August 2020

The State of the RoboticsInvestment Landscape

A detailed picture of investments in the robotics ecosystem centered around Odense.

Ecosystem in numbers.

Source: Dealroom.co

175startups & scaleups

82investors

in robotics

96corporates

1,903startup jobs

€812M

131VC investors

amount of the robotics investment and acquisitions in

the Odense ecosystem in 2015-Q2 2020, of which the data

on €228M is not public

2

Most prominent verticals in the robotics cluster.

Collaborative robots Endgrippers

Drones(sub sea) Drones (aerial)

Autonomousmobile robots

Sensor techComputervision

AI and ML

IoT

Medicalrobotics

Food and agritech

Constructionrobotics

Source: Dealroom.co 3

Robotics investment and exits in Europe, 2015 – Q2 2020.

Source: Dealroom.co 4

United KingdomFrance

SpainDenmarkGermany

SwitzerlandItaly

SwedenNetherlands

FinlandPolandRussia

AustriaNorwayBelgiumPortugalHungary

LithuaniaLatvia

GreeceEstonia

RomaniaSlovenia

IrelandOther

Number of rounds by country

Investments Exits

GermanyUnited Kingdom

FranceRomaniaSweden

DenmarkItaly

IcelandSwitzerland

NorwaySpain

FinlandRussia

BelgiumNetherlands

PolandAustria

SlovakiaIrelandGreeceLatvia

PortugalCroatiaEstonia

Other

Amount invested by country

€ 5.1B € 1.2B

€ 928M € 926M € 858M

€ 605M € 444M € 336M

€ 154M € 131M € 104M € 102M € 54M € 40M € 35M € 16M € 12M € 11M € 10M

€ 5M

€ 7M € 5M

€ 10M

€ 4M € 9M

66

146124

112109

106

189

6156

4034

3223

2016

141413121212

1077

30

Robotics investment in Europe, 2015 – Q2 2020.

*these numbers do not include exitsSource: Dealroom.co 5

180134

121989796

6256

5238

3331

221514141313121212

1077

29

United KingdomFrance

SpainSwitzerland

GermanyDenmark

ItalySweden

NetherlandsFinlandPolandRussia

AustriaNorwayBelgiumHungaryPortugal

LithuaniaLatvia

GreeceEstonia

RomaniaSlovenia

IrelandOther

Number of rounds by country

€1.1B€926M

€579M€338M

€170M€154M

€104M€102M€84M

€44M€40M€35M€27M€15M€12M€11M€10M€10M€9M€7M€5M€5M€4M€4M€5M

United KingdomRomania

FranceGermanyDenmark

SwitzerlandSpain

FinlandSweden

ItalyBelgium

NetherlandsRussia

PolandAustria

SlovakiaIrelandGreece

NorwayLatvia

PortugalCroatiaEstonia

HungaryOther

Amount invested by country Odense

Danish investment landscape.

*these numbers do not include exits

€2.27M€11.94M

€3.70M

€76.46M

€50.42M

€0.27M

€0.10M€1.37M

€0.05M

€4.43M

€1.60M

€0.21M€2.07M

€5.22M

€4.65M

€5.65M

€ 0m

€ 10m

€ 20m

€ 30m

€ 40m

€ 50m

€ 60m

€ 70m

€ 80m

2015 2016 2017 2018 2019 2020 (Q1-Q2)

Amount invested

The rest of Denmark Odense Robotics StartUp Hub (current and alumni companies)Odense Robotics Cluster, excl. Odense Robotics StartUp Hub

7

15

6

14

10

3

1

2

38

1

3

6

8

6 3

2015 2016 2017 2018 2019 2020 (Q1-Q2)

Number of rounds

Source: Dealroom.co 6

Odense vs. the rest of Denmark (2015 – Q2 2020).

*these numbers do not include exits

€18M

€81M

€44M

€27M

Amount invested

Odense excl. OnRobot and Blue Ocean Robotics

The rest of Denmark

Blue Ocean Robotics OnRobot

Source: Dealroom.co 7

26

13

5

52

Blue Ocean Robotics

Odense excl. OnRobot and Blue Ocean Robotics

The rest of Denmark

OnRobot

Number of rounds

Interview with Helge Holm-Larsen, Managing Director at Syddansk Innovation

A pre-seed venture capital investor in Denmark and one of the four approved innovation incubators, which invests on behalf of the Danish state

What potential do you see in the Odense Robotics Ecosystem?

