Last summer, Abundant Robotics, based out of Hayward, closed up shop. Still, Wavemaker Labs saw potential in the firm’s apple-picking technology. In October, the investment firm involved in robotics startups like Miso and Future Acres purchased Abundant’s IP. Now it seems Wavemaker is getting ready to relaunch the Abundant brand.
Buck Jordan, who founded both Miso and Wavemaker, now holds the CEO role at the newly resurrected Abundance. Piestro co-founder and Miso/Wavemaker CFO Kevin Morris has the latter position at the new company, as well. The pair say they are “working with industry leaders to build out the rest of the executive team.”
With those pieces roughly in place, the next step is funding. This takes the form of equity crowdfunding. The firm is talking to WAX to launch a $20 million seed campaign. The firm says the funding to be garnered would be used to build a new apple harvesting robot around Abundant’s existing IP.
“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,” said Jordan. “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.”
Source: techcrunch.com
