Mainland and international expansion beckons following US$3.7 million seed funding
(Hong Kong, 7 Aug 2018) - August Robotics, an incubatee of Hong Kong Science and Technology Parks Corporation (“HKSTP”), is on track to release its first commercial robot by the end of this year, after raising US$3.7 million in a seed funding round in June 2018. The company is focusing on the automation of business work flows and its first robot will help optimise the setup of trade shows in exhibition halls.
August Robotics was founded by Australian Alex Wyatt, a Rhodes Scholar from Oxford University. He chose to set up base at Hong Kong Science Park in 2017 to tap into the incubation support offered by HKSTP, including help to connect with business partners and investors and to tap the potential of the vast mainland China market.
“HKSTP’s Incu-Tech Programme extends generous support to start-ups in early-stage development, and we are very grateful to be part of the start-up community here. Hong Kong’s advantage as an Asian regional hub, proximity to the world’s largest and most sophisticated hardware and electronics supply chain, and interconnectivity to international markets make it the ideal base for our business.” Mr Wyatt said.
August Robotics developed connections with the investment community that led to an oversubscription for its seed funding round. Blackbird Ventures was the lead investor, joined by well-known technology players including Atlassian co-founder Mike Cannon-Brookes (through his private investment company Grok Ventures), venture capital veteran Roger Allen and prominent businessman John Wylie. The investors were all convinced of August Robotics’ ability to become a leading force in the robotics field.
August Robotics will use the seed funds to build a dedicated robot research and development centre in southern China and build out sales and customer servicing capabilities in its target markets overseas. Its first robot, specifically developed to assist exhibition companies during the setup of trade shows, will be launched later this year.
HKSTP Chief Technology Officer George Tee said: “We are very pleased to see yet another incubatee winning commercial support for its innovative technology. The field of artificial intelligence and robotics (AIR) is full of opportunities and one of the top priorities for HKSTP to support and grow. August Robotics’ success underscores Hong Kong’s attributes for emerging AIR businesses, be it access to funding, mainland China and international markets or the ready supply of tech talent.”