Flow Robotics raises over 10 mEuro in a Series A Investment Round
Flow Robotics A/S, creator of the flexible and easy-to-use pipetting robot, flowbot® ONE, has now raised over EUR 10 million to continue its growth journey.
Flow Robotics has raised over EUR 10 million in a series A investment round. The capital will be used to branch out to new markets, and to accelerate product development related to their user-friendly pipetting robot, flowbot® ONE.
Pushing the acceleration button
The lead investors in the A-series round are Vaekstfonden together with the two Danish family offices C.C.N. and SAAN behind the successful Danish industrial company Micro Matic. Among the new investors are also the founders of 3Shape. With CEO Annika Isaksson and Chairman of the Board Adam Hillestrøm at the wheel, the flowbot® ONE is currently sold in 15 countries and is already requested around the globe.
The new capital is raised primarily to realize our expansion plans in Europe and in the US. We see a future where we can scale up to address a global market and meet the growing demand for a product like flowbot® ONE. It is an exciting time to push the acceleration button even further.
The investment is arriving after 2 years of massive, accelerated growth for Flow Robotics whose turnover went from over EUR 0.3 million in 2019 to EUR 3.5 million in 2021.
“Previous investments have allowed us to become well-established in the Northern European market, and we look towards a future where our technology can also become a preferred solution for labs in Southern Europe and the US. It is in our DNA to simplify, and ease-of-use, dedication and collaboration are the lifeblood of Flow Robotics. That kind of fuel goes a long way,” explains Adam Hillestrøm.
There is a huge demand for laboratory staff globally and the unemployment rate is less than 2%, so automating hand-held pipetting is much needed. Throughout the COVID-19 pandemic, flowbot® ONE has contributed to reduce 40% of the test resources at Danish hospitals and has prepared 70% of all PCR tests in Finland.
Automation from which everyone can benefit
Historically, automation systems have been large, rigid, and mostly used in high-throughput laboratories, simply because they were too complex to be of much use in smaller laboratories. Consequently, there is still a whole world of laboratories doing manual pipetting.
Flow Robotics took on this challenge and developed a pipetting robot that anybody can use and that adapts quickly to different workflows in a laboratory. With the intention of becoming “the new normal”, Flow Robotics is on a mission to remove all barriers for automation in the life science industries.
With the market demands for Point of Care, the many smaller local test labs will benefit from turn-key automation. And with some of the largest test labs in Europe as customers, it is clear that flowbot® ONE can also outperform the complex larger robots due to its flexibility to be re-purposed for new tasks. This correlates well with an increased need for faster and more accurate test results as new technological advancements emerge.
This is a massive help for thousands of scientists working across diagnostics, drug discovery and biotech in e.g., CROs, industry, universities, and hospitals. The flowbot® ONE received the Danish Robot Technology Network Award in 2021 for its user-friendliness and the great potential for scalability.
“The flowbot® ONE sits right at the intersection between three global mega trends with is improved health, better work environment and the interaction between humans and robots. We believe there is not only a large demand, but a real need for a product like the flowbot® ONE. Bringing a disruptive product that helps improving quality of life and having Danish technology go global is truly inspiring,” explains CEO Annika Isaksson.
Scientists and lab technicians, using flowbot® ONE, report higher throughput, less stress and strain injuries and more accurate results.
Behind Flow Robotics is a team of highly experienced serial entrepreneurs, industry experts and investors. The company was founded by professors at the IT University, Kasper Støy and Andrés Faiña, in 2015. Kasper Støy is also one of the founders of Universal Robots which was sold to Teradyne in 2015 for USD 265 million.
“We are on an exciting growth journey and are looking for many new employees to join us along the way, to accelerate our market expansion” says CEO Annika Isaksson.
As the technology goes global, Flow Robotics is looking to bring many new people on board, including sales specialists in e.g., France, Italy, Spain, the UK, the US, and the HQ in Copenhagen.
About Flow Robotics A/S
Established in 2015, Flow Robotics A/S is a Danish robotics company with a vision of helping labs across the world transition from manual to automated pipetting. The company makes liquid handling automation accessible to all with the intuitive and flexible pipetting robot, flowbot® ONE.
With flowbot® ONE there is no need for advanced programming, extensive training, or a long implementation period. The user-friendly software can be accessed in any browser and integrates to devices positioned on the deck or externally to the system.