State of U.

S Robotics
This deep dive focuses on early-stage funding activity, specifically
Seed to Series C rounds from 2021 - 2025 YTD
Marcus Løfgren

Aug 2025 z21.ventures

Table of Content
l State of Robotics
l Autonomous Vehicles
l Humanoid Robotics
l Vertical Robotics
l Trends & Growth Drivers
l White Spaces & Strategic Opportunities

Apr 2024 z21.ventures

Key Takeaways - U.S Robotics (Seed to Series C, 2021 - 2025 YTD)
Boom, Bust, Rebound Humanoid Robotics Autonomous Vehicles
Investment volume dropped after 2021 but This sub-segment was barely funded in AVs dominated 2021 but crashed after the
recovered sharply in 2024 (concentrated in 2021 but crossed $1B in 2024 - one of the hype faded. They rebounded in 2024, but
fewer, larger rounds). Early-stage capital fastest growing sub-segment. This was due investors now back fewer, more advanced
became more selective after inflated in to breakthrough in general-purpose AI, companies. After several high-profile
2021 valuation and failed scale-ups in 2023 reigniting beliefs in humanoids as failures and shutdowns, investors realized
(e.g., GM defunding Cruise). By 2024, labor-replacing platform, not just R&D toys. that AVs require far more time and capital
investors focused capital into companies Top-tier investors (e.g. Jeff Bezos, OpenAI, than expected. The 2024 comeback
with clearer commercial traction across AV Microsoft) viewed humanoids as the next (Waymo´s $5.6B rounds) was driven by
and emerging companies at the leading platform play. proven players with strong infrastructure,
edge of AI advancements in humanoids. while early-stage AV startups still struggle
to raise due to high costs, unclear
Vertical Robotics Investors shift regulation, and tough unit economics.
Logistics & Warehouse, medical, defense, Winning startups increasingly combine
and agricultural robotics are stabilizing with hardware, AI and deployment strategy from the
real use cases solving real labor shortages start. “Full-stack” capability is dominating:
(warehousing, elder care, farming). AI-enabled perception, scalable hardware
Agriculture and Logistics & Warehouse platforms, and go-to-market alignment. Figure
robotics was the largest categories. Large AI, Apptronik and Agility Robotics secure large
funding rounds went to Monarch Tractor early-stage rounds combining tech feasibility,
diversity and market readiness.
(agriculture) and Fabric (logistics).

Aug 2025 z21.ventures

 State of Robotics

Aug 2025 z21.ventures

Key Metrics in U.S Robotics Funding Seed - Series C (2021 - 2025 YTD)

1.385 3,000 5,000 40

Companies Funded Deals Closed Investors Involved Successful Exits

$5.6B
Largest Deal (Waymo)
$43B $35M
Median Post-Money
Total Capital Invested
Valuation

Aug 2025 Sources: PitchBook z21.ventures

Early-Stage Robotics Funding Rebounded in 2024 After Two-Year Decline

● The dip was due to rising interest rates, a slow IPO market, and
investor skepticism toward capital-intensive ventures (GM defunding
Cruise, which lost $3.48B in 2023 alone).
● Funding rebounded in 2024 led by larger mega-rounds: Waymo
($5.6B), Figure AI ($675M), Apptronik ($350M), 1X ($100M).
● The rebound was fueled by falling cost, improved core components
(computing power, sensors, motors, batteries), and rapid AI
advancements.
○ Automotive and smartphone industries are scaling these components
while Chinese manufacturers increase competition and supply.
○ LLMs reduces software development costs, and startups are adopting
open-source software and leaner go-to-market strategies in response to
tighter VC funding after 2022.

