Transactions Report 2017

SECOND QUARTER TRANSACTIONS REPORT 2017

roboticsbusinessreview.com

Robotics Trends

Are You Still Manually Sorting and Packing Orders?

Sure Sort is a highly scalable, configurable and cost effective small item sorting system with excellent ROI. Sure Sort can be designed to support up to 670 sort locations in a small footprint, and requires significantly less staffing compared to traditional put walls. Sure Sort installs in a week or less.

Sure Sort is ideal for small businesses looking for a cost effective entry into warehouse automation as well as large fulfillment operations looking to streamline their process. Call us today to learn more! The Old Way

Up to The New Way 670 sort locations

Applications

• E-commerce Order Fulfillment • Return Center Processing • Pre-Sorting Inventory • Kit Building • Direct Store Delivery (DSD) • Transshipment/Cross Docking Up to • Last Mile Delivery 2,400 items per hour

305 Commerce Drive, Moorestown, NJ 08057 opex.com | 856.727.1100 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

SoftBank Leads Q2 2017 With $10B in Investments By Jim Nash

SoftBank Group Corp. stole the financing show in the second quarter of 2017. Both solo and acting with partners, the Japanese digital conglomerate participated in five significant robotics investments that were valued cumulatively at $10 billion.

There were lots of other noteworthy automation transactions last quarter, including investment by legacy industrial robot ABB Group and several notable initial public offerings and internal investments. We’ll look at those shortly.

But first, each of the companies targeted by SoftBank is heavily involved in robotics or is swinging deliberately toward greater involvement in automation.

The six companies are: › Didi Chuxing, the so-called Uber of China, which is investing in artificial intelligence for use in driverless vehicles › Improbable Worlds Ltd., a London software firm whose operating system can be used to create highly detailed simulations for games › Nvidia Corp., a graphics chipmaker with ambitions to build and rent out cloud-based, enterprise-scale artificial intelligence services running on its own market-dominating AI chips › Boston Dynamics and Schaft, makers of quadruped and biped robots, respectively, bought from Google parent Alphabet Inc. › Cybereason Inc., a digital security company with a bot that searches for anomalies that indicate attacks on a data network

Let’s break out some details: In April, SoftBank invested $5 billion in Didi Chuxing. Besides being China’s dominant transportation-as-a-service company, Didi Chuxing in March opened an AI research center in Mountain View, Calif., that is vacuuming up coders in

Robotics Trends roboticsbusinessreview.com 3 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Silicon Valley. Executives’ enthusiasm for opportunities in car-hailing startups is just as great. They have invested in numerous firms around the world.

In May, SoftBank and venture firms Andreessen Horowitz and Horizons Ventures sank $502 million into Improbable Worlds. The startup makes a platform called SpatialOS into which third-party developers can plug their simulation-related apps. Alphabet makes a competing platform called Google VR.

Also in May, SoftBank reportedly spent $4 billion on Nvidia. Beyond its plans to offer AI cloud services, Nvidia has also said it is working with automotive parts supplier Robert Bosch GmbH to create a Bosch-branded self-driving car computer. It also revealed its collaboration with truck maker Paccar Inc. to create autonomous truck components.

In June, SoftBank added to the odd travails of robotics startups Boston Dynamics and Schaft. The pair was part of a robot shopping spree by Google Inc. three years ago. But culture clashes and a lack of immediate commercial

SoftBank has added robotics investments to its acquisition of Aldebaran’s Pepper.

Robotics Trends roboticsbusinessreview.com 4 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

success caused Google/Alphabet to change its mind, and Boston Dynamics and Schaft were put on the market.

A robotics-crazed culture in Japan may have swayed SoftBank executives to cut a check for an as-yet undisclosed price (see more below). Both acquisitions could help SoftBank make machines that are more agile than its Pepper service robot.

Late in June, SoftBank made its last automation-related, external investment of the quarter. It pumped $100 million into cybersecurity firm Cybereason, which makes a “hunting engine” that looks for out-of-the-ordinary digital behavior. Its software can also block, contain, and eradicate threats.