There’s definitely huge potential. It’s difficult to quantify because I don’t think anybody has seen the limits of it yet, but it’s growing by leaps and bounds.

So far we have seen huge development both in the number and especially in the quality of the deal flow, increase in quality both in technology and in teams’ professionalism. And then of course we’ve seen the development in the robotics cluster.

What challenges does the ecosystem face?

We are attracting a lot of qualified people, have very good development resources and are doing well. As we grow, however, we’ll need more space, more facilities, and more resources. So far it’s going well, but it will have to proceed this way for the cluster to grow.

What’s special about the Odense Robotics Ecosystem?

First of all, it’s been going on for a very long time, and there’s a very strong industrial basis in the Shipyard that gave it a very good start.

Important factors contributing to its growth are collaboration with the University and the proximity of the environment to the industrial basis, since new ideas are coming in from the University, from the industry. There’s a demand in the industry as well.

Additionally, we are starting to see a cluster effect, where different companies work together, employees move from one company to another, and then, having gained experience, start their own businesses. There’s a lot of positive reinforcement in the cluster.

Since 2009, invested in 100+ companies,

Attracted DKK 1B+ in complementary private capital

exited 50+ companies

“Important factors contributing to the ecosystem’s growth are collaboration with

the University and the proximity of the environment to the industrial basis”

8

Exits, acquisitions and IPOs.

Employees: 20+Founded: 2005

€5M IPO, Nov. 2018

Employees: 30+Founded: 2012IPO, Jul. 2018

Employees: 620+Founded: 2005

€263M acquisition by Teradyne, May 2015

Employees: 210+Founded: 2013

€137M acquisition by Teradyne, Apr. 2018

Employees: 1280+Founded: 1979

Acquisition by ABB Group,Jul. 2017

Employees: 190+ Founded: 1969

Acquisition by CTB, Sep. 2016

Employees: 40+Founded: 1975

Acquisition by Indutrade,Mar. 2016

7 acquisitionsand 3 IPOs

in the cluster since 2015,

€441Mcombined.

Employees: 2-10Founded: 2012

Acquisition by Onrobot, Aug. 2018

Employees: 110Founded: 1933

DKK 245M acquisition by XANO Industri AB, Nov. 2016

2015

2016

2017

2018

Founders: Hans Clausen, Vagn Hansen

Founders: Esben Østergaard, Kasper Støy, and Kristian Kassow

Investors: Vækstfonden, Enrico KrogIversen

Founders: Rasmus Bøg Jørgensen

Founders: David Johan Christensen, Helene HaldChristensen, Mikkel Lucas Overby, Moises Pacheco

Founders: Anders Bundsgaard, Lars Baun, Asbjørn Søndergaard

Investors: Bauninvest ApS, Vipetersen Holding ApS, Søndergaard-Maier Holding ApS, Market

Maturation Fund, Jens Munch-Hansen, European Innovation Council

Founders: Andreas Blumauer

Founders: Lasse Kiefer, Henrik TillitzHansen, Peter Nadolny Madsen

Investors: OdenseRobotics, Lasse Kieffer

Founders: Niels Jul Jacobsen, Bruno HansenInvestors: Torben Frigaard Rasmussen, Thomas

Visti, Niels Jul Jacobsen, Esben Østergaard, Søren Michael Juul Jørgensen, Innovation Fund

Denmark

Founders: Ivar Baslev, René DenckerInvestors: Shenzhen Maxonic

Automation Control,Market Maturation Fund

Source: Dealroom.co 9

2020

Employees: 20+Founded: 2015IPO, Jun. 2020

Founders: Erwin Bernecker and Josef Rainer

Investors: Syddansk Innovation, David Johan Christensen, Helene Hald Christensen, Moises

Pacheco, Morten Baggesen

Interview with Michael Tandrup, Partner & CEO at Nordic Eye Venture Capital

Danish venture capital firm that invests in carefully selected and mainly Nordic early-growth companies in the tech and lifestyle domain

What has been your investment experience in the Odense robotics ecosystem?

I have been a Business Angel since 2004 and a member of the Danish Business Angels Association. I was looking to invest in a robotics company when I went to participate in the Odense Investor Summit. That’s where I got acquainted with the ecosystem.

I’m really fond of the environment that has been created and proud to be part of this project. It an environment where the brains meet the capital to create community.

