Robo 15Q4 Report A

robotics business review

Fourth Quarter 1
TRANSACTIONS
REPORT 2015

Robotics Business Review | Fourth Quarter Transactions Report 2015

www.RoboticsBusinessReview.com

Robotics’ Best Year Yet

Randy Bateman, chief investing officer for Huntington Funds, had zeroed in on robotics with his New Year’s pre-
diction: “Robotics is where you should be investing in 2015.” From the year-end results, it looks like lots of money
followed his advice.

All indicators were tilting straight up for robotics in 2015. The year-ending 4Q tally for the industry witnessed an
unrivalled string of eye-popping firsts and bests:

World’s fastest growing industry
Sales and revenue reaching best-ever heights
Growth accelerating from fast to exponential
Venture capital investments reaching historic levels
Growth through acquisition fueling an M&A feeding frenzy
Robot-driven automation gains finally nudging global productivity up the charts
World governments enacting national robot acquisition plans
By almost any measure, robotics was on a mega-roll for all of 2015. The quarter-to-quarter consistency of that
mega-roll was remarkable and showed the hallmarks of a new technology settling in with authority.
More so than ever, robotics technology was increasingly broad based, reaching from the welding bays of giant
auto makers to co-robots pick ‘n packing at SMEs to record numbers of procedures in surgical suites to cleaning
carpets and floors in living rooms around the globe.
Also, more so than ever, investing was broadly based as well, stretching from lofty deals like the $285 million that
Teredyne vacated for Universal Robots to Google Ventures tendering $100 million for Carbon3D, to major robotics/
automation funds launching, all the way to the newest of the new, motif investing, where a robotics-themed basket
of shares could be had for $9.95.
The year’s box scores covering investing in robotics for 2015 are fascinating and exciting.

VENTURE CAPITAL:

VCs nearly quadrupled their robotics dealings, with investments rocketing from $250 million in 2013 to slightly
under a billion dollars ($922 million) for 2015.

FUNDS & ETFS:

The elder statesman of robotics/automation funds (2013) Robo-Stox Global Robotics and Automation Index ETF
(NASDAQ: ROBO) with net assets of $87 million plus and a market cap of $ 101,246,000 went from a 52-week low
of $12.80 to close out December at $24.40.

The year witnessed two new funds jumping aboard: Swiss-based Pictet Group, eyeing the robotics growth fore-
cast of 10 percent annual growth, launched in October (Pictet - Robotics I EUR Acc); while London-based RoboCap,
saw a December launch (MLRUEIN:ID). RoboCap’s managing partner, Jonathan Cohen, with his fund’s reason for
being: “Robotics and automation stocks have performed three to six times better than general equity indices with
over 17 percent internal rate of return over the last 10 years.”

MERGERS & ACQUISITIONS:

The classical gambits in M&As were alive and well in robotics throughout 2015, with a large dose coming in 4Q.
Growth through acquisition was one gambit; and if you can’t out-innovate them, buy them, was another. They are
two of the best ways to get into the robot game if on the outside, or to get bigger and better at it if already an insider.

OMRON, the Japanese tech giant got into the robot game for $200 million as it acquired Adept Technology. Or-
thopedics maker Smith & Nephew got better at orthopedic surgical procedures when it acquired surgical robotics
company Blue Belt Holdings Inc.

Robotics Business Review | Fourth Quarter Transactions Report 2015 2

EQUITIES:

Tepid, watchful and careful are the bywords still emanating from the equity markets at the end of 2015, just as they
were at the end of 2014.

When it comes to technology investing, robotics cannot to date match the fast growth and high returns of its
Information Technology (IT) brethren, and therefore, is regularly passed over for IT fare more often than not. Mar-
ket volatility, like the roiling going on since the mid-August China stock market crash, doesn’t help the cause for
robotics.

Established robotics vendors like Intuitive Surgical (NASDAQ: ISRG) have legs enough to keep the attraction with
investors going relatively strong; an IPO or two or three: three exoskeleton companies (Ekso Bionics, ReWalk and
Cyberdyne) between 2014-2015 went public, showing investors products at the ready and a burgeoning market-
place more than prepared for them, saw a combined IPO payout of nearly $100 million.