Aug 2025 Sources: PitchBook, Wessling, B. (2023) - The Robot Report, F-Prime Capital (2024), “From Surge to Sobriety - The State of Robotics Investment z21.ventures
in 2024”.
 Autonomous Vehicles (AV)

Aug 2025 z21.ventures

Key Metrics in the U.S AV segment, Seed - Series C (2021 - 2025 YTD)

187 422 1,071 9

Companies Funded Deals Closed Investors Involved Successful Exits

$5.6B
Largest Deal (Waymo)
$15B $35M
Median Post-Money
Total Capital Invested
Valuation

Aug 2025 Sources: PitchBook z21.ventures

Key Takeaways - Autonomous Vehicles

Rebound in 2024 Waymo Pulls Ahead Others Struggles

AV funding rebounded in 2024, led by With 20B+ test miles and Uber Cruise shut down in late 2023 as well
Waymo´s $5.6B Series C round after partnerships, Waymo is the as Aurora´s delay from 2024 to April
years of hype, capital loss, and front-runner, backed by Alphabet´s 2025.
consolidation. deep tech and funding stack.

Competitive Pressure High Barriers Long-Term Upside

Uber´s investment deal: $300 M into Early-stage AV startups still face steep Despite short-term hurdles, the AV
Lucid and a larger stake in Nuro to challenges: high cost, long market is projected to grow from $79B
deploy 20,000 robotaxis. Tesla remains deployment circles, unclear in 2024 to $1.8T by 2034 (CAGR:
in pilot phases, but developing its "Full regulation, and poor unit economics. 37.1%).
Self-Driving" (FSD) software in-house Adoption in smaller urban areas is
even though it requires active human also an obstacle.
supervision.

Aug 2025 z21.ventures

The AV Industry is a major investment area, positioned to transform
transportation, improve road safety, and reduce emission

$78.96B $1.8T 37.1%

2024 Market Size 2034 Projection Projected CAGR

Challenges to Private AV Ownership & Robotaxis: Recent research suggests

the threat of AVs to private car ownership may be overstated (Van Keulen, 2025).
While Tesla and Waymo are expanding, large-scale deployment faces difficulties
due to "deadhead trips" (empty rides). This inflate operating costs and lead to
analyst skepticism about robotaxis replacing private vehicles soon.

Investment Shift Towards Enabling Technologies: Due to ongoing operational

challenges and uncertain scalability timelines for robotaxis, it may be more
cautious to shift focus toward enabling technologies. These include the tools,
systems, and supporting services that underpin the broader AV ecosystem and
enhance autonomous features in personal vehicles

Aug 2025 Sources: PitchBook, (Precedence Research, 2024), (Van Keulen, R., 2025. Car Group: Self-Driving Cars Not a Threat to Private Vehicle z21.ventures
Ownership. Morningstar Equity Analyst Note)
Operational Costs vs Cultural Barriers in U.S AV Adoption

$78.96B $1.8T 37.1%

2024 Market Size 2034 Projection Projected CAGR

Operational Costs
● Analysts estimate the cost to build and equip a Waymo robotaxi (EV + sensors
+ compute stack) at $150k-$200k per vehicle.
● Reports indicate 30-40% of miles driven in May was deadhead (no passenger).
● Operating loss grew from $1.02B in May 2024 to to $1.23B in May 2025.

Cultural resistance and car dependency

● AV segment depend on urban dense demand
● Americans in small urban areas prioritize control, convenience, and privacy of
private car ownership
● Adoption is much higher among transit supporters than those who enjoy riding

Aug 2025 Sources: PitchBook, (Precedence Research, 2024), (Deidre B. & Levy A., 2025 - CNBC), (Song, Y. et.al, 2019 - People's Attitudes Towards AV and z21.ventures
Transit in Small Urban Areas)
AV´s Early-Stage Funding Landscape

This stacked bar chart shows that there's a steady flow

through Seed, Series A and B, with a relatively smaller share
reaching Series C. This indicates gradual maturation but
continued early-stage activity.