SOFTBANK AIMS TO BE NO. 1 IN ROBOTICS

If that list of second-quarter investments somehow doesn’t sound impressive or indicate a trend, consider the following: › Back in 2012, SoftBank bought 95% of France-based Aldebaran Robotics, creator of Pepper, for $100 million and a commitment to spend up to $50 million beyond that to goose product development. › In December 2016, SoftBank put $1 billion into OneWeb Ltd. The communications startup wants to build a satellite-based network that could deliver gigabit-per-second Internet access globally. This presumably would benefit SoftBank’s primary telecommunications business, but would also make managing and operating robots cheaper and easier › Last July, SoftBank bought ARM Holdings. The low-power-chip designer’s creations are expected to be enablers for the commonplace use of robotics and the Internet of Things. SoftBank is selling a 25% stake to its Vision Fund. › In July 2017, SoftBank’s Vision Fund venture capital offshoot participated with others in funding automation-heavy indoor farming startup Plenty ($200 million), driverless-car software developer Nauto ($159 million), and robotics AI coder Brain Corp. ($114 million).

Robotics Trends roboticsbusinessreview.com 5 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

ABB MAKES ITS OWN MOVES

The other big corporate mover of the quarter was ABB. The difference between the Swiss giant of industrial automation and Softbank in this case is scale and scope. ABB participated in just three investments, and all were well within its wheelhouse.

Its biggest placement came in April, when ABB shelled out $2 billion for Bernecker & Rainer Industrustie Elektronik, an Austrian maker of factory- automation components. Assuming that price is correct, that is ABB’s largest acquisition in perhaps five years.

ABB Technology Ventures, a strategic fund, participated in May with several other corporate investors, placing $7.6 million in Bonsai AI Inc. Among the other investors were Microsoft Ventures, New Enterprise Associates, Samsung NEXT, and Siemens.

Finally, ABB bought the industrial communications unit of Germany-based Keymile Group for an undisclosed sum. Keymile’s hardened digital-network systems would be fundamental to reliably operating robotics and other systems on the Internet of Things.

AUTOMATION IPOS POP UP

The quarter also surprised in terms of venture-backed initial public offerings. Granted, pure-play automation companies remain disconcertingly few. But the corral gets more crowded when you look at companies whose business model mandates the adoption of automation in their manufacturing process and/or the inclusion of automation in products and services.

Meal-kit maker Blue Apron Holdings Inc. led this category. Its IPO netted $300 million (which disappointed the markets and led to the ouster of COO and co-

Robotics Trends roboticsbusinessreview.com 6 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

founder Matt Wadiak). Blue Apron is — perhaps too late — running as fast as it can from its manual ways and toward logistics automation. Amazon is moving into this niche.

Cloudera Inc., a cloud-computing services firm, completed its$225 million IPO in April. The company has integrated its DataRobot, a machine-learning platform into its data-management and -analysis services.

Enterprise-security firm Okta Inc.raised $187 million in its April debut. The company uses a high level of automation to speed the building, testing and release of new and updated digital apps.

A short but nonetheless blue-blood list of corporate venture funds pumped $102 million into Canadian artificial-intelligence firm Element AI. Microsoft Ventures, Intel Corp. and Nvidia Corp. The round, which closed in June, was led by venture firm Data Collective, which also participated in the Plenty investment highlighted above.

AI pioneer Yoshua Bengio is a cofounder of Element, which creates large- scale AI projects for big corporations. Its software is more or less customized for clients, meaning that Bengio and crew are selling AI as a service. This means that Element competes with Amazon, Google and other deep-pocketed AI-service players.

Executives have said their value-add is that AI services is all that they do, as opposed to, say, Google, which is involved in so many sectors that it’s starting to resemble a software version of humongous Asian industrial combines.

Appian Corp., maker of a business-process-management platform, scored $75 million in its May IPO. It recently introduced a robotics-process-automation (RPA) product. RPA is relatively new. It essentially seeks to create co-botting in the back office.

Robotics Trends roboticsbusinessreview.com 7 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Across the Atlantic, online fashion retailer Boohoo.com Plc. sold 22.7 million new shares to institutional investors. The sale, conducted in June, raised $65 million to be used for the construction of a new, automated 600,000-square- foot warehouse. Boohoo’s sales are booming separate from recent corporate acquisitions, making logistics upgrades necessary. Company executives have said the new facility will provide the capacity for $2.56 billion in net sales.

Swift Navigation netted $34 million in a round led by VC New Enterprise Associates and backed up with funds from Eclipse Ventures and First Round Capital, both prior investors. Swift makes two GPS receivers for machinery. Its Duro model is rough and ready. It can survive being in three feet of water — bolted to the outside of a machine — as well as in hot, cold and dusty environments.