Publicly traded robotics shares from well-established robotics manufacturers like ABB, KUKA, FANUC, and Fox-
conn witnessed strong, best-ever, sales in 2015—in fact, best year overall for all of industrial robot sales—but saw
no astronomical runs on their products.

The trends going forward look to industrial robots as a $40 billion industry by 2020; and the ongoing ramp up to
robot-driven automation on a global scale as “a given”.

However, as Jim Nash, investing analyst for Robotics Business Review put it: “U.S. investors know about these
trends, though they are too busy chasing profits from past innovations to connect the dots right now.

“Robotics, not social media or watches, is computing’s next revolution. The former are new and profitable uses
for an existing infrastructure. Robotics is a new, densely data dependent infrastructure, and it is making the digital
physical.”

Even with the tepid equity markets slowly loosening up to robotics, 2015 was, nevertheless, a spectacular year
in total revenue, profit and game-changing industrial impact for robotics.

4Q 2015 TRANSACTIONS SNAPSHOT

FEATURED TRANSACTIONS:

Omnicell Buys Automated Pharmacy Firm Aesynt for $275M
Medication management provider Omnicell Inc. acquired dispensary company Aesynt Inc. for $275 million. The
combined company’s offerings include pharmacy robots, automated intravenous systems, and logistics manage-
ment software.

Among other products, Aesynt sells the ROBOT-Rx and PROmanager-Rx dispensing robots, the MedCarousel
and PACMED inventory management systems, and the  MedShelf-Rx software.

The PROmanager-Rx was rated highest among central pharmacy robots in  KLAS Enterprises LLC’s annual
survey  of healthcare providers. It manages storage, dispensing, and inventory of prepackaged pill doses using bar
codes. KLAS named Omnicell  as the top pharmacy automation equipment provider for 2015, citing its OmniRx
automated medication-dispensing system, WorkflowRx drug inventory management carousel, and Anesthesia
Workstation.

Aesynt was originally founded as Automated Healthcare in 1990 and was acquired by McKesson Corp. for $65
million in 1996.In 2013, Francisco Partners Management LLC bought McKesson Automation  from McKesson
Corp. for $52 million and renamed the company Aesynt.

Mountain View, Calif.-based  Omnicell  was founded in 1992, and with Aesynt, it will support a total of about
4,000 acute care facilities worldwide, have 2,200 employees, and have annual revenue of more than $650 million.
Omnicell didn’t say how Aesynt’s Pittsburgh-area employees will be affected.

Robotics Business Review | Fourth Quarter Transactions Report 2015 3

Earlier in 2015, Omnicell acquired two other pharmacy automation providers,  Germany-based Mach4 Pharma

Systems Ltd.  and  U.K.-based Avantec “BY ADDING DISTINCT
Healthcare Ltd.  Omnicell said that its CAPACITIES IN DISPENSING
goal is to be involved in medication and SYSTEMS, CENTRAL PHARMACY
supply management through the entire ROBOTICS, IV ROBOTICS, AND
continuum of care, from hospitals and ANALYTICS, THIS ACQUISITION
post-acute care nursing to long-term DEMONSTRATES OUR CONTINUED

care facilities. COMMITMENT TO OFFER OUR
Omnicell said the  Aesynt acquisition, CUSTOMERS LEADING PHARMACY-
AUTOMATION SOLUTIONS
which is pending regulatory approval, TAILORED TO THE SPECIFIC
should help it diversify and market its NEEDS OF THEIR FACILITIES AND
product line. The company borrowed PATIENTS.”
$217.3 million from Wells Fargo Bank
--  RANDALL LIPPS, OMNICELL CEO

NA for the purchase.

Orthopedics Firm Smith & Nephew Buys Blue Belt for $275M

Orthopedics maker Smith & Nephew PLC acquired surgical robotics company Blue Belt Holdings Inc. for $275

million.