Aug 2025 Sources: PitchBook z21.ventures

Waymo Accelerates While Others Struggles and Rethink Strategy

Consistent Commercial Operations at Scale: Their 1500+ self-driving Shutdown: In late 2023, Cruise suspended operations after $1.9B loss in
vehicles have clocked 20+ billion tested miles. Raised $5.6B in Series C the first nine months of 2023 and a serious accident in San Francisco
funding round October 2024 from Alphabet, Andreessen Horowitz, Silver
Delays: Aurora began commercial driverless freight operations between
Lake
Dallas and Houston in early 2025, completing over 1,200 miles. However,

Strategic Expansion Through Partnerships: It has formed key human safety observers were quickly reintroduced in some trucks,

partnerships, such as integrating Waymo robotaxis into Uber’s platform in reflecting industry caution and a slower autonomous rollout

cities like Austin and Atlanta (early 2025), accelerating adoption

Competitive pressure: Uber recently announced a major investment
Strong Backing & Deep Tech Stack: As a subsidiary of Alphabet, deal: $300 M into Lucid and a larger stake in Nuro to deploy 20,000
Waymo benefits from world-class AI talent, massive compute robotaxis equipped with Nuro’s AV tech. Tesla remains in pilot phases, but
infrastructure, and long-term funding developing its "Full Self-Driving" (FSD) software in-house even though it
requires active human supervision

Aug 2025 Sources: PitchBook, (Reed, B., 2023 - GM´s Cruise slashes more than 900 jobs after recalling robotaxis), (Korosec, K., 2025 - Techcrunch: “Uber z21.ventures
makes multimillion-dollar investment in Lucid and Nuro to build a premium robotaxi service)
From Full-Stack AV´s to Autonomous Trucking Software and Defense

● Motional develops full-stack autonomous driving technology for ● PlusAI is an AI-based virtual driver software company specifically for

robotaxi providers and automotive OEMs, meaning a full-stack AV long-haul freight trucks. Their system can be integrated into existing

● Hundai Motor Group acquired 11% of Motional´s common equity trucks and offers supervised autonomy, helping carriers improve

from Aptiv for $448M. safety and reduce operating costs. Raised $286M in early 2021 in
Series B through Alpha Protocol Ventures and more.
● Forterra develops AI-powered robotic vehicle autonomy software to
support complex and mission-critical operations. Their tech enables
path planning, convoy coordination, and autonomous navigation in
both on-road and off-road environments. It supports manned and
unmanned teaming, simulation, and localization — serving defense,
municipal, and commercial sectors. Raised $75M in Series B 2024
led by Four Strategic Ventures, XYZ Ventures, and Hedosophia.
Aug 2025 Sources: PitchBook, (Hope, G., 2024 - Hundai to invest $1B into self-driving company) z21.ventures
 Humanoid Robotics

Aug 2025 z21.ventures

Key Metrics in U.S Humanoid Robotics (2021 - 2025 YTD)

62 117 469 $1.5B

Largest Deal (Figure)
Companies Funded Deals Closed Investors Involved

$5B $102M
Median Post-Money
Total Capital Invested
Valuation

Aug 2025 Sources: PitchBook z21.ventures

Key Takeaways - Humanoids

From hype to pilots LLM game-changer Narrow Use-Cases

Real-world deployments are Multimodal AI and LLMs enable more Despite AI breakthroughs, most
beginning, moving from prototypes to natural interaction with robots but humanoid applications is linked to
functional testing. Fiure 01 began physical grounding remains a key repetitive tasks like warehouse
commercial partnership with BMW in limitation. Until task-specific training support and pick-and-place
2024. Tesla Optimus had a and middleware systems mature, manufacturing. Constraints in battery
laundry-folding demo going viral in humanoid deployments remain life, mobility, and dexterity continue to
2024 as well. limited. limit broader use.

Fewer, larger deals Tech giants build moats Long-Term Upside

High capital intensity with concentrated Tesla Dojo and Nvidia Isaac Sim are Experts believe truly general-purpose
investment, creating a quietly developing foundational humanoids are still 5-10 years away
"winner-takes-most" market. Figure AI infrastructure and AI training from widespread commercial viability.
raised $1.5B in the beginning of 2025 at platforms. While Tesla Dojo is mainly In the meantime, labor substitution will
39.5B valuation. for FSD, Nvidia Isaac Sim simulate be limited to highly structured,
and test AI-driven robotics solutions. controlled environments

Aug 2025 z21.ventures

Investments in Humanoid Robotics Spiked in 2024 and Onwards,
Concentrated Across a Handful of Companies
$580M $3.83B 45.7%
2024 Market Size 2029 Projection Projected CAGR

