Edinburgh-based Automation Firm Closes Series A Round
The US-headquartered business, Launchpad, has concluded a Series A funding round, raising £8.2m from investors including the Scottish National Investment Bank.
The money will be used to accelerate the development of its artificial intelligence (AI) technology to meet demand from existing and new customers in the UK, US, and Europe.
- The round was co-led by Lavrock Ventures and Squadra Ventures.
- Participation from Ericsson Ventures, Lockheed Martin Ventures, and Cox Exponential.
In addition to the £2m in grant funding previously awarded by Scottish Enterprise, Launchpad uses AI and advanced robotics to support automation strategies for smaller firms in manufacturing industries.
Last year, it opened a new research and development centre in Edinburgh and now plans to scale its operations there.
No direct quote available in the text.
Author's summary: Launchpad raises £8.2m in Series A funding to accelerate AI development.