Plymouth, Minn.-based  Blue Belt Technologies was spun out of Carnegie Mellon University’s Robotics Insti-

tute in 2003. Its  Navio system  is a combination of CT-scan-free navigation software and a handheld, robotically

controlled bone-shaping drill. The Navio System is designed to intelligently guide orthopedic surgeons, preventing

unnecessary bone removal during surgery.

Since partial knee-replacement procedures are more precise, recovery times can be shortened. Navio is used in

about 90 cases per month in the U.S., Australia, France, Turkey, and the U.K. Blue Belt also makes artificial knees.

The U.S. Food and Drug Administration approved Navio in 2012. Blue Belt competes with Ft. Lauderdale, Fla.-

based  Mako Surgical Corp.  for market share, and the two companies have  gone to court over patent disputes.

Each Navio system costs $400,000 to $450,000, and 43 units had been sold as of this past spring,  said Chief

Operating Officer Craig Markovitz.

London-based  Smith & Nephew  is Europe’s largest provider of artificial hip and knee joints, as well

as wound management and sports medicine technology. It was already a major Blue Belt sales partner.

The company says it will continue to support customers choosing to use implants from other manufacturers.

In 2017, Smith & Nephew plans to combine Navio and its Journey II product for total knee replacements and

apply Blue Belt’s robotics assistance to complex knee surgeries that are growing in frequency and are not yet

supported with robotics. It also hopes to address total hip replacements, expand into sports medicine, and widen

adoption of robot-aided surgery beyond the U.S.

“OUR EXPERIENCE WORKING WITH Smith & Nephew said it expects a re-
BLUE BELT TECHNOLOGIES AND turn on its capital investment in about
OUR CUSTOMER INSIGHT HAS four years. Around 120 employees
CONVINCED US THAT ROBOTICS around Minneapolis and Pittsburgh in the
WILL BECOME INCREASINGLY U.S. and Manchester in the U.K. will join
MAINSTREAM ACROSS the company. In addition, Smith & Neph-
ORTHOPEDIC RECONSTRUCTION IN ew  reported global sales  of $1.1 billion in
THE FORESEEABLE FUTURE.”  the third quarter of the year, despite a de-
cline in profits because of slowed sales in
--OLIVIER BOHUON, CEO OF SMITH

& NEPHEW

China and the strength of the U.S. dollar.

It also  recently acquired the trauma and

Robotics Business Review | Fourth Quarter Transactions Report 2015 4

orthopedics units  of DeOst LLC and DC LLC, which manufacture and distribute its products in Russia.
Medical technologies company  Stryker Corp. and pharmaceutical giant Johnson & Johnson were rumored to

be interested in buying Smith & Nephew, but  neither has proceeded  with a deal. Stryker acquired Blue Belt rival 
Mako Surgical for $1.65 billion  in 2013.

Toyota to Spend $1B on Robotics, AI Research

Toyota Motor Corp. is spending $1 billion to kick-start its research on artificial intelligence and robotics in the U.S.

The world’s second largest automaker (behind Volkswagen) is one of several companies, including rivals such as

Apple, Google, and Nissan, who are actively pursuing autonomous vehicles. Its spending at leading American uni-

versities, however, indicates that it intends to stay ahead of the pack.

In addition to the $50 million it has already given to the Massachusetts Institute of Technology and Stanford

University for automotive research,  Toyota  announced that it will be spending $1 billion over the next five years on

robotics and AI centers in Cambridge, Mass., and Palo Alto, Calif to bridge the gap between fundamental research

and development.

Gill Pratt, formerly the program manager for the  DARPA Robotics Challenge, was named CEO of Toyota Re-

search Institute Inc. (TRI). It will focus on  automotive automation and assistive robots.

Toyota’s robots in development include  the Human Support Robot, which can help patients and provide telep-

resence, and the Kirobo, which is a small humanoid  road trip weight “companion” meant to sit in a car’s cupholder.

