Symbotic (SYM) Acquires Veo Robotics

Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced it has acquired substantially all of the assets of Veo Robotics, an innovator in intelligent safeguarding for industrial robots. Assets purchased under this agreement include the FreeMove® 3D depth-sensing computer vision system for industrial workcells and all related intellectual property. By integrating FreeMove into its robotic warehouse automation system, Symbotic expects to increase productivity with more dynamic, flexible human-machine collaboration.

“The innovative FreeMove vision system allows Symbotic to enhance productivity for customers and provide the highest levels of safety in environments where humans interact with robots,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We are pleased to have the former Veo Robotics team join Symbotic where they will continue this exciting work as they bring their talent, expertise, and cutting-edge technology to our company.”

The FreeMove system’s patented sensors and software monitor collaborative robot workcells to dynamically anticipate the future position of humans and objects within the robot’s environment and autonomously restrict or resume motion, ensuring worker safety without sacrificing efficiency. FreeMove is the only intelligent 3D robotic safeguarding solution to meet EU standards for safety, including ISO 13849 certification for PLd, Category 3 from TUV Rheinland, which is key for Symbotic’s future growth.

The $8.7 million transaction closed on July 19, 2024.

You May Also Be Interested In

• Prologis makes unsolicited bid for SEGRO, valued at £12.6 billion
• Takeda names Julie Kim as president and CEO after shareholder vote
• agilon health (AGL) Reiterated at Market Perform by Citizens Ahead of Annual Forum