Intuition Robotics raises $14M to build companion robots for the elderly
Israeli startup Intuition Robotics Ltd. believes it can combine artificial intelligence and robotics to improve the lives of the elderly, and today the company announced that it has closed a $14 million early-stage funding round.
The Series A round was led by the Toyota Research Institute, with participation from existing investors including OurCrowd, iRobot, Maniv Mobility, Terra Venture Partners and Bloomberg Beta.
Founded in 2015, Intuition Robotics is the creator of ElliQ, a robotic companion for the elderly that is roughly the size and shape of a small table lamp. ElliQ communicates not only through speech but also through movement, achieving what Intuition Robotics calls “natural communication.”
By using machine learning, the company said, ElliQ learns its owner’s preferences and behaviors so that it can recommend activities such as video chat, accessing family on social media, sharing calendars and even reminders. ElliQ can also be used for health and wellness monitoring, such as tracking when to take medications.
Dor Skuler, chief executive and cofounder of Intuition Robotics, told VentureBeat that the company’s new funding “illustrates our joint beliefs in the potential of social robotics in keeping older adults connected and engaged and in overcoming the digital divide using cognitive computing and natural communications.”
Intuition Robotics is one of three AI startups to receive major investments from TRI this week, which used a $100 million fund to create a new investment branch called Toyota AI Ventures. The other two companies to receive funding from Toyota AI Ventures were SLAMcore, which makes help technology platforms or drones and autonomous vehicles, and Nauto, which provides monitoring systems for professional drivers and fleet managers.
According to TRI, its new AI venture arm will provide funding and mentorship for startups working with disruptive technology to enhance the quality of human life.
“We realize that we don’t have all of the answers,” said Jim Adler, TRI’s vice president of data and business development, who will be taking on the role of managing director of Toyota AI Ventures. “One of the biggest challenges entrepreneurs face is knowing if they’re building the right product for the right market. We can help them navigate that uncertainty.”
Photo: Intuition Robotics
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