Doosan Robotics, a South Korea-based developer of collaborative robotic arms (cobots), raised $33.7 million in funding from Praxis Capital Partners and Korea Investment Partners. It will use the funds to expand its global sales base and to strengthen research and development.
Doosan Robotics also said it plans to pursue an initial public offering (IPO) in attempt to become a global market leader.
“We’re looking forward to expediting the growth of our business with the recent funds raised,” said William (Junghoon) Ryu, CEO at Doosan Robotics. “We will further enhance the competitiveness of new products and software that are mounted with our proprietary technology and strive to attain the position as number one market share holder in the global cobot market.”
Doosan Robotics named Ryu its CEO in August 2021. Ryu previously served on the board of directors at the company and as the VP of the corporate strategy office at Doosan Group, which owns Doosan Robotics.
Doosan Robotics also announced it sold more than 1,000 cobots in 2021. It was was founded in 2015 by Doosan Group. Doosan Group was established in 1896, and today is one of the oldest and largest companies in South Korea.
Denmark-based Universal Robots (UR) remains the clear leader in the cobot market. It told The Robot Report it isn’t ready to release its 2021 sales numbers just yet, but UR has sold more than 50,000 cobots worldwide since it was founded in 2005. It said its current sales split is roughly just under 50% in EMEA, roughly 25% in Asia and roughly 25% in the Americas. It claimed its global cobot market share remains between 40-50%.
Doosan Robotics said 70% of its sales are international.