● 2023-2024: Saw Figure AI, 1X, and Tesla unveil highly capable humanoid
robots (f.ex Figure 01 & Optimus), demonstrating advanced bipedal mobility,
dexterity and AI integration
● Fewer companies, but bigger bets: While number of deals is on the lower
side, capital invested is high ($1.4B in 2024), implying larger check sizes per
company. Several large rounds were closed by players like Figure AI ($675M)
and 1X ($100M).
● Labor shortage: Rising wage pressure and aging populations in developed
markets made general-purpose robots look more economically viable,
especially for warehouse, healthcare, and retail roles.

Aug 2025 Sources: PitchBook, (MarketsandMarkets, 2025), (Emerging Spaces in Review, 2024), (Goldstein, 2025). z21.ventures
AV´s Early-Stage Funding Landscape: “Winner-Takes-Most” capital
structure

Fewer Deals in Humanoids: The total number of deals in humanoid

robotics is relatively low across all years. For example, from 2021–2025,
humanoids had a total of 75 deals across Seed to Series C. This confirms
a more concentrated investment landscape in humanoids

Later Stage Emphasis in Humanoids (2024 Spike): Humanoids saw a

sharp spike in Seed deals in 2024 (15 deals), indicating sudden interest
and capital boost due to the success and convincing by a handful major
players.

→ Humanoids show a less consistent Series A–C progression, suggesting

a market that’s still figuring out which players will survive or scale

Aug 2025 Sources: PitchBook z21.ventures

Humanoid Robotics Rise Is Led by AI Platforms, Industrial, and
General-Purpose Use-Cases (2021 - 2025 YTD, Seed to Series C)

Breakthrough Product & Strong Backing

● Figure AI unveiled its general-purpose robot Figure 01,

attracting $675M in early 2024 (series B) and $1.5B early

2025 (series C). This is the largest humanoid funding round
to date.

● Backed by OpenAI, Microsoft, Nvidia, and Amazon, with

partnerships including a 2024 commercial agreement with

BMW for logistics pilots.

Aug 2025 Sources: PitchBook z21.ventures

Humanoid Robotics Rise Is Led by AI Platforms, Industrial, and
General-Purpose Use-Cases (2021 - 2025 YTD, Seed to Series C)

Product Already in the Field And others joining the race

● Founded in Norway (2014) with presence in California. Their ● Companies like Agility Robotics and Apptronik are
humanoid robot EVE is already in limited commercial use. developing humanoids targeted to perform tasks alongside
● Secured $100M in Series B in 2024 with backing from EQT Ventures humans in dynamic environments like factories and offices:
and Samsung Next. $403M (Series A, 2025) & $150M (Series B,2022).
● Apptronik's robot Apollo is being piloted with the U.S.
military.

AI-Powered Automation for Manufacturing The Giants Build Moats

● Develops AI-driven automation software for manufacturing using • Tesla is developing its Optimus humanoid robot in-house,
computer vision and machine learning to build adaptable, sensor-rich leveraging its full-stack AI and Dojo compute. While still
robotic systems that reduce costs and improve efficiency. early-stage, Elon Musk claims Optimus could become "more
● Secured $126M in Series C in 2024 with backing from BlackRoc, Nvidia, valuable than the car business" in the long term.
and Microsoft • While Tesla Dojo is mainly for FSD, Nvidia Isaac Sim
simulate and test AI-driven robotics solution.