Can you tell us a bit about your investment in Blue Ocean Robotics?

It was back in 2017. I was looking for a solid investment in robotics.

When I met the founders, it turned out we had an entirely same vision and the same ideas in terms of the direction in which the company should move forward.

What potential do you see for the ecosystem, how do you see it growing?

The potential is huge. Our skills and knowledge in robotics is the main raw material we have here in Denmark, and we have put little Denmark on the world map first with the Universal Robots, MiR, and now Blue Ocean Robotics.

Are there any specific parts of the ecosystem that you see with particularly high potential?

We’ve worked with so many niches: drones, bin-pickers, etc. Now our main focus is mobile service robots, we believe the niche to have huge potential.

photo

“I’m really fond of the environment that has been created and proud to

be part of this project.”

Nordic Eye Venture Fund:

• World-class track record with 2.69x value increase after 3.5 years and a first exit after only 7 months with a 6.2x uplift

• Run by entrepreneurial people with a proven track record of building, scaling and exiting 20 startups

• Nurtures a large network, which brings in outstanding cases and co-investors for its investments

• In the midst of raising a new EUR 150M International Fund

10

The Odense Robotics StartUp Hub - current and alumni companies.

2015

2016

2017

2018

2019Odense Robotics

StartUp Hub*

20current

participants

110+ employees

€20M+ in external investment since 2015

€6M+ in softmoney

since 2015

2020

23participants

since inception

Source: Dealroom.co 11

*the numbers from Odense Robotics Insight Report

Composition of the robotics cluster in Odense.Producers Integrators Component suppliers

Distributors / sales

Consultancy

Source: Dealroom.co 12

Interview with Lars Rønn, Partner at Vækstfonden

The Danish state's investment fund that has financed more then 8,500 companies for more than DKK 27.3 billion since 1992

What does the future look like for the Odense robotics ecosystem?

It is an impressive community which has been built in Odense around the robotics and automation sector. The community has reached a global position which attracts high-potential entrepreneurs, industrial players and investors, which together create a constant output of new startups and collaborative activities. The community, which is supported from the local authorities, holds a huge potential for the future.

What makes the Odense robotics ecosystem unique in Europe?

The ecosystem is growing at a path and pace which is outstanding, which is attracting awareness globally, not just in Denmark. The Odense Robotics ecosystem is unique on a European level, taking a leading role.

Automation and robotics in general are recognized as a megatrend, so it is extremely important that Europe can compete with the US and Asia. That’s what makes the Odense robotics ecosystem so special, and so important.

Since 1992, financed8,500+ Danish small and medium-sized companies for DKK 27.3B+

In 2019, the companies had 75K+ employees

In 2019, the companies' total revenue exceeded DKK 117 billion

The ecosystem is growing at a path and pace which is outstanding, which is attracting awareness globally, not just in Denmark.

13

Exit capital is being reinvested in the local ecosystem.FOUNDER / INVESTOR SUCCESSFUL EXIT / IPO FOUNDED / INVESTED IN MONEY IS REINVESTED INTO

Søren Michael Juul Jørgensen

Esben Østergaard

Vækstfonden

Thomas Visti

Torben FrigaardRasmussen

Lasse Kieffer

Enrico Krog Iversen

Founded and invested in Purple Robotics(acquisition by OnRobot, Aug 2018)

Invested in Mobile Industrial Robots(€137M acquisition by Teradyne, Apr 2018)

Invested in Universal Robots(€263M acquisition by Teradyne, May 2015)

Invested in Mobile Industrial Robots(€137M acquisition by Teradyne, Apr 2018)

Invested in Universal Robots(€263M acquisition by Teradyne, May 2015)

Founded and invested in Universal Robots(€263M acquisition by Teradyne, May 2015)

Invested in Mobile Industrial Robots(€137M acquisition by Teradyne, Apr 2018)

Source: Dealroom.co 14

INVESTORS LOCATION COMPANIES, 2015-Q2 2020

Syddansk Innovation

VF Venture (Vækstfonden)

PMC Star

Borean Innovation

Nordic Eye

Portugal Ventures

Granpool

Finext Startup

Seraphim Capital

Summit Partners

SERIAL ACQUIRER LOCATION COMPANIES, 2015-Q2 2020

Teradyne

Top VC investors and top acquirer.

