All Funding Robotics Startup News in Korea (Korean Startup News)

BigWave Robotics Connecting Buyers and Suppliers of Robots Raises 9.8 Billion KRW in Series A Funding

2023-03-31 2 min read

BigWave Robotics Connecting Buyers and Suppliers of Robots Raises 9.8 Billion KRW in Series A Funding

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South Korea-based BigWave Robotics, which operates Robot-as-a-Service (RaaS) platform ‘My Robot Solution’, announced today that it has raised $9.8 billion in Series A funding. The investment was led by existing investor KB Investment and new investors Mirae Asset Capital, Shinhan Venture Investment, We Ventures, and Aston Ventures

BigWave Robotics developed ‘My Robot Solution’ to address the extreme information asymmetry in the robotics industry, which has been a supplier-driven market. ‘My Robot Solution’ is a platform that recommends and supplies the optimal robot solution for the customer’s situation and environment, and has partnered with more than 400 suppliers, 80% of Korea’s robot solution providers. When a customer uploads a photo of the process they want to automate, ‘My Robot Solution’ analyzes success, failure, and delay cases from its vast automation database of more than 20,000 cases by scenario and matches the best supplier and product to minimize search costs and risk of failure.

BigWave Robotics is also launching a variety of additional products for the rapid deployment and diffusion of robots.  The company was the first in the industry to launch a variety of financial products such as leasing to reduce initial costs, and it has successively launched a robot-specific insurance product and a used robot marketplace to strengthen after-sales management to solve obstacles to robot adoption one by one.

The company recently launched Sollink, an integrated control system that allows users to monitor and direct robots from various manufacturers at once. With integrated control of 10 models from seven brands, Sollink is the world’s most diverse robotics system, enabling real-time control of various robots scattered across large spaces and floors in a single coordinate system. With an intuitive UI and usability that greatly enhances robot utilization, Solink is a robot control platform for service, logistics, and manufacturing robots.

In 2021, the first year of its service, ‘My Robot Solution’ achieved KRW 900 million in sales, followed by KRW 5.1 billion in sales in 2022, breaking even. It is targeting 20 billion won in sales in 2023.

With this investment, BigWave Robotics plans to strengthen its competitiveness in robotics solutions, upgrade its Solink technology, and build a nationwide 24-hour service network to provide customers with the optimal robotics solutions they want in a one-stop shop.

“BigWave Robotics is creating a new service and ecosystem that connects robotics demanders and robot manufacturers in the robotics field, which is one of the highest growth industries today,” said Shin-Young Ahn, a representative of Aston Ventures, who participated in the investment round. “The company is meeting the needs of all players in the robotics market based on the execution capabilities of its experienced management and team, and we expect explosive growth in the future.”

“My company will build a healthy ecosystem for SMEs and small businesses to easily adopt and better utilize robots by providing subscription RaaS products that can be trusted from introduction to aftercare,” said Kim Min-kyo, CEO of Big Wave Robotics.

[Startup News in Korea]

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