R-Go is at the forefront of developing a revolutionary artificial perception technology that grants mobile robots the ability to navigate and interact with intricate environments autonomously, mirroring human capabilities. Their proprietary technology, known as the Perception EngineTM, integrates advanced computer vision and AI, functioning on highly affordable, energy-efficient hardware.
Since its establishment in 2018, R-Go has experienced rapid expansion, securing $5M in funding, signing a $10M deal, and achieving commercial integration with 12 major global brands. Currently operating under the radar, the company anticipates a grand debut following the closure of its Series A financing round.
The company has showcased remarkable progress:
A sixteenfold increase in the past year alone.
A Compound Annual Growth Rate (CAGR) of commercial bookings at 242% from 2018 to 2021.
$10M in bookings to date.
In October 2021, R-Go initiated a Series A funding round. Faced with substantial demand and oversubscription, the funding target was elevated from $10M to $12M, eventually reaching $15M. MoreTech Ventures led the round, alongside contributions from a select group of venture capitalists and a corporate venture from a leading European machinery manufacturer, who is also a client of R-Go.
The lead investor committed over $6M, with the strategic partner and the existing investors securing the majority of the round. An additional portion up to $500,000 was reserved for FTC. This funding round was highly competitive, and the FTC investment team worked diligently to establish a significant connection with R-Go's founders, providing expertise to capitalize on this venture. The Series A was set at a pre-money valuation of $52M, conservatively estimating the company's worth at approximately 5 times its confirmed revenue bookings.
With R-Go's solid performance, favorable market trends, and a clear pathway to revenue, the company is poised for rapid and substantial market entry post-launch. They aim to capture 50% of the robotics market within 3 to 5 years following the Series A round's conclusion.