Aug 2025 Sources: PitchBook, (Cox, M., 2021 - Army eyes autonomous robotic arm to rapidly resupply its futuristic long-range howitzer) z21.ventures
Humanoid Robotics Rise Is Led by AI Platforms, Industrial, and
General-Purpose Use-Cases (2021 - 2025 YTD, Seed to Series C)

“Building the machines that build everything”

● Atomic Machines is a Berkeley-based deep tech startup transforming micro-manufacturing in
machinery (B2)
● Breakthrough in MEMS manufacturing: Developing Robotic manufacturing machines to create a new
class of of micro-scale devices
● Strong VC backing & traction: Raised $75M in Series B (Feb 2025) at a $375M post-money valuation
led by GigaFund, Deep Ventures and Valor Equity Partners.
● Efficient prototyping & production: Offers radically improved economics by reducing cost and time in
small-scale production
● Defense & industrial relevance: Operates at the intersection of nanotech, semiconductors, and
robotics (part of DefenseTech 2025 analyst map)
● High exit probability: 79% likelihood of successful M&A according to PitchBook VC Exit Predictor

Aug 2025 Sources: PitchBook, Atomicmachines.com z21.ventures

 Vertical Robotics

Aug 2025 z21.ventures

Key Takeaways - Vertical Robotics

More steady but declining Agriculture and Warehouse Peak in 2021

While broader headlines highlight Agriculture & Smart Field Equipments, 2021 marked a funding peak, fueled
large late-stage rounds, such as together with Logistics and Warehouse by Covid-related urgency,
Anduril´s $2.5B raise in defense, this robotics, accounts for nearly half of all e-commerce boom & liquidity. Decline
Seed to Series C analysis reveals a Seed-Series C vertical robotics in 2022-2025 reflects macroeconomic
more moderate and declining funding funding, underscoring their central role tightening, VC shift to profitability, and
trend across vertical robotics as a in early-stage investment activity capital discipline. Robotics is now in a
whole. “sobriety phase”, focused on ROI and
and sustainable unit economics.

Rebound 2024 White Spaces Adoption is accelerating

While overall VC funding declined post White spaces stays within cold-chain Due to labor shortages, post-Covid
2021, 2024 saw a rebound in specific automation, SMB, and Orchard & logistics shift, and ESG demands.
verticals like Logistics & Warehouse Vineyard robotics. This is supported by AI-driven tech
and Defense. Likely due to geopolitical like edge computing and multi-agent
tension (increased military R&D coordination. Robotics business
budgets) and dual-use technologies models evolving through RaaS and
(commercial/military) which is a growing SaaS layars for scalability and cost
VC interest. efficiency.
Aug 2025 z21.ventures
Agriculture & Smart Field Equipment + Logistics & Warehouse
represent nearly half of investment in Vertical Robotics (Seed - Series C)

Aug 2025 Sources: PitchBook z21.ventures

Agriculture & Smart Field Equipment: Notable Rounds above $100M
(2021 - 2025 YTD, U.S Seed - Series C)

Monarch Tractor - Leading the Smart Firming Transition B2B

● AI-powered, fully electric smart tractors: Use Vision systems and

sensors to detect diseases, estimate yield, and optimize crop
production
● Precision AgTech focus: Aims to reduce input cost, increase yield,
and support sustainable farming practices
● $251.5M Total funding to date | $133M Series C (2024): Backed
by CTBC Venture Capital, Astanor Ventures, and others
Valuation: $518M
● Strong momentum & team: 233 employees (Aug 2025) | Key
execs from CNH Industrial, Tesla and Climate Capital
● Exit Outlook: IPO path with 83% VC exit success probability

Aug 2025 Sources: PitchBook z21.ventures

Agriculture & Smart Field Equipment: Notable Rounds above $100M
(2021 - 2025 YTD, U.S Seed - Series C)

Climavision - AI-powered climate forecasting for agriculture CCA - sustainable precision farming for optimized yield

● Raised $100M (Series A) in 2021 led by The Rise Fund ● Raised $100M (Series C) in 2021 led by Artemis Growth Partners
with a post-valuation = $499.2M (total raised: $177.2M)
● Uses machine learning and proprietary weather radar data to
improve forecasting accuracy ● Specializes in precision ag, crop management, and water
conservation
● Targets climate risk mitigation for ag & supply chain sectors
● Uses science-backed, sustainable techniques to optimize yield and
soil health
● Joined International Research Centre on AI for Climate Forecasting
in 2025
● Focused on providing better crop outcomes for both farmers and
consumers
● Headquartered in Louisville, KY, with 50+ employees