Swift’s receivers can access several radio bands, enabling them to locate positions with more precision. Perhaps just as important, the core hardware is the stuff of cell phones, making the devices many times less expensive than competing products that use purpose-built components.

Following along with location products, Humatics Corp., a startup in Cambridge, Mass., attracted $16.5 million from 55 investors in May. Humatics is developing what it calls microlocation systems that executives say will be “ultra low cost” and offer millimeter-scale location resolution.

The company is aiming at buyers ranging from factory owners to home owners. In all cases, safe and efficient robotics operation around people require precise location abilities.

Last in this list is Myomo Inc., which in June, raised $5 million. Myomo makes robotic braces that enable people with upper-limb paralysis to use their arms to some extent. One the same day, the company also privately sold restricted securities to accredited investors, raising $2.9 million.

Robotics Trends roboticsbusinessreview.com 8 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

At least one internal investment surprised some observers with its scale. Hyundai Heavy Industries Group committed $3.1 billion for its own research and development. Of that total, $1.8 billion will fund development of automation in ships and shipyards.

The move is part of Hyundai Heavy’s breakup into four companies -- part of an effort to survive a sharp, multi-year drop in the oil industry, a critical sector for ship makers. Hyundai Heavy continues to control the new firms, one of which is Hyundai Robotics Co., the No. 2 sales generator after its parent. About $90 million of the total will pay for more research and development at Hyundai Robotics.

Executives quartered the South Korean firm in order to appease restless creditors. Creditors liked that the split halved Hyundai Heavy’s debt and made the jettisoning of underperforming segments easier.

In the same sector, ship-engine builder, Rolls-Royce Holdings Plc., said it had received a grant of undisclosed size from Tekes, the Finnish government’s employment and economy ministry, to digitize ship operations.

Rolls-Royce will use the Tekes funds to research the remote control of ships from land-based centers as well as the application of artificial intelligence to automate ships.

In their announcement, executives also said they are confident that they can raise $256 million from investors to “revolutionise shipping.” It is unclear if the Tekes grant is part of that funding goal.

Robotics Trends roboticsbusinessreview.com 9 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Humanoid Robots Change Hands: SoftBank Buys Boston Boston Dynamics, Schaft From Google Dynamics has an impressive By Tim Hornyak lineup of legged robots. Google has ended one part of its foray into robotics with a deal to sell Boston Dynamics, maker of the BigDog quadruped and Atlas humanoid robots, to Japanese mobile carrier SoftBank Group Corp., known for its Pepper robots.

SoftBank will buy Boston Dynamics, led by CEO and founder Marc Raibert, as well as Japanese bipedal robotics company Schaft, from Google’s parent company Alphabet Inc. under the deal announced Friday. Financial terms were not disclosed.

“Today, there are many issues we still cannot solve by ourselves with human capabilities,” SoftBank Group Chairman and CEO Masayoshi Son said in a release. “Smart robotics are going to be a key driver of the next stage of the Information Revolution, and Marc and his team at Boston Dynamics are the

Robotics Trends roboticsbusinessreview.com 10 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

clear technology leaders in advanced dynamic robots.”

“I am thrilled to welcome them to the SoftBank family and look forward to supporting them as they continue to advance the field of robotics and explore applications that can help make life easier, safer and more fulfilling,” said Son.

ACQUISITION ENDS SPECULATION

Speculation has swirled for the past year about potential buyers for the companies, including Amazon.com Inc. and the Toyota Research Institute.

The deal comes a year and a half after entrepreneur Andy Rubin left Google, where he headed the search giant’s robotics project. The co-founder of the Android operating system has since been leading tech incubator Playground Global. Some observers saw his departure as a sign that Google’s robotics strategy had gone adrift after its 2013 shopping spree in which it bought a group of robotics companies, including Waltham, Mass.-based Boston Dynamics.

“We at Boston Dynamics are excited to be part of SoftBank’s bold vision and its position creating the next technology revolution, and we share SoftBank’s belief that advances in technology should be for the benefit of humanity,” Raibert said. “We look forward to working with SoftBank in our mission to push the boundaries of what advanced robots can do and to create useful applications in a smarter and more connected world.”

The notoriously secretive Schaft, founded at the JSK Robotics Laboratory at the University of Tokyo in 2012, had been off the radar since Google picked it up in 2013, when it excelled at the DARPA Robotics Challenge.