Toyota expects to hire about 200 engineers for TRI but it hopes to avoid undercutting the academ-

ic research centers it has established at MIT and Stanford  as Uber did with Carnegie Mellon University.

Toyota  also recently launched  a 13.5 billion yen ($111 million) fund for startups working on AI, robotics, and hy-

drogen power. The company didn’t mention self-driving cars, but AI and robotics are complementary technologies.

Although Toyota is testing its self-driving vehicles in Japan, the company had said that its  Highway Teammate

technology, which is supposed to go into production by 2020, wouldn’t fully replace drivers. Instead, it would be

more like a co-pilot, according to the company. Toyota has altered its terminology  in the past month because of

competitive pressures, now describing its Mobility Teammate concept as “automated driving.”

The first part of the Mobility Teammate model is “driving intelligence” through recognition and predictive sys-

tems. The second part is “connected intel- “OUR INITIAL GOALS ARE
ligence” using ITS Connect, a device that TO IMPROVE SAFETY BY
allows vehicles to communicate with one CONTINUOUSLY DECREASING THE
another and traffic lights. Toyota said the LIKELIHOOD THAT A CAR WILL
third  element of Mobility Teammate  is BE INVOLVED IN AN ACCIDENT;
“interactive intelligence,” in which a vehi- TO MAKE DRIVING ACCESSIBLE
cle can recognize a driver’s state and par- TO EVERYONE, REGARDLESS
ticipate in a transfer of control between OF ABILITY; AND TO APPLY
drivers and vehicles. Toyota must still TOYOTA TECHNOLOGY USED FOR
overcome complexity and cost challeng- OUTDOOR MOBILITY TO INDOOR
es. Mobility Teammate requires multiple ENVIRONMENTS.” 
Lidar sensors, cameras, radar, GPS capa-
--GILL PRATT, CEO OF TOYOTA

RESEARCH INSTITUTE

bilities, and pre-programmed maps.

OMRON to Acquire Adept Technology for $200M
Automation company OMRON Corp. purchased  Adept Technology Inc., which is valued at about $200 million.
Adept is the largest manufacturer of industrial robotics in the U.S.

Kyoto, Japan-based  OMRON  acquired 100 percent of Adept’s common stock for $13 per share, with the tender
offer beginning on Sept. 23 and closing on Oct. 22. OMRON specializes in sensing and control technologies and  is

Robotics Business Review | Fourth Quarter Transactions Report 2015 5

adding Adept  to its manufacturing portfolio as part of its “ILO+S” (Input, Logic, Output, and Safety) strategy.

According to a joint press release: “By adding the robotics technology of Adept to its current offering, OMRON

will be very well positioned to provide manufacturers in the automotive, digital device, food and beverage, packag-

ing, and other industries with solutions to these challenges, as well as engineering support.”

Pleasanton, Calif.-based  Adept  makes autonomous mobile robots, machine controllers, machine-vision sys-

tems, and other industrial automation products. It supplies robots to the automotive, electronics, food, medical,

and semiconductor markets.

Adept restructured  in 2013 and recorded sales of $54.2 million last year. The company  said it has  “more than

25,000 non-captive robots” built for customers, with more than 30,000 Adept-controlled robots worldwide, includ-

ing some arms used to assemble medical devices. The  deal should help Adept  sell its products internationally.

OMRON also authorized  Brussels-based Hitaltech  as a distributor of its FPC/FFC electronics components,

which are designed for applications connecting an LCD panel and a printed circuit board or other board-to-board

connectors. In addition,  Mouser Electronics Inc., a Mansfield, Texas-based subsidiary of Berkshire Hathaway Inc., 

will distribute OMRON’s electrical components  in Asia, Europe, and North America.OMRON, whose  ping-ping-

“THIS ACQUISITION IS PART OF playing robot won awards  last year, is in-
OUR STRATEGY TO ENHANCE OUR terested in selling its switches, relays, and
AUTOMATION TECHNOLOGY AND sensors more widely in China and world-
POSITION US FOR LONG TERM wide.
GROWTH. ROBOTICS WILL ELEVATE
OUR OFFERING OF ADVANCED The global market for industrial robot-
AUTOMATION.” ics will grow from $26.78 billion in 2012 to
$41.17 billion by 2020,  according to a re-
--YUTAKA MIYANAGA, PRESIDENT OF port  by Allied Market Research. It attribut-
ed much of this growth to automation in
OMRON’S INDUSTRIAL electronics manufacturing, nanorobotics

AUTOMATION COMPANY

in pharmaceutical creation, and demand

in the Asia-Pacific region.

