6/16/2023 0 Comments Wavemaker stockIf that all goes according to plan, it’s a pretty healthy runway when coupled with the cache of IP Wavemaker purchased last year. ![]() This new version of the company seeks to launch with a seed round nearly doubling what the company raised through its Series A. While it ultimately failed to find its market fit, the six-year-old firm attracted a reasonably high profile in the burgeoning agtech robotics category - along with around $12 million in funding. The firm clearly sees value in the Abundant branding, as well. NEW YORK, Ma/PRNewswire/ - Wavemaker, MediaPost's Media Agency of the Year, is pleased to announce that it has expanded its U.S agency operations team with two new hires - Seow Leng. “In addition, we would anticipate not needing to raise additional capital for the business as this funding would allow us to capitalize on market traction and corporate partnerships with the execution of our product plan.” “If we raise the maximum amount set out in our ‘Use of Proceeds,’ the extensive acquired product development efforts will allow our team of roboticists and engineering experts to build a fully functioning prototype for demos and pilots, then start production on a minimally viable product for commercial pre-orders,” Jordan tells TechCrunch. The firm says funding from the campaign - which runs through October - would be used to build a new apple harvesting robot around Abundant’s existing IP. The firm is talking to WAX to launch a $20 million seed campaign. With those pieces roughly in place, the next step is funding - specifically equity crowdfunding. The pair say they are “working with industry leaders to build out the rest of the executive team.” Piestro co-founder and Miso/Wavemaker CFO Kevin Morris has the latter position at the new company, as well. We noted at the time it seemed the company was likely to integrate the tech into the latter, but now it seems Wavemaker is getting ready to relaunch the Abundant brand.īuck Jordan, who founded both Miso and Wavemaker (as well as holding the CEO role at both) now holds the CEO role at the newly resurrected Abundance. In October, the investment firm involved in robotics startups like Miso and Future Acres purchased Abundant’s IP. ![]() But the pandemic has proven a boon for robotics funding, particularly in fields like agriculture, where employees continue to have difficulty filling roles, two years in.Ĭlearly Wavemaker Labs saw potential in the firm’s apple-picking technology. Plenty of startups fail, a phenomenon that certainly applies in the notoriously difficult world of robotics. ![]() Last summer, Hayward-based Abundant Robotics abruptly closed up shop.
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