Last year, Schaft co-founder Yuto Nakanishi made a brief public appearance in Tokyo at the 2016 New Economy Summit, where he showed off a pair of bipedal robots that walked around the stage. He described them as low-cost,

Robotics Trends roboticsbusinessreview.com 11 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

low-power helpers that could carry up to 60 kg (132.2 lb.) and navigate stairs and rough terrain.

SOFTBANK BUILDS ITS HUMANOID ROBOTS PORTFOLIO

It’s unclear whether SoftBank Robotics, which has sold more than 10,000 of its $1,800 Pepper humanoid robots since June 2015, will be the unit taking over Boston Dynamics and Schaft. Tokyo-based SoftBank said the deal aligns with its investments in “paradigm-shifting technologies and its vision of catalyzing the next wave of smart robotics.”

The companies don’t have commercial products yet but they will add to SoftBank’s robot portfolio, which began with its 2012 acquisition of French robotics company Aldebaran Robotics, maker of the Nao humanoid robot.

In 2015, SoftBank invested in warehouse automation startup Fetch robotics and in 2016 it bought British semiconductor designer ARM Holdings, which has since branched out into making processors for devices such as surgical robots.

“With the recently announced sale of Boston Dynamics and Schaft, the most compelling companies among [its] 2013 acquisitions, Alphabet is clearly abandoning, or at least downplaying, its robotics intentions and robotics leadership role,” said Dan Kara, research director at ABI Research. “Conversely, SoftBank has added significant robotics engineering expertise and thought leadership with the acquisitions, particularly as it relates to legged locomotion.”

“Boston Dynamics is regarded as the leading developer technologies for robotic legged locomotion, and Schaft, too, is strong on bipedal and quadrupedal locomotion, as well as advanced manipulation and artificial intelligence,” Kara noted.

Robotics Trends roboticsbusinessreview.com 12 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

While promoting Pepper after its launch, billionaire Son said he was willing to sell the humanoid robot at a loss for years to enable it to gain some traction in the marketplace. He may take the same wait-and-see approach with Boston Dynamics and Schaft.

Son recently said at Mobile World Congress that the so-called singularity will happen by 2047, and one computer chip will have a 10,000 IQ within the next 30 years.

“I truly believe it’s coming; that’s why I’m in a hurry to aggregate the cash, to invest,” he said. “It will be so much more capable than us.”

Robotics Trends roboticsbusinessreview.com 13 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Automation Market Still Booming in North America, Says A3 By Eugene Demaitre

The North American industrial automation market is growing at a healthier- than-expected rate, according to a report released last week by the Association for Advancing Automation, or A3. While it’s easy to assume that A3’s Bob Doyle automotive manufacturing is already a heavy user of robotics, the recent was a speaker growth demonstrates that there’s still plenty of room for adoption across at RoboBusiness industries. 2017.

“Based on the worldwide forecast from the IFR [International Federation of Robotics], we expected 10% to 15% growth in the region,” said Alex Shikany, director of market analysis at A3 in Ann Arbor, Mich. “If we contextualize with their numbers, we’ve outperformed. It’s surprising that we’re up this much year over year, but it’s not completely divergent from the overall trend.”

AUTOMOTIVE DRIVES ADOPTION

“Automotive had a great first half [of 2017] in OEM and component supplier orders,” Shikany said. “But it was also the best first half in non-automotive industry. That’s great news, no matter how you slice it.” “Look at growth rates in the first half — there are interesting tidbits in industries like metals, plastics, and rubber,” he told Robotics Business Review. “They were pretty sizable in auto components. Automotive hasn’t yet dried up, but other companies are still automating. There’s a lot of business to be had.”

Carmakers are using robotics to become more responsive to the market, so that industry is far from saturated.

“We’d expect automotive robot sales to drop because of slow changeover in vehicle models, but that’s not happening,” said Bob Doyle, director of

Robotics Trends roboticsbusinessreview.com 14 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

communications at A3. “Model changeovers now happen in less than seven years. It’s more like two to three years, which has helped continue strong push in automotive since the end of the Great Recession.”

SENSORS SPUR AUTOMATION MARKET GROWTH

“We usually check these numbers at the half year. At the full year, we’ll put all the statistics together from A3’s member organizations — all three are at Industrial automation and record highs,” said Doyle, referring to the Robotic Industries Association (RIA), employment Advancing Vision + Imaging (AIA), and the Motion Control Association (MCA). can both rise, “We can attribute this strong growth to multiple causes,” explained Shikany. notes A3’s Alex “We’ve just had contact with a lot of member companies in [A3] committee Shikany. meetings, and they’ve told us why.”