Yaskawa, Midea Join Forces for Robot Ventures
Japanese robotics maker Yaskawa Electric Corp. and Chinese appliance manufacturer Midea Group Co. are in-
vesting 400 million yuan ($63 million) in joint ventures to develop, make, and sell industrial and service robots and
related services.

Yaskawa Electric (China) Co., a subsidiary of century-old  Yaskawa, will have the majority (60 percent) stake in
the industrial automation venture.  China is the world’s largest market  for industrial robots, with sales of 56,000
units last year, according to the International Federation of Robotics (IFR).

The province of Guangdong in southern China, where Midea and  the joint ventures are located, plans to spend
943 billion yuan ($152 billion)  to replace human workers  in about 2,000 factories.

Yaskawa plans to double the number of robots it makes at its two factories in China to 600 per month. It makes
about 2,400 robots per month in Japan.

Midea, which is the largest heating, ventilation, and air conditioning (HVAC) manufacturer in China, will have a
60 percent majority stake in the service robotics venture, according to the contract it signed with Yaskawa this
summer. The service robotics venture will develop, build, and sell robots for the healthcare, household, and service
industry markets.

Midea’s “smart home + smart manufacturing” strategy is intended to  transform the company from a household
appliance maker into a “smart” hardware company whose products are integrated with the Web and the coming
Internet of Things.

Robotics Business Review | Fourth Quarter Transactions Report 2015 6

SHORT TAKES IN ROBOTICS Not only does Midea plan to sell robots, but it will also
use robotics  to improve its own manufacturing  opera-
UNITED ARAB EMIRATES LANCHES UAE AI & tions. Midea expects its staff to drop from 120,000 to-
ROBOTICS AWARD FOR GOOD COMPETITION, TO day to 100,000 while increasing sales from $23 billion
PROMOTE INNOVATION IN ROBOTICS AND A.I. in 2014 to $32 billion.
The competition aims to promote research and the
application of innovative solutions to meet domestic and The company  also said  that it “hopes that Yaska-
international challenges in the health, education, and wa’s technologies and products in service robots help
social services sectors. The winner (announced in Febru- [Midea] find new business, as China addresses the eco-
ary 2016) will be awarded $1 million and the winners of a nomic impact of a huge aging population in the coming
further competition at the national level are to receive AED years.”
1 million ($270,000 U.S.).
In addition, Yaskawa’s Motoman Robotics division
INNOVATE UK AWARDS CONSORTIUM IN BATH, has partnered with R/X Automation Solutions and Uni-
ENGLAND, £2 MILLION ($3 MILLION) TO DEVELOP versal Robotics  for pharmacy order-fulfillment sys-
ROBOTICS FOR IN-HOME CARE tems. The systems will handle a variety of containers
CHIRON (Care at Home using Intelligent Robotic Om- and be able to verify National Drug Code bar codes us-
ni-functional Nodes) is intended to be a set of robotic ing Yaskawa’s robots and Universal Robotics’ machine
modular systems to assist people with everyday tasks vision and artificial intelligence capabilities.
such as getting dressed or preparing a meal. Designability,
formerly known as the Bath Institute of Medical Engineer- “This solution leverages the breadth of our robots by
ing, is the leading the CHIRON project. Other partners  using versatile six-axis and high-speed delta models to
include the  Bristol Robotics Laboratory  (BRL), Shadow bring automation to pharmaceutical applications,”  said
Robot, Co.,  Three Sisters Care,  Telemetry Associates, and Roger Christian, vice president of business develop-
the  Smart Homes & Buildings Association. ment and marketing at Yaskawa Motoman.

