Cobalt Robotics Closes $35M in Series B Funding Round
The financing was led by Coatue, a global technology investment firm, and is intended for geographic expansion of services.
SAN MATEO, Calif. — Cobalt Robotics, a provider of indoor autonomous robots for security and facility operations, has raised $35 million in Series B financing. The financing was led by Coatue, a global technology investment firm, and is intended for geographic expansion of services throughout the domestic United States.
“Security is fundamentally about trust and reputation, and it needs to be reinforced across all aspects of the company: founders, employees, technology and financial backers. Our financial backers — such as Bloomberg Beta, Sequoia Capital and now Coatue — have been instrumental to our success so far, and they will be instrumental in our next phase of growth too,” states Cobalt CEO Travis Deyle.
In an announcement, Cobalt cites research that forecasts the physical security market will exceed $119 billion in 2023. Security robots are an innovative new tool within the industry that enhance security programs by bridging the gap between traditional technologies and services, such as cameras, access control and manned guards, according to the company.
The company’s robots-as-a-service model combines autonomous patrolling robots with human specialists, enabling organizations to provide a 24-hour security solution that complements existing security assets like manned security guards and access control systems (ACS), the company says. The service model can result in a highly effective security program with significant cost-savings, with robots remaining up-to-date with the latest software.
Since its $13 million Series A funding announcement in March 2018, Cobalt has deployed security and facilities management services to clients in various sectors (technology, defense, finance and manufacturing) across a variety of organizational sizes (small startups to marquee Fortune 50 companies).
This year, Cobalt introduced its new door integration capability that enables robots to seamlessly pass through areas closed off by a door using wireless technology to communicate with access control readers—a first for the industry. In addition to its client base, Cobalt has expanded its engineering and operations teams and enhanced its security and facilities teams, bringing its unparalleled customer service and performance to new markets.
Cobalt’s robots patrol the workplace, leveraging artificial intelligence (AI) to detect anomalies such as open doors, environmental risks or malicious intruders. Security specialists can respond in real-time to address any event, whether it’s related to security, facilities or customer service. This unique human-in-the-loop model has enabled Cobalt to position itself as a key player in the physical security arena, the company states.
“We believe Cobalt’s robotic security guards are revolutionizing the security services space and providing an unmatched experience for customers,” said Kris Fredrickson, partner at Coatue. “In addition, we have been thoroughly impressed with the team’s philosophy that a great physical security service should positively impact not only the company’s operations but its culture as a whole.”
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