“Yes, it’s thanks to advances in enabling technologies like vision, imaging, sensing, and motion control. There’s a lot of interest surrounding these now that they’re more affordable,” he continued. “There’s also the value proposition of collaborative robots. The ROI is easier for customers to justify.”

“There’s a greater awareness beyond the auto industry,” Shikany said. “There’s a realization of the need to compete in the global marketplace and that robots can do more than before.” “The automation market in the past may not have focused on smaller businesses, but new tech now allows integration that wasn’t possible before,” he added.

The North American robotics market will experience a compound annual growth rate of 10.3% and reach $46.5 billion by 2022, predicts Research and Markets.

Robotics Trends roboticsbusinessreview.com 15 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

ROBOTS PLUS JOBS

Unemployment in the U.S. has been low, even as the automation market has grown. Could the fears of robots stealing jobs be overblown?

Industrial automation and employment can both rise, notes A3’s Alex Shikany.

“The data doesn’t bear out the ‘jobs versus robots’ argument,” Shikany said. “We’ve been tracing shipments from 2010 to the present, and if you track that with manufacturing employment, both are rising.”

“As The Washington Post noted, it’s the reverse of the jobs issue,” said Doyle. “Companies can’t find the people to fill or stay in certain jobs, so they need to bring in robots.”

“The ROI calculations for these applications didn’t make sense in the past, but now because of cobots and mobile robots, it’s faster and easier to invest in robotics,” he said.

“As robots are ordered or installed, companies like Amazon are still hiring employees,” Shikany said. “Our members are looking to hire new people, but they’re having difficulty in bridging the skills gap. That’s a challenge in the years to come — we need apprenticeships and robotics curriculums at two- and four-year schools.”

FREE TRADE PREFERRED FOR AUTOMATION

International tensions could also pose challenges for robotics, unmanned systems, and artificial intelligence. Trade restrictions could encourage reshoring of production, but they’d also affectglobal automation market access.

“It’s tough to say which way things will go depending on policy,” Shikany said. “A

Robotics Trends roboticsbusinessreview.com 16 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

lot of manufacturing happens in Asia, but there’s still some in the U.S. Robotics is a global industry that requires imports and exports around the world.”

“Imposing any tariffs or taxes would not be a good thing,” Shikany added. “We’d like to promote free trade, which benefits the automation market as a whole.”

ROBOTICS BUILDS RESISTANCE AGAINST RECESSION

Several economists have predicted that the U.S. will enter an economic recession in the next year or so. How will this affect the automation market? Could it even help robotics adoption?

“We’ve been hearing that as well,” Doyle said. “While we’re keeping an eye on the possibility of a cyclical softening … indicators for the remainder of 2017 and early 2018 are all positive.”

“As we’ve seen in past recessions, growth rates would slow a bit, but there would likely still be growth,” he said.

“Automotive has been 65% to 70% of automation and is cyclical, but we’re pleased to see other industries adopting automation,” Doyle said. “That would hopefully level out those dips and help us weather them.”

“Orders in the second quarter were especially strong in automotive. That might be tough to keep up,” said Shikany. “But we expect 2017 to end at record levels.”

Robotics Trends roboticsbusinessreview.com 17 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Robotics Transactions, Q2 2017