MEDROBOTICS CORP. RAISES $2.4 M FROM RBR’S TAKE
RECENT PUBLIC OFFERING
The total reported offering size was $25 million with a Companies specializing in traditional automation tech-
minimum investment set at $25,000. Medrobotics sold nologies continue to expand their offerings with com-
9.6 percent of the offering. On average, companies in the plimentary robotics technologies through strategic
Other Healthcare industry category sell  71.25%  of the company acquisitions. Companies offering intelligent
total offering size. autonomous navigation solutions are consistent tar-
gets as well as those with strong proprietary software
$37M IN NEW NATIONAL SCIENCE FOUNDATION to control intelligent operational systems. Robotics
(NSF) AWARDS GRANTED TO SPUR THE companies developing autonomous mobile solutions
DEVELOPMENT AND USE OF CO-ROBOTS previously for hospital and field applications such as
Sixty-six new research proposals were awarded to 49 Aethon, Vecna and Clearpath Robotics are also re-
distinct institutions in 27 states. The awards marked the sponding to apparent interest by re-orienting their mar-
fourth round of funding through the National Robotics keting to capture customers in the manufacturing and
Initiative (NRI), a multi-agency program launched  in June material handling industries.
2011 as part of the  Advanced Manufacturing Partnership 
(AMP), with NSF as the lead federal agency. Demand for collaborative robots across all sectors
also continues to increase with low-cost industrial
FULL LIST OF NSF AWARDEES co-robots initiating a flurry of acquisitions in the second
U.S. Department of Agriculture’s (USDA)  National Institute and third quarters of 2015. Ongoing government fund-
of Food and Agriculture (NIFA) Awards $2.5M to Advance ing and research initiatives in robotics are overwhelm-
Use of Co-Robots in America’s Agriculture Industry ingly focused on human-robot interaction, whether it
relates to communication, motion control, training or
These three grants are part of the  National Robotics navigation in peopled environments. Related to this are
Initiative (NRI): developments in robot agility (failure identification and

• University of Minnesota, St Paul: $914,565
Algorithms for Commercial Off-The-Shelf (COTS)

robot field labor
• University of Pennsylvania, Philadelphia: $556,726
Swarms of UAVs together with human scouts to
monitor specialty crops
• University of California, Davis: $1,069,598
Robotic harvest-aiding orchard platforms

Robotics Business Review | Fourth Quarter Transactions Report 2015 7

recovery, automated planning, advanced sensing for unstructured work areas) as well as modularity to eventually
enable plug-and-play functionality even between robots from different manufacturers.

Fourth quarter activity demonstrates the continuous “trickle down” effect of robotics being applied to more and
more consumer-facing tasks, especially involving healthcare and retail customer service. Even Toyota’s newly
minted Research Institute, while primarily focused on autonomous vehicle technologies, promises cross-pollina-
tion to benefit the health and human service industries.

Investors and key stakeholders can expect continued robotics activity geared towards strengthening corporate
positioning in the Asian region and China in particular, with statistical analysis consistently predicting major growth
there. According to the IFR, the number of robots operating in China is  expected to overtake  that of the U.S., with
approximately 428,000 units by 2017. It will eventually top out at about 3 million units, since China currently has a
relatively low density of 36 robots per 10,000 human workers.

By comparison, South Korea has 478 robots, Japan has 315, Germany has 292, and the U.S. has 164. The
Chinese government wants the nation to achieve the highest density in the world. Industrial automation is also a
response to an aging workforce and rising wages. The IFR predicts that by 2018, one in three robots worldwide 
will be installed in China.

