Pioneering Rethink Robotics will get an afterlife, with its collaborative robotics IP acquired by Hahn Group and its employees hired by Universal Robotics.
The failure of Boston-based Rethink Robotics last month came as a shock to employees as well as to an industry that seems to be enjoying rapid growth. But two deals announced this week will allow the pioneering firm’s work to live on.
Hahn Group of Germany has acquired the patents and trademarks from Rethink Robotics. A former partner, Hahn has already begun selling some of Rethinks robots on its site. The amount paid was not disclosed.
Meanwhile, Denmark’s Universal Robots said today it has hired 20 Rethink employees and merged them into their own Boston operation.
“Our new colleagues from Rethink have extensive expertise, knowledge and know-how not only about the technology but indeed also about the market conditions and what the customers’ pain-points are. All of this will benefit our customers and partners as we face an increase in competitors due to the huge market potential for collaborative robots,” said Universal Robots’ President Jürgen von Hollen in a statement. “Our ability to secure key members of the Rethink team will have a significant positive impact in meeting market needs and driving innovation.”
Collaborative robots, or “cobots,” have become one of the fastest-growing segments of industrial robotics. BIS Research projects the market will grow from $283 million in 2017 to $3.26 billion by 2022. These robots are intelligent enough and safe enough to perform repetitive, industrial tasks alongside humans. Their relative lower cost compared to classic industrial robots has also made them more accessible to a broader spectrum of industries.
Founded by a researcher from the Massachusetts Institute of Technology, Rethink was an early mover in cobots. Rethink drew big hype for its collaborative robots Baxter and Sawyer. Over the past 10 years, the company raised nearly $150 million in venture capital, including $18 million in August 2017. But it never was able to get enough market traction, and in early October announced it was suddenly closing. Hahn says it will continue to develop Rethink’s technology.
As for Universal, the hiring highlights the wildly divergent path it’s followed from Rethink. Founded in 2005, Universal was acquired in by Teradyne in 2015 and just sold its 25,000 cobot. A few weeks ago, Universal officials gathered at the New York Stock Exchange to celebrate the milestone by having one of its robotic arms ring the opening bell.
Universal sells three cobots, ranging from a table-top version for light assembly to work to the largest version designed for packaging and placing items on pallets. The cobots can handle painting, screwing, and attaching labels, among other tasks. Most importantly, the cobots are relatively simple to set up, and can be reprogrammed for different jobs as a business evolves.
Universal said it plans to support Rethink’s Baxter and Sawyer models while also providing a roadmap to help those customers eventually transition to its own cobots.
“Rethink Robotics – along with Universal Robots – has been a pioneer in driving and developing the collaborative robotics market globally,” added Universal’s Jürgen von Hollen in his statement. “The company was always a good competitor, which helped us drive cobot awareness worldwide, and we want to make sure its customers can continue to fulfill their collaborative automation initiatives.”