Amt. Company Investor, partner, aquirer (millions $) Transaction Type Date Industry, Technology Hyundai Heavy 1,800 Investment 4/3/2017 Smart Ships, Shipyard Industries Group Shield AI Andreesen Horwitz 10.5 Series A Investment 4/3/2017 Security Drones, Ai Bernecker & Rainder ABB 2,000 M&A 4/4/2017 Industrial Automation Industrie-Elektronik Blue Ocean 1 Seed Investment 4/4/2017 Healthcare, Logistics Synchron Inc. DARPA 10 Series A Investment 4/4/2017 Healthcare, Surgical Tracis, Downing Ventures, Vivacity Labs London Co-Investment 3.3 Investment 4/4/2017 Transportation, Sensors Fund Mobile Robots, Machine Cognex ViDi Systems SA M&A 4/5/2017 Vision Consumer, Transportation, Mobvoi Volkswagen 180 Series D Investment 4/6/2017 Ai The Yield Technology KPMG, Bosch, AgFunder 4.9 Series A Investment 4/6/2017 Agriculture, Sensors Solutions UK Atomic Energy Energy, Materials ITER Organization 5.33 Gov’t Funding 4/7/2017 Authority Handling Software Automation, Okta Inc. 187 Ipo 4/7/2017 Security Consumer, Retail, iRobot Sales on Demand Corp. 15 M&A 4/11/2017 Integrator Luminar Technologies Consumer, Transportation, Omnitracs LLC 36 Series B Investment 4/12/2017 Inc. Lidar Peloton Technology Omnitracs LLC 60 Series B Investment 4/12/2017 Logistics Sumitomo Heavy Industrial Automation, Persimmon Technologies M&A 4/12/2017 Industries Ltd. Motors Healthcare, Sensors, Self- Baidu xPerception M&A 4/13/2017 Driving Cars Airbus Venture, PArtech BestMile 2 Investment 4/13/2017 Mobile Robots Venture, Serena Cappital Johor Corp., Malaysian Beijing Huize Boyuan Investment Development 2,180 Investment 4/14/2017 Industrial Automation Robot Investment Co. Authority Marble 4 Investment 4/14/2017 Retail, Supply Chain University of Michigan Ford Motor Corp. 15 Investment 4/20/2017 Industrial Automation Infrastructure, Underwater Aquabotix 5.5 Ipo 4/20/2017 Drones Transportation, Self- U.K. government 48.67 Gov’t Funding 4/21/2017 Driving Cars U.K. government 119 Gov’t Funding 4/21/2017 Industrial Automation Arbe Robotics 2.5 Investment 4/23/2017 Consumer, Transportation

Robotics Trends roboticsbusinessreview.com 18 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Robotics Transactions, Q2 2017

Amt. Company Investor, partner, aquirer (millions $) Transaction Type Date Industry, Technology NASA Small Business Aerospace, Sensors, BluHaptics Gov’t Funding 4/24/2017 Innovation Program Manipulation I2BF Global Ventures, VIST Group VTB CApital Asset 6 Investment 4/24/2017 Energy, Mining Management vHive StageOne VC 2 Investment 4/24/2017 Drone Fleets Mota Group Inc. 6 Ipo 4/25/2017 Consumer, Drones WiBotic Tsing Capital 2.4 Seed Investment 4/26/2017 Mobile Robots, Power Renovo Auto Verizon 10 Investment 4/27/2017 Consumer, Transportation Atlantic Bridge, Autodesk Forge Fund, True 3D Robotics 53 Series D Investment 4/27/2017 Consumer, Drones Ventures, Foundry Group, Mayfield Aurora Innovation Allen & Co. 6.1 Investment 4/28/2017 Consumer, Transportation Applied Research Neya Systems Inc. M&A 4/28/2017 Security Associates Inc. Cloudera Inc. 225 Ipo 4/28/2017 Cloud, Machine Learning Mobile Robots, Machine Compound Eye 1 Investment 4/30/2017 Vision Nav on Time Failure 4/30/2017 Consumer Schmalz GPS GmbH M&A 4/30/2017 Industrial Automation Wany Robotics Failure 4/30/2017 Consumer Catalia Health Khosla Ventures 2.5 Investment 5/1/2017 Healthcare Kubo Danish Growth Fund 1 Investment 5/1/2017 Consumer, Education Humatics Corp. 16.5 Investment 5/2/2017 Industrial Automation, Iot Abundant Robotics Google Ventures 10 Investment 5/3/2017 Agriculture Microsoft Ventures, NEA, Manufacturing, Retail, Bonsai AI Inc. 7.6 Investment 5/3/2017 ABB, Samsung, Siemens Logistics, Energy, Ai Accel, GSR VEntures, DeepMap 25 Investment 5/4/2017 Transportation Andreesen Horowitz Taranis Finistere Ventures 7.5 Seed Investment 5/4/2017 Precision Agriculture Agriculture, Imaging, Ceres Imaging Romulus Capital 5 Series A Investment 5/10/2017 Analytics Didi Chuxing SoftBank 5500 Investment 5/10/2017 Transportation Hesai Photonics Pagoda Investment 16 Series A Investment 5/10/2017 Transportation, Lidar Technology Paolino Bacci S.r.l. FA Robot S.r.l. M&A 5/10/2017 Manufacturing MindMeld Cisco Systems M&A 5/11/2017 Service, Ai Consumer, Cloud, Improbable SoftBank 502 Investment 5/12/2017 Simulation

Robotics Trends roboticsbusinessreview.com 19 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Robotics Transactions, Q2 2017

