Inxpect has raised over $20 million in a combined Series B funding, from lead investor Fondo Italiano d'Investimento with its tech growth fund FITEC, and other investors including 360 Capital and 8A+ of Banca Generali.
The industrial robots market is set to pass $40 billion by 2024, and this includes Inxpect’s sector: collaborative robotics. The Lombardy-based company develops and manufactures the world's “first and only” radar sensors certified for industrial safety, revolutionising the interaction between humans and machines. The technology can keep people from entering hazard areas and prevent collisions between moving equipment (and employees). Another dimension of safety? Radio waves are harmless to human health, the company’s website says.
Founded in 2015 by CEO Luca Salgarelli, a former researcher at Bell Labs and professor of telecommunications engineering, Inxpect owns more than twenty international patent families in the industrial sensor field.
Following a €5 million Series A round in 2019, this new funding will accelerate the team’s R&D in 3D radar imaging technology and support international commercial expansion.
Image of Inxpect products from company website