • Vision system • Easy programming
- 105. Insights • Chinese • Customization • Customer service
- 106. @benjaminjoffe - ben@hax.co Invest now?
- 112. 3d scan
- 119. Insights • 2 founders • $250k • Shipping in November!
- 120. @benjaminjoffe - ben@hax.co Key Moments For Fundraising
- 121. Momentum & Milestones • (idea?) • Working prototype • Pilot customer • Real product • Sales growth
- 122. Who to raise from? • Grants • Customers • Angels • Local VCs • Global VCs
- 123. Dangers • Founders fights • Bad timing • Too much tech • Lack of PR, Marketing & Sales
- 125. SUMMARY • SciFi is mostly wrong • More B2B • More high-tech, A.I. & Machine Learning • Not just a robot
- 126. SUMMARY • Find real needs • Do one thing well • Make it cheaper • Be fast • Be frugal • Look for the best resources • Customers are better than raising money
- 127. WHAT HAX IS LOOKING FOR • Startups ! • Co-investors • Industry partners • LPs ($250M fund)
- 128. @benjaminjoffe - ben@hax.co Mange Tak ! @benjaminjoffe ben@hax.co