Amt. Company Investor, partner, aquirer (millions $) Transaction Type Date Industry, Technology CRCM Ventures, R7 Transportation, Machine AIRY3D Inc. 3.5 Seed Investment 5/15/2017 Partners Vision Siasun Robot Investment Johor Corp. 11,000 Investment 5/15/2017 Industrial Automation Co. Kraken Sonar RDC 0.5 Investment 5/15/2017 Infrastructure, Auvs TriLumina Corp. Kickstart Seed Fund 9 Investment 5/17/2017 Transportation, Lidar Zeals FreakOut Holdings 0.72 Investment 5/20/2017 Consumer Transportation, Radar Echodyne New Enterprise Associates 29 Series B Investment 5/22/2017 Vision SkyX Systems Kuang-Chi Group 3 Investment 5/22/2017 Infrastructure, Uavs Syddansk Innovation, Rikkesege Invest, M. Multi Tower Co. 1.12 Investment 5/22/2017 Healthcare Blæsbjerg Holding and Dahl Gruppen Holding American Robotics Brain Robotics Capital LLC 1 Seed Investment 5/23/2017 Precision Agriculture F. Robotics MTD M&A 5/23/2017 Consumer, Lawn Care Acquisitions Ltd. Stanley Robotics 4 Investment 5/23/2017 Transportation Manufacturing, Nvidia SoftBank 4,000 Investment 5/24/2017 Processors Agriculture, Vehicle Muller-Elektronik Trimble M&A 5/24/2017 Controls Healthcare, Machine Scopio Labs OurCrowd 2.5 Investment 5/24/2017 Vision Gamma 2 Robotics 6 Ipo 5/25/2017 Security Spin Grishin Robotics 8 Series A Investment 5/25/2017 Transportation United Parcel Service S.F. Holding Co. 10 Investment 5/25/2017 Logistics Inc. Appian Corp. 75 Ipo 5/25/2017 Process Automation Beijing Orionstar Cheetah Mobile Inc. 40 Investment 5/26/2017 Consumer, Ai Technology Co. Consumer, Entertainment, Ctrl.me Robotics Snap Inc. 1 M&A 5/27/2017 Drones EZ Robotics Failure 5/30/2017 Flashhold (Shanghai Express Warehouse Cainiao Network, SB China 29 Series B Investment 5/30/2017 Logistics Intelligent Technology Venture Capital and Quicktron) ABB Ltd. Trexquant Investment LP 800,000 Investment 6/2/2017 Manufacturing Transportation, 3D Carmera Matrix Partners 6.4 Investment 6/5/2017 Mapping OAL 2.72 Investment 6/6/2017 Food, Manufacturing

Robotics Trends roboticsbusinessreview.com 20 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Robotics Transactions, Q2 2017

Amt. Company Investor, partner, aquirer (millions $) Transaction Type Date Industry, Technology New Enterprise Tulip Interfaces Inc. Associates, Pitango 13 Series A Investment 6/6/2017 Iot Venture Capital Beyond Limits BP Ventures 20 Investment 6/7/2017 Ai Luxrobo Kakao Corp., Investment 3.5 Investment 6/7/2017 R&D, Iot Boohoo.com 63.76 Investment 6/8/2017 Retail, Warehouse Emerge, Maniv Mobility, Transportation, Simulation Cognata 5 Investment 6/8/2017 and Airbus Ventures Software Nongtian Guanjia Gobi Partners 7.36 Investment 6/8/2017 Agriculture, Drones (FarmFriend) Boston Dynamics, SoftBank Group M&A 6/9/2017 Retail, Service Schaft Myomo Inc. 5 Ipo 6/9/2017 Healthcare, Wearables Robodondo Motivo Engineering M&A 6/9/2017 Agriculture, Integrator Innovative Laser Manufacturing, Laser IPG Photonics 40 M&A 6/11/2017 Technologies Inc. Cutters Sky, Liberty Media, Lux Drone Racing League 20 Series B Investment 6/12/2017 Entertainment, Drones Capital Transportation, Lyft Jaguar Land Rover 24 Investment 6/12/2017 Autonomous Vehicles Match Robotics VC 100 Series D Investment 6/12/2017 Investment Fund LLC Lemnos Labs, GV, K5 Retail, Service, Consumer, Momentum Machines 18.4 Investment 6/12/2017 Ventures, Khosla Ventures Food OC Robotics GE Aviation M&A 6/12/2017 Aerospace, Manufacturing SoftWear Automation 4.5 Series 1A Investment 6/12/2017 Manufacturing, Consumer Kleiner Perkins Caufield & Byers, Airbus Ventures, AEye 16 Series A Investment 6/13/2017 Transportation, Lidar Intel Capital, Tyche Partners Bright Agrotech Plenty M&A 6/13/2017 Agriculture Dia-Saw Tsubaki of Canada Ltd. M&A 6/14/2017 Manufacturing, Drives Manufacturing Ltd. Data Collective, Microsoft Element AI 102 Investment 6/14/2017 Ai As A Service Ventures, Intel GeoQuant Aleph, XL Innovate 4 Seed Investment 6/14/2017 Ai Transportation, Self- Optimus Ride Inc. 1.1 Investment 6/14/2017 Driving Cars Seven Dreamers Consumer, Laundry- 22.8 Investment 6/15/2017 Laboratories Inc. Folding Robot General Catalyst, GGV Bowery Farming 20 Investment 6/16/2017 Agriculture Capital, Google Ventures

