See a Need, Fill a Need: Sverica Invests in Robot Welders
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See a Need, Fill a Need: Sverica Invests in Robot Welders

Hirebotics has developed a “robotics-as-a-service” product that combines welding equipment and a robotic arm with easy-to-use cloud-based software

In addition to welding, Hirebotics’ cobots can perform a variety of other functions including assembly, material handling, and quality control.

SOURCE: Hirebotics

Sverica Capital Management has closed an investment in Hirebotics, a provider of short or long-term robot rental services and cloud-connected operating technology support.

Hirebotics has developed a “robotics-as-a-service” product that combines welding equipment and a robotic arm with an easy-to-use suite of proprietary cloud-based software.

Hirebotics was founded in 2015 and its Cobot Welder product was launched in 2019 to fill an ever-widening gap in the supply and demand for skilled welders. A cobot is a type of robot designed to work with humans and augment their abilities.

Cobots are often used in industrial settings and can be programmed to aid people in completing physical tasks, such as welding and assembling components. Cobots may also have artificial intelligence capabilities that enable them to learn from their interactions with human operators.

Source: Hirebotics

According to the American Welding Society, there is a nationwide shortage of skilled welders and welding technicians in the United States. The shortage has been caused by a number of factors, including an aging workforce – the average age of a welder in the United States is 60, a lack of new entrants into the field, and declining numbers of technical school graduates.

In addition to welding, Hirebotics’ cobots can perform a variety of other functions including assembly, material handling, and quality control. Hirebotics also provides training and support for its robotic systems and maintains partnerships with numerous welding equipment manufacturers and distributors.

Hirebotics’ approach to tool-in-hand applications like welding can readily be applied to adjacent use cases. According to Sverica, its investment in Hirebotics will expand the company’s efforts in the welding automation market and allow for expansion into new markets.

Nashville-headquartered Hirebotics is led by CEO Rob Goldiez, COO Matt Bush and Vice President, Product Zach Boyd.

“We are pleased to partner with Rob, Matt and Zach to help them develop and execute a growth strategy into an exciting and evolving area of manufacturing,” said Dave Finley, a managing partner at Sverica. “Hirebotics’ impressive performance has them literally leading the development of a new market and is a testament to their collective business acumen, corporate culture and customer-focused model.”

“Our search for a capital partner focused on firms that understood Hirebotics’ business model and growth opportunities and would allow us to take full advantage of a rapidly growing market need due to the shortage of skilled labor,” said Mr. Goldiez. “Sverica is a great fit for our needs and we are excited about partnering with them to take Hirebotics to the next level.”

Sverica invests in North American-based companies with less than $20 million of EBITDA and less than $250 million of enterprise value. Sectors of interest include technology, business services, software, healthcare, and advanced industrial.

Earlier this month, Sverica closed its sixth private equity fund, Sverica Capital Partners VI LP, at its hard cap of $750 million of limited partner commitments.

© 2023 Private Equity Professional | March 31, 2023

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