• Nordic Eye and Blue Ocean Robotics

Nordic Eye among others invest €13 million in Blue Ocean Robotics

Odense, October 23 2018

The Danish venture capital fund Nordic Eye Venture Capital among others are investing more than €13 million in the international scaling of Danish robotics company, Blue Ocean Robotics.

It is full speed ahead at the Danish robotics company Blue Ocean Robotics these days as they have just closed a historically big deal through their Singapore division on the delivery of 500 Beam robots for a double-digit million figure for the Japanese company Hapi-Robo. And now, an investment of more than €13 million from the Danish venture capital fund Nordic Eye and others is about to push along the development of the third largest robotics company in Denmark. Nordic Eye Venture Capital expects an exit of more than €130 million in just a few years.

Nordic Eye Venture Capital, who already work with the internationalisation of Danish tech companies, see a huge potential in Blue Ocean Robotics’ so called ‘incubation model’. In short, it offers industrial businesses, amongst others, development and sales of robotics in one: a robotics development partnership with a following sales setup. 

Blue Ocean Robotics reuse its robotic technology across various businesses and applications, thereby delivering robots to the market better, cheaper and faster than most others. The business model is vastly interesting for the market these years, as many companies will be entering the world of robotics and now they are able to take a shortcut through a partnership with Blue Ocean Robotics. We think that sounds like a most interesting business investment. When look at Blue Ocean Robotics and their affiliated companies, I see a profitable robotics company with more than 100 employees, and the imminent Danish listing of Scape Technologies shows that the concept of a commercialisation and development platform shared between a portfolio of partners works well. It is all based on a huge amount of knowledge which is now being commercialised and internationalised. 

Peter WarnøeCEONordic Eye Venture Capital

Strengthening international scaling

The investment is primarily meant to strengthen the commercial setup surrounding the international scaling of Blue Ocean Robotics’ partnering model, RoBi-X, but it will also be giving a boost to the development of new technology as well as it will attract and develop talented employees.

 Our strength is most definitely the entrepreneurship where we through partnerships and the platform of development, TP-X, go from idea and development to bringing the robots to the market. And with Nordic Eye Venture Capital aboard they will add commercial skills and strong financial security to scale our business model internationally at a much higher pace than so far anticipated.

Most of the approximately 15 robots in our portfolio are under development and a number of these will reach the sales phase during the next few years, where we have to be ready with financial resources, skills and a setup capable of fully realising our global potential for growth. Our aim is a growth in revenue of 1.000% toward 2023. At the same time, we are investing greatly in development and recruiting of employees as well as the technology we work with, which represents the back bone of the incubation and our robots.

Claus RisagerCEOBlue Ocean Robotics

Investing in the incubation model

Blue Ocean Robotics make their technologies, skills and network available for the partnering companies in exchange for royalties and co-ownership when the robot is ready for the market. And it is exactly this approach to technological business development that makes Blue Ocean Robotics an interesting asset for the venture capital fund, As Nordic Eye-CEO, Peter Warnøe, states:

Blue Ocean Robotics is a great match with our current portfolio, and there is no doubt that Danish robotics companies can be a very good investment. We have seen that in multiple other robotic adventures lately, but in this case, we are also buying into the business setup itself, the so called ‘incubation model’, which can easily be applied to other sectors and industries. 

Peter WarnøeCEONordic Eye Venture Capital

Michael Tandrup of Nordic Eye Venture Capital will join the board of Blue Ocean Robotics.