● Based in Buellton, CA, with 93 employees

Aug 2025 Sources: PitchBook z21.ventures

Logistics & Warehouse Robotics: Notable Rounds above $100M
(2021 - 2025 YTD, U.S Seed - Series C)

Fabric - Logistics Nimble (Warehouse/Hardware)

● On-demand urban fulfillment: Developed a robotic micro-fulfillment ● Autonomous robotic picking: Designs smart robotic systems for
platform that merges local distribution efficiency with automation to automated piece-picking, sorting, and packing for e-commerce.
serve retailers. ● Seamless warehouse integration: Combines AI, remote
● High funding and scale: Raised $336M to date, including $200M in human-in-the-loop oversight, and computer vision within existing
Series C (2021) at a $1B valuation led by Temasek. 500 employees logistics infrastructure.
as of 2023. ● Growth capital raised: Secured $221M total, with $106M in Series
● Retail automation focus: Serves grocery and e-commerce sectors C (2024) at a $1B valuation; backed by FedEx and Cedar Pine.
with solutions enabling scalable, profitable same-day delivery. ● R&D and manufacturing scale-up: Capital used to scale
● Strong exit potential: VC exit predictor estimates 92% IPO manufacturing and invest in autonomous logistics innovation.
probability (one of the highest in the dataset). ● High M&A potential: 89% VC exit probability, with M&A as the most
● Strategic backers: Backed by Microsoft for Startups, Temasek, likely path.
CPP Investments, and others.

Aug 2025 Sources: PitchBook z21.ventures

Key Trends & Growth Drivers in Vertical Robotics

Macro Trends → Adoption Technology Enablers Business Model Trends

● Labor Automation Push: Nearly ● AI & ML integration: Enabling ● Shift toward
40% US jobs are in categories likely real-time decision-making in Robotics-as-a-Service (RaaS)
to shrink by 2030 due to automation. robotics (e.g. vision systems in models: predictable revenue, faster
This creates competitive pressure Monarch Tractor or Nimble) adoption, easier to increase fleet:
and demand for robotic solutions. Capital Investment → operational
● Edge computing: Supports expense.
● Post-Covid Logistics Redesign: real-time processing in field/off-grid
E-commerce boom, same-day environments (critical for ● Growing vertical SaaS layers on
delivery expectations, and labor autonomous farming equipment). top of robotics for scheduling,
shortages have accelerated robotics analytics, and predictive
in last–mile and warehouses. ● Fleet orchestration & multi-agent maintenance.
coordination: Emerging in
● ESG & Sustainability mandates warehouse robotics and last-mile ● Hybrid autonomy: Combining
promote robotics in sectors like delivery systems. human-in-the-loop supervision with
agriculture (reducing pesticide use, AI, bridging full autonomy gaps in
carbon emissions). critical tasks.

Apr 2024 Sources: (McKinsey, 2024 - “The future of Work in America), PitchBook VC Trends in Robotics, 2024), (AgFunder 2024 - AgriFoodTech Investment z21.ventures
Report), CB Insights Robotics, 2024), (Addverb, 2024 - Robots as a Service (RaaS)
White Spaces & Strategic Opportunities
Underserved Niches Emerging Tech with Impact Status: India Agri-Robotics
● Orchard & vineyard robotics: Still ● Low-cost autonomous navigation ● According to research, over 85% of
lagging in precision automation vs. row systems for indoor/outdoor use Indian farmers have < 2 hectares of
crops, so it still demand much human (potential to democratize adoption). land → opens room for low-cost
labor. modular robotic solutions.
● Sensor fusion: Combining lidar, radar,
● Indoor vertical farming robotics: Few and vision for better performance in ● Migration away from rural areas is
players are automating seeding, unstructured environments. straining farm labor supply, especially
harvesting & monitoring in vertical repetitive tasks like weeding and
farms. Many linked to vehicles, robotic ● Battery tech & energy optimization: harvesting.
arms, storage and climate. Critical for rural/agricultural robotics
with long operational hours. ● Low automation baseline creates an
● Cold-chain automation: Robotics in opportunity for robotic harvesting,
frozen food logistics is underdeveloped, spraying or drone-based crop
but important as the risks for human monitoring.
workers.
● Indian agrifoodtech startups raised 60%
● Mid-market warehouse automation: less in 2023 than 2022, suggests
SMB (vs. Amazon-style mega hubs) startup that offer affordable, ROI-clear
remain largely manual due to cost and tech (like small autonomous tractors or
complexity barriers. AI pest detection) will stand out.

