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Toronto-based startup Xaba, focused on developing 'synthetic brains' for industrial robots via a no-code approach, announced a $6 million seed funding round led by Hitachi Ventures. The funding will accelerate deployment of its AI-powered robots and cognitive industrial control systems. Image note: Image generated by AI, licensed from MidjourneyX.

As robotics technology advances, industries are increasingly adopting robots to automate various strenuous tasks. According to the International Federation of Robotics (IFR), over 540,000 new industrial robots were installed globally in 2023, bringing the total number of active industrial robots to over 4 million. While traditional industrial robots excel at repetitive tasks, they still face challenges in performing delicate tasks, handling fragile materials, and adapting to changing conditions. For example, robots in restaurant kitchens may cause more disruption than assistance.

According to a recent market research report, the industrial robot market is projected to reach $291 billion by 2035, a significant increase from the current market value of $55.1 billion. The report cites automation, advancements in artificial intelligence, and the rise of Industry 4.0 as key drivers of this growth. The automotive and electronics industries will capture major global market share, with East Asia identified as a particularly strong growth area, currently holding two-thirds of the market. The report also notes that growing global labor shortages and consumer demand for faster, more efficient product delivery are contributing factors.

Amid growing attention in the industrial robotics sector, Augury has recently announced the successful funding of $75 million, with a valuation exceeding $1 billion. As a startup focused on developing AI hardware, Augury's technology can detect equipment failures and their causes in real-time, helping manufacturers reduce downtime and improve productivity. In an interview, Augury's CEO and founder, Saar Yoskovitz, revealed that the company's AI system has monitored over 500 million...

According to Qunzhi Consulting, the overall demand for robots globally shows a continuous growth trend, with an expected shipment scale of approximately 47 million units in 2024, maintaining a compound annual growth rate of over 20% for the next five years. Furthermore, the revenue scale is expected to reach nearly $128 billion by 2029. Image source note: Image generated by AI, with image licensing provided by Midjourney. In terms of shipment volume, Qunzhi Consulting's data indicates that in 2023, consumer robots accounted for about 81% of the global market shipments, maintaining a long-term dominant position in the robot market.