Denmark launches Odense Robotics StartUp Fund

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Denmark, one of many world’s main robotics clusters, has created a brand new fund to financially help startups. The Odense Robotics StartUp Fund has DKK 18.4 million ($2.5 million USD) in capital due to donations from among the nation’s most influential robotics traders and corporations, in addition to distinguished industrial foundations.

The brand new fund goals to supply improved entry to capital, distinctive sector data and a powerful incubation setting. The funding can be invested straight into no less than 30 startups over the subsequent six years. The funding takes place within the type of a mortgage, which startups repay over time. Startups make an extra fee if they’re acquired. Funds generate returns, which the fund then makes use of to help new startups.

The fund is open to purposes from robotic and drone startups from Denmark and overseas. Apart from receiving a mortgage, startups are a part of the world-class incubator at Danish Technological Institute in Odense, providing workplace house and superior technical tools in an revolutionary setting targeted on {hardware} improvement.

The capital within the Odense Robotics StartUp Fund consists of donations from the next:

• Bente Iversen
• Enrico Krog Iversen – CEO of OnRobot and former CEO of Common Robots
• Helge Munk
• Niels Jul Jacobsen – CEO of Capra Robotics and founding father of Cellular Industrial Robots (MiR)
• Ralf Astrup – investor and former CEO and Co-owner of Cabinplant
• Thomas Visti – CEO & founding father of Visti Limitless; former CCO of Common Robots; former CEO of MiR
• Bitten & Mads Clausens Basis
• C.C.N. Holding A/S
• Den Faberske Fond
• Entreprenør Marius Pedersens Fond
• Novo Nordisk Basis
• The Grundfos Basis
• Common Robots A/S

“Now we have donated to Odense Robotics StartUp Fund as a result of we need to contribute in the direction of the continued progress of the robotics setting in Odense and Denmark,” stated Enrico Krog Iversen, CEO of OnRobot and former CEO of Common Robots. “It’s about giving robotics entrepreneurs higher entry to mortgage capital, skilled help and good services. By becoming a member of forces with different robust gamers, we hope to make a distinction for generations of robotic startups sooner or later. The robotics neighborhood right here has given us a lot, so we really feel we need to give one thing again.”

A few of the fund’s founders will act as mentors to the startups.

“For us, it’s about giving again to the neighborhood we come from. Now we have a very distinctive robotics cluster right here in Odense with a world-class college, huge help from the municipality and native ecosystem, and a whole bunch of robotic corporations of varied sizes spanning an enormous vary of experience,” stated Kim Povlsen, president of Common Robots. “However we’re not finished but with making Odense the world’s greatest robotic metropolis. There’s nonetheless a number of potential ready to be realized. That’s why we’re contributing to Odense Robotics StartUp Fund – so we are able to help future startups, not simply financially but additionally by dialogue and mentoring.”

Denmark’s robotics trade grew 12% in 2021. It generated EUR 2.8 billion (DKK 21.1 billion) in turnover in 2021, together with EUR 1.5 billion (DKK 11 billion) in exports. Greater than EUR 900+ million (DKK 6.7 billion) has been invested in robotics corporations in Denmark since 2015.