Aug 2025 Sources: (Verbiest, R., 2020 - Journal of Field Robotics), (McCrea, B., 2025 - Conquering the cold: how automation is transforming to cold storage), z21.ventures
(AgFunder Report, 2024 Edition - “specialty crops and orchard automation”), (Bino, P. et.al, 2023 - Sustainability transition for Indian agriculture),
(AgFundr, 2024 - India 2024 AgriFoodTech Investment Report), (CB Insights, 2025 - The Automated Warehouse Market Map)
Most of the growth in the U.S has been driven by investments in AV,
Industrial and Humanoid Robotics (2021 - 2025 YTD, Seed to Series C)

“Other” includes robotics software and enabling systems

Aug 2025 Sources: PitchBook z21.ventures

Top 20 within Robotics (Seed - Series C, 2021 - 2025 YTD)

Rank Company Deal Size ($M) Deal Date Primary Sub-Segment Founder Background

1 Waymo 5,600 25-Oct-2024 Autonomous Vehicles (AV) Spinout of Google; co-founded by Chris Urmson (PhD, CMU).

2 Figure AI 1,500 22-May-2025 Humanoid Robotics Brett Adcock (non-PhD, serial founder; also co-founded Archer Aviation).

3 Saronic Tech 1,100 18-Feb-2025 Defense Robotics (Maritime) Founders with defense/naval backgrounds (mixed; likely not PhD-heavy).

4 Skild AI 500 30-Apr-2025 General-Purpose AI Robotics Ex-DeepMind/Tesla engineers (technical but not necessarily PhDs).

5 Anduril Industries 450 17-Jun-2021 Defense Robotics Palmer Luckey (dropout; founder of Oculus); strong defense/tech team.

6 Motional 448 16-May-2024 Autonomous Vehicles (AV) JV between Hyundai and Aptiv; corporate founders.

7 BETA Technologies 411 19-Apr-2022 Air Mobility / AV Kyle Clark (non-PhD; pilot/engineer).

8 Apptronik 403 04-Apr-2025 Humanoid Robotics Spinout from University of Texas; academic founding team with PhDs.

9 Physical Intelligence 400 22-Oct-2024 Industrial Robotics / AI Likely academic team (name suggests research roots); limited public info.

10 ICON 392 18-Feb-2022 Construction Robotics Jason Ballard (non-PhD; construction background).

11 PlusAI 286 11-Feb-2021 Autonomous Vehicles (AV) David Liu (PhD; ex-Baidu autonomous driving).

12 Forterra 243 01-Apr-2022 Defense Robotics / Simulation Limited info; likely logistics/military tech.

13 OpenTrons 209 23-Sep-2021 Laboratory Automation Jon Brennan-Badal (non-PhD); focus on accessible biotech automation.

14 Epirus 200 15-Feb-2022 Defense (Directed Energy) CTO is PhD in physics; team with deep defense background.

15 Fabric (Logistics) 200 24-Sep-2021 Warehouse Robotics Elram Goren (non-PhD); background in logistics innovation.

16 Finally 200 03-Jul-2024 Fintech/Back-Office Tools Not robotics-focused; included in list but off-topic here.

17 The Bot Company 151 13-May-2024 Industrial / Warehouse Robots Limited founder info; general automation focus.

18 Agility Robotics 150 22-Apr-2022 Humanoid Robotics Dr. Jonathan Hurst (PhD, Oregon State; robotics professor).

19 Battle Motors 150 09-Jun-2022 EV Trucks / Autonomous Fleet Commercial background; no PhD founders known.

20 Enveda 150 26-Feb-2025 BioRobotics / AI Drug Discovery Dr. Viswa Colluru (PhD in bioengineering).
 Key Trends & Growth Drivers in Vertical Robotics