TRANSACTIONS AT A GLANCE

TRANSACTIONS AMOUNT COMPANIES MARKET(S) MONTH
TYPE (IN MILLIONS)
Government Funding $14.80 Samsung Electronics Co. Industrial Automation October
Government Funding undisclosed Awarded by: South Korean Ministry
Government Funding amount of Trade, Industry, and Energy
$1.09
Government Funding Cyberworks Robotics, Inc. Healthcare, Industrial October
Government Funding $6.50 Awarded by: Canadian Natural Automation, Space Ex-
$1 Sciences and Engineering Research ploration, Commercial
Government Funding Council Cleaning
$3
Investment Skanska UK PLC, ABB Robotics, Construction October
$22 Building Research Establishment
Investment Ltd., Exelin Ltd., Tekla UK, and the
Investment $60.00 University of Reading
undisclosed Awarded by: Innovate UK, Engineer-
amount <$60 ing and Physical Sciences Research
Council

Leeds University Construction October
Awarded by: Physical Sciences
Research Council

RE2, QinetiQ North America Technol- Healthcare October
ogy, University of Texas at Arlington
(UTA)
Awarded by: National Science Foun-
dation (NSF)

Designability, Bristol Robotics Healthcare, Consumer December
Laboratory (BRL), Shadow Robot
Co., Three Sisters Care, Telemetry
Associates, and the Smart Homes &
Buildings Association
Awarded by: Innovate UK

CyPhy Works  Agriculture, Consum- October
Investors: United Parcel Service, er & Household, Se-
Bessemer Venture Partners, Draper curity
Nexus, General Catalyst Partners,
Lux Capital, and Motorola Solutions
Venture Capital

Aeryon Labs Inc. Military & Emergency October
Investor: Summit Partners Response

Mobvoi Consumer October
Investor: Google

Robotics Business Review | Fourth Quarter Transactions Report 2015 8

Investment $3.30 RightHand Robotics Inc. Medical & Assistive October
(equity financing) $4
Petnet Consumer October
Investment Investors: Amazon, iRobot, Black
River

Investment (JV) $63 Yaskawa Electric Corp Consumer & House- October
Investor: Midea Group Co. hold, Healthcare,
Industrial Automation

Investment (public offering) $25 Medrobotics Corp. Medical & Assistive November
Investment $3
Investment $1.40 SkySpecs Infrastructure Inspec- November
Investment $0.36 Investor: Venture Investors tion
Investment $2.53
MiR Mobile Industrial Robots ApS Logistics November
Investors: Private Investors

Corepath Robotics Industrial Automation November
Investors: Venture Investors

Flyability Infrastructure In- December
Investors: Angel Investors
spection, Emergency

Response

Investment $3.20 Naïo Technologies Agriculture December
Investors: Emertec, CapAgro

Investment (shares and warrant) $15 Ekso Bionics Holdings, Inc  Medical & Assistive December
Investors: undisclosed institutional
investors

Investment $3 Soft Robotics Inc. Industrial Automation December

Investors: Material Impact Fund, Tay-

lor Farms Ventures, Haiyin Capital

Investment $17 Blue River Technology Agriculture December
Investors: Pontifax Global Food and
Agriculture Technology Fund, Syn-
genta Ventures, Monsanto Growth
Ventures, Data Collective Venture
Capital, Khosla Ventures, Innovation
Endeavors

Investment $3.30 Osaro Robot Training Soft- December
M&A Investors: Angel Investors ware
undisclosed
M&A amount Cyberworks Robotics, Inc. Industrial Automation October
M&A Buyer: Great Rock Development
M&A $200 Corp.
M&A
M&A $275 Adept Technology Industrial Automation October
M&A Buyer: Omron
$275
Blue Belt Technologies Medical & Assistive October
undisclosed Buyer: Smith & Nephew PLC
amount
$6.20 Aesynt, Inc. Healthcare October
Buyer: Omnicell, Inc.
undisclosed
amount Prodways Additive Manufac- November
Buyer: Exceltec turing

Bionik Laboratories, Inc. Medical & Assistive November
Buyer: Bionik Laboratories, Corp.

Oxford Technologies Emergency Response December
Buyer: Kurion

To read more in depth analysis of these quarterly transactions and more, visit Robotics Business Review.
All Transactions can be easily located in our Interactive Transactions Log.

Robotics Business Review | Fourth Quarter Transactions Report 2015 9