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Gecko Robotics Raises $40 Million Series B Round Led by Drive Capital
December 16, 2019 | PR NewswireEstimated reading time: 1 minute
Today, Gecko Robotics announces its Series B funding round of $40 million led by Drive Capital's Mark Kvamme. The round was led by Drive Capital with participation from previous investors including Founders Fund, Next47 and Y-Combinator.
"We are growing fast solving a critical infrastructure problems that affect our lives, and can even save lives," says Jake Loosararian, Gecko Robotics' 28-year-old co-founder and CEO. "At our core, we are a robot-enabled software company that helps stop life threatening catastrophes. We've developed a revolutionary way to use robots as an enabler to capture data for predictability of infrastructure; reducing failure, explosions, emissions and billions of dollars of loss each year."
Ahead of its time in innovation, Gecko Robotics began developing the technology in 2016 to modernize a historically stagnant industry. Gecko Robotics quickly took the lead in modernizing the industrial inspection industry with its wall climbing robot.
"We are very excited for the future of robotics in industrial inspection. The Gecko Robotics team are revolutionizing an industry that is in need of a real upgrade and will save lives," said Mark Kvamme, Lead Investor and Partner at Drive Capital. "I see amazing potential for Gecko's business model, they are on the path to become a market leader in their industry."
Notable angel investors in this round of funding include Mark Cuban, Josh Reeves (CEO of Gusto) and Jake Seid. Previous investors include Justin Kan (founder/CEO of Atrium and Twitch), Gokul Rajaram (Doordash) and Paul Buchheit (Creator of Gmail and Partner at Y-Combinator).
Gecko Robotics plans to use the additional funding to support its quickly scaling business operations, which has already grown from 45 to 115 employees in the past 12 months, focusing on hiring software and product engineers to establish a cutting-edge data company, powered by robots.
Gecko Robotics is headquartered in Pittsburgh, Pennsylvania with offices in Houston and Austin, Texas and Europe.
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