SCALING ROBOTICS STARTUPS FOR SUCCESS
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Case studies of how some robotics startups from the HAX portfolio managed to finance their first stages, get to market and scale. Talk given at R18 Conference in Odense, Denmark in September 2018.
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SCALING ROBOTICS STARTUPS FOR SUCCESS
- 1. SCALING to SUCCESS for Robotics Startups Benjamin Joffe, Partner, SOSV / HAX
- 2. • Global • Early stage • Deep tech • >700 startups (4 unicorns) • $400M AUM • NEW! $250M Fund (2019~)
- 3. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD 70% 30%
- 4. $100k-$250k FIRST CHECKS 200startups ~30 INVESTMENTS / YEAR GrowingB2B >20 ROBOTICS STARTUPS
- 5. Stage 1 Shenzhen 4-8 months Mentorship & co-development Engineering Design Stage 2 San Francisco 2-3 months Mentorship & sales Traction Fundraising
- 6. Hej! • 5 years @ HAX (Shenzhen, HK… Paris?) • 18 years in China / Japan / Korea (+ SF) • Telecom / Consulting / Gaming / Hardware • Writer / Speaker / Angel investor (12 startups) • ben@hax.co / @benjaminjoffe
- 7. QUIZ !
- 8. Q1 Which Danish robotics companies were acquired for over $100M?
- 10. Answer • Universal Robots ($285M) - May 2015 • MiR ($148M) - April 2018
- 11. Universal Robots • 2005: Founded • 2008: UR5 (5kg, Denmark, Germany) • 2012: UR10 (10kg) • 2015: UR3 (3kg) • 2015: Acquired for US$285 million (Teradyne)
- 13. To note • 3+ years from start to first product • Sold for 4x revenue
- 14. Mobile Industrial Robots (MiR) • 2013: Founded • 2015: Investment 1.5 MUSD • 2018: Acquired for 148 MUSD (Teradyne)
- 15. Q2 Which robot pet just got back on market?
- 16. $3,000 ~10,000 units in 3 months in Japan 1999 150,000 units in 7 years
- 17. Q3 Which robotics companies were acquired by Softbank?
- 21. Q4 What is the #1 home robotics company in the world?
- 23. Roomba Story • iRobot (1990, from MIT), Roomba (2002) • Sales: 1mln units (2004), 10mln (2013), 20mln (2017) • New model • Hands-free cleaning (vacuum the vacuum => bag) • Permanent maps • "Alexa, ask Roomba to clean the kitchen” • Robot + base = $949
- 26. Q5 Which robotics startups are valued over $1B (‘unicorns’)?
- 27. Robot Unicorns • IPO • iRobot + Ecovacs • Cyberdyne ($1.5B) • Kuka ($5B) • PRIVATE • Ninebot / Segway ($1.5B) • DJI ($15B?) • UBTech ($5B?) • Carbon 3D ($1.7B) + Desktop Metal (>$1B)
- 28. Q6 Which are the next robotic unicorns?
- 29. ?
- 30. IDEAS
- 31. Robots will replace humans Robots will work with humans Robots will teach humans
- 32. NEWS
- 33. $220 million (Uber) All-electric (2020) Market Cap: 90 million EUR
- 34. John Deere buys Blue River for $305M
- 35. 2012 2017
- 37. Raised $170M
- 38. Raised $48M Raised $95M Raised $26M
- 40. Makeblock (HAX startup) raised $80M 20,000 schools use their products
- 41. I DISLIKE
- 42. WHAT WE LEARNED
- 46. @benjaminjoffe - ben@hax.co 500 Staff >$200M valuation B2C / B2G
- 47. @benjaminjoffe - ben@hax.co Invest now?
- 48. @benjaminjoffe - ben@hax.co 2014 Cell Robotics
- 52. Lab to Market is hard
- 53. Finding your market • B2C? • B2B? • B2G?
- 54. @benjaminjoffe - ben@hax.co Invest now?
- 61. Insights • ‘Canada factor’ • High [Talent / Entrepreneurs] ratio • Gov pays back >35% R&D • Access to U.S., global mindset • Trade show => Customers (Singapore, Australia)
- 62. @benjaminjoffe - ben@hax.co 100 staff B2B
- 63. @benjaminjoffe - ben@hax.co Invest now?
- 66. @benjaminjoffe - ben@hax.co Big labs
- 68. @benjaminjoffe - ben@hax.co University labs + Biotech Startups
- 69. @benjaminjoffe - ben@hax.co Raised $10M
- 70. Insights • Finding your market • Speed • Price • Ship from China • “China is the future of industrial R&D” ?
- 71. @benjaminjoffe - ben@hax.co Invest now?
- 72. @benjaminjoffe - ben@hax.co 2015 Simbe Robotics
- 74. @benjaminjoffe - ben@hax.co SIMulated BEing
- 75. @benjaminjoffe - ben@hax.co Supermarket Inventory
- 76. @benjaminjoffe - ben@hax.co SUPermarket INventory ?
- 78. Benefits • Pilot at Schnucks : 3 scans / day • Shelf-level data (‘Shelf Health’) at a granularity and a frequency not previously possible, • “$450B in under-optimized shelf space”
- 79. access to the ultimate supply chain Shenzhen -Huaqiangbei
- 81. U.S.A.
- 83. Insights • Willow Garage • “Prototype effect” • Milestones: Launch video + pilot customer
- 84. @benjaminjoffe - ben@hax.co Invest now?
- 87. Do more?
- 88. Target Market? • From B2C to B2B • Schools, Stadiums, Parks, Malls, etc.
- 91. Boston Dynamics Black Mirror
- 95. @benjaminjoffe - ben@hax.co Vehicle inspection
- 100. Insights • Clear paint point for first application • Industry partner (Michelin) • Expansion
- 101. @benjaminjoffe - ben@hax.co Invest now?
- 102. @benjaminjoffe - ben@hax.co HOW ABOUT INDUSTRY?
- 103. @benjaminjoffe - ben@hax.co 2017 Elephant Robotics
- 104. • 5kg / 810mm range • 0.05mm repeatability • Co-bot • Vision system • Easy programming
- 105. Insights • Chinese • Customization • Customer service
- 106. @benjaminjoffe - ben@hax.co Invest now?
- 112. 3d scan
- 119. Insights • 2 founders • $250k • Shipping in November!
- 120. @benjaminjoffe - ben@hax.co Key Moments For Fundraising
- 121. Momentum & Milestones • (idea?) • Working prototype • Pilot customer • Real product • Sales growth
- 122. Who to raise from? • Grants • Customers • Angels • Local VCs • Global VCs
- 123. Dangers • Founders fights • Bad timing • Too much tech • Lack of PR, Marketing & Sales
- 125. SUMMARY • SciFi is mostly wrong • More B2B • More high-tech, A.I. & Machine Learning • Not just a robot
- 126. SUMMARY • Find real needs • Do one thing well • Make it cheaper • Be fast • Be frugal • Look for the best resources • Customers are better than raising money
- 127. WHAT HAX IS LOOKING FOR • Startups ! • Co-investors • Industry partners • LPs ($250M fund)
- 128. @benjaminjoffe - ben@hax.co Mange Tak ! @benjaminjoffe ben@hax.co