Macro Trends → Adoption Technology Enablers Business Model Trends

● Labor Automation Push: Nearly ● AI & ML integration: Enabling ● Shift toward Robotics-as-a-Service
40% US jobs are in categories likely real-time decision-making in robotics (RaaS) models: predictable revenue,
to shrink by 2030 due to automation. (e.g. vision systems in Monarch faster adoption (e.g. in fulfillment
This creates competitive pressure Tractor or Nimble) robotics)
and demand for robotic solutions.
● Edge computing: Supports real-time ● Growing vertical SaaS layers on top
● Post-Covid Logistics Redesign: processing in field/off-grid of robotics for scheduling, analytics,
E-commerce boom, same-day environments (critical for autonomous and predictive maintenance.
delivery expectations, and labor farming equipment).
shortages have accelerated robotics ● Hybrid autonomy: Combining
in last–mile and warehouses. ● Fleet orchestration & multi-agent human-in-the-loop supervision with AI,
coordination: Emerging in bridging full autonomy gaps in critical
● ESG & Sustainability mandates warehouse robotics and last-mile tasks.
promote robotics in sectors like delivery systems.
agriculture (reducing pesticide use,
carbon emissions).

Aug 2025 Sources: (McKinsey, 2024 - “The future of Work in America), PitchBook VC Trends in Robotics, 2024), (AgFunder 2024 - AgriFoodTech Investment z21.ventures
Report), CB Insights Robotics, 2024)
 White Spaces & Strategic Opportunities
Underserved Niches Emerging Tech with Impact Status: India Agri-Robotics
● Orchard & vineyard robotics: Still ● Low-cost autonomous navigation ● According to research, over 85% of
lagging in precision automation vs. row systems for indoor/outdoor use (potential Indian farmers have < 2 hectares of land
crops, so it still demand much human to democratize adoption). → opens room for low-cost modular
labor. robotic solutions.
● Sensor fusion: Combining lidar, radar,
● Indoor vertical farming robotics: Few and vision for better performance in ● Migration away from rural areas is
players are automating seeding, unstructured environments. straining farm labor supply, especially
harvesting & monitoring in vertical farms. repetitive tasks like weeding and
Many linked to vehicles, robotic arms, ● Battery tech & energy optimization: harvesting.
storage and climate. Critical for rural/agricultural robotics with
long operational hours. ● Low automation baseline creates an
● Cold-chain automation: Robotics in opportunity for robotic harvesting,
frozen food logistics is underdeveloped, spraying or drone-based crop monitoring.
but important as the risks for human
workers. ● Indian agrifoodtech startups raised 60%
less in 2023 than 2022, suggests startup
● Mid-market warehouse automation: that offer affordable, ROI-clear tech (like
SMB (vs. Amazon-style mega hubs) small autonomous tractors or AI pest
remain largely manual due to cost and detection) will stand out.
complexity barriers.

Aug 2025 Sources: (Verbiest, R., 2020 - Journal of Field Robotics), (McCrea, B., 2025 - Conquering the cold: how automation is transforming to cold storage), z21.ventures
(AgFunder Report, 2024 Edition - “specialty crops and orchard automation”), (Bino, P. et.al, 2023 - Sustainability transition for Indian agriculture),
(AgFundr, 2024 - India 2024 AgriFoodTech Investment Report), (CB Insights, 2025 - The Automated Warehouse Market Map)
Operational Costs vs Cultural Barriers in U.S AV Adoption

● Analysts estimate the cost to build and equip a Waymo robotaxi

● Analysts estimate the cost to build and equip a Waymo robotaxi (EV + sensors + compute stack) at $150k-$200k per vehicle.
(EV + sensors + compute stack) at $150k-$200k per vehicle. ● Reports indicate 30-40% of miles driven are deadhead (no
● Reports indicate 30-40% of miles driven are deadhead (no passenger).
passenger).

Apr 2024 Sources: J.D Power - Skepticism to Advocacy z21.ventures