Robotics Trends roboticsbusinessreview.com 21 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

Robotics Transactions, Q2 2017

Amt. Company Investor, partner, aquirer (millions $) Transaction Type Date Industry, Technology Aera Technology Ai, Business Process New Enterprise Associates 50 Investment 6/20/2017 (FusionOps) Automation Misty Robotics Venrock, Foundry Group 11.5 Investment 6/20/2017 Consumer, Household Samsara 40 Series C Investment 6/20/2017 Manufacturing, Iot Cybereason SoftBank 100 Investment 6/21/2017 Ai Hyundai Robotics Hyundai Mipo Dockyard 329 Investment 6/21/2017 Manufacturing Knightscope Konica Minolta 3 Series M Investment 6/21/2017 Security Security, Military, RE2 Robotics U.S. Air Force Gov’t Funding 6/21/2017 Aerospace Aero Farms 34 Series D Investment 6/24/2017 Agriculture Pearl Automation Failure 6/26/2017 Transportation Voodoo General Catalyst, Y Manufacturing, 3D 5 Seed Investment 6/26/2017 Manufacturing Combinator Printing Drive.ai NEA, GGV 50 Series B Investment 6/27/2017 Automotive, Ai Libertad Mossad Investment 6/27/2017 Security, R&D Fund SparkCognition Boeing HorizonX Investment 6/27/2017 Transportation Xerox Research Naver M&A 6/27/2017 Ai, Autonomous Driving Centre Europe Bayshore Networks, Benhamou Global Industrial Automation, 80 Series C Investment 6/28/2017 6d Bytes, Drishti Ventures Security, Iot, Ai Miso Robotics Inc. Acacia Research 3.1 Investment 6/28/2017 Consumer, Food Snips MAIF Avenir, BPIFrance 13 Series A Investment 6/28/2017 Ai, Voice Recognition Transportation, Swift Navigation New Enterprise Associates 34 Series B Investment 6/28/2017 Agriculture, Logistics Blue Apron Holdings Consumer, Supply Chain, 300 Ipo 6/29/2017 Inc. Food

Robotics Trends roboticsbusinessreview.com 22 Robotics Trends TRANSACTIONS REPORT 2017 SECOND QUARTER

ABOUT ROBOTICS BUSINESS REVIEW:

Robotics Business Review (RBR) provides business intelligence for the global robotics industry. Whether you’re investing in, developing or purchasing robotic solutions, RBR provides an unparalleled view into this rapidly growing market so you can stay informed, do your job better and be competitive.

RBR members have full access to our growing company index including insights on RBR50 companies, insider interviews, whitepapers, industry reports, podcasts, webcasts, and financial reporting.

Our members span the robotics ecosystem and use RBR to: › Stay up to date on global trends and areas of growth and development in robotics › Know where to invest their time, money and resources in robotics › Cut through noise and hype to support better business decision-making and stay ahead of the competition › Scout for new markets, opportunities, technologies and potential partnerships › Gain intelligence on the people and companies at the forefront of robotics innovation

RBR members also receive discounts to industry events, including RBR’s annual RoboBusiness Conference and Expo and employers can freely list jobs on RBR’s highly active job board.

We hope that you will join RBR’s community of informed business professionals who are actively investing in, developing, purchasing and profiting from commercial robotics.

Robotics Trends roboticsbusinessreview.com 23