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Denmark, one of many world’s main robotics clusters, has created a brand new fund to financially assist startups. The Odense Robotics StartUp Fund has DKK 18.4 million ($2.5 million USD) in capital due to donations from among the nation’s most influential robotics traders and firms, in addition to distinguished business foundations.
The new fund goals to supply improved entry to capital, distinctive sector information and a powerful incubation atmosphere. The funding will probably be invested straight into no less than 30 startups over the following six years. The funding takes place within the type of a mortgage, which startups repay over time. Startups make a further fee if they’re acquired. Payments generate returns, which the fund then makes use of to assist new startups.
The fund is open to functions from robotic and drone startups from Denmark and overseas. Aside from receiving a mortgage, startups are a part of the world-class incubator at Danish Technological Institute in Odense, providing workplace area and superior technical tools in an modern atmosphere centered on {hardware} improvement.
The capital within the Odense Robotics StartUp Fund consists of donations from the next:
- Bente Iversen
- Enrico Krog Iversen – CEO of OnRobot and former CEO of Universal Robots
- Helge Munk
- Niels Jul Jacobsen – CEO of Capra Robotics and founding father of Mobile Industrial Robots (MiR)
- Ralf Astrup – investor and former CEO and Co-owner of Cabinplant
- Thomas Visti – CEO & founding father of Visti Unlimited; former CCO of Universal Robots; former CEO of MiR
- Bitten & Mads Clausens Foundation
- C.C.N. Holding A/S
- Den Faberske Fond
- Entreprenør Marius Pedersens Fond
- Novo Nordisk Foundation
- The Grundfos Foundation
- Universal Robots A/S
“We have donated to Odense Robotics StartUp Fund because we want to contribute towards the continued growth of the robotics environment in Odense and Denmark,” mentioned Enrico Krog Iversen, CEO of OnRobot and former CEO of Universal Robots. “It’s about giving robotics entrepreneurs better access to loan capital, professional support and good facilities. By joining forces with other strong players, we hope to make a difference for generations of robotic startups in the future. The robotics community here has given us so much, so we feel we want to give something back.”
Some of the fund’s founders will act as mentors to the startups.
“For us, it’s about giving back to the community we come from. We have a truly unique robotics cluster here in Odense with a world-class university, enormous support from the municipality and local ecosystem, and hundreds of robotic companies of various sizes spanning a huge range of expertise,” mentioned Kim Povlsen, president of Universal Robots. “But we’re not done yet with making Odense the world’s best robot city. There’s still lots of potential waiting to be realized. That’s why we are contributing to Odense Robotics StartUp Fund – so we can support future startups, not just financially but also through dialogue and mentoring.”
Denmark’s robotics business grew 12% in 2021. It generated EUR 2.8 billion (DKK 21.1 billion) in turnover in 2021, together with EUR 1.5 billion (DKK 11 billion) in exports. More than EUR 900+ million (DKK 6.7 billion) has been invested in robotics firms in Denmark since 2015.