Source: Dealroom.co 15

INVESTOR LOCATION NUMBER OF ROUNDS COMPANIES (NUMBER OF ROUNDS), 2015-Q2 2020

Søren Michael Juul JørgensenAngel investor

4

Esben ØstergaardFounder of Universal Robots

3

Thomas VistiCEO at Mobile Industrial Robots

4

Torben Frigaard RasmussenChairman of the Board (alumni) at Mobile Industrial Robots

3

Enrico Krog IversenCEO at OnRobot, CEO (alumni) at Universal Robots

4

Lasse KiefferCEO and Founder (alumni) at Purple Robotics

2

INVESTOR LOCATION NUMBER OF ROUNDS COMPANIES (NUMBER OF ROUNDS), 2015-Q2 2020

European Innovation CouncilEU programme investing in disruptive innovators 5

Eurostars SME ProgrammeSupports international innovative projects 5

Business Angels and Governmental Organizations in the ecosystem.

(1) (1) (1)

(1) (1) (1) (1)

(1) (1)

(1)

Individual investors

Governmental organisations

(1) (1) (1) (1) (1)

(1) (1) (1) (1) (1)

(2) (1)

Source: Dealroom.co 16

(1)

(1)

(1)

(3) (1)

Interview with Enrico Krog Iversen, CEO at OnRobot:

Providing innovative Plug & Produce End-of-Arm tools and software solutions that help manufacturers take full advantage of the benefits of collaborative applications

You’ve been CEO of Universal Robots for about 8 years. What were the key factors behind the great success of the company?

On the technical side it was a completely new view on how robots could be made much easier to program and much safer to be around for humans. The whole “collaborative” thinking completely disrupted the market. On the business side, a key strength was being born global, with a very strong focus on communication – value selling rather than feature selling. Fast and very focused execution and a lot of hunger/will.

For such a young company, OnRobot has already raised extensive funding and expanded to a number of countries around the world. What are OnRobot’s next ambitious plans?

We very clearly want to become THE leading global one-stop-shop for all the products and technologies you need to develop and deploy collaborative applications. We want to facilitate global and affordable robot automation.

Collaborative robots are considered one of the strongest segments in the Odense Robotics cluster. How do you see the potential of this niche moving forward?

It still has a lot of potential – though the focus will shift towards collaborative applications.

150+ employees

100+ distributors in 40+ countries

17

“We want to facilitate global and affordable robot automation.”

18

Odense Investor Summit @ Automatica December 9, 2020

“It is a key event when it comes to linking companies in the cluster with existing and potential investors. And it is an important tool when it comes to branding Odense as the leading robotics city in the world.”

1424 28 35

45

80

130150

0

40

80

120

160

2016 2017 2018 2019

Startups/SME's Investors

0

100

200

300

400

2016 2017 2018 2019

Participants

Odense Investor Summit @ R-21 March 4, 2021

Upcoming events Enrico Krog Iversen

CEO OnRobot

Annual event focusing onrobotics and automation

Odense Investor Summit is bridging the gap between startups/SMEs and investors.

Access to investors interested in robotics, drone or health tech companies

For companies

The most investor-ready companies will pitch on the main stage

Expansion of professional network on the international level

Added value in terms of business development – Investor Summit Academy

For investorsAccess to relevant network amongst fellow investors and investor networks

Meet the most promising businesses in the field of robotics, drones & health tech

Investor pitches from companies – all selected and prepared prior to the event

Partners

Professional matchmaking

Professional matchmaking

“The Summit is essential to build the community, strengthen networking amongst entrepreneurs and investors and in the end hopefully address some of the challenges which have been accelerated by the COVID-19 situation”.

Lars RønnPartner

Vækstfonden

19

Methodology and data sources.

Source: Dealroom.co 20

Data source Dealroom’s proprietary database and software aggregate data from multiple sources: harvesting public information, user-generated data verified by Dealroom.co and data engineering.

All data is verified and curated with an extensive manual process.

Most underlying data from the report is available online via https://businessintelligence.odenseseedandventure.dk/

Venture capital investment Investment numbers refer to venture capital investment rounds such as seed, series A, B, C, …. late stage, and growth equity rounds.

It excludes debt or other non-equity funding, lending capital, grants and ICOs.

Buyouts, M&A, secondary rounds, and IPOs are treated as exits: excluded from funding data, but included in exit data.

Investment rounds are sourced from public disclosures including press releases, news, filings and verified user-submitted information, as well as provided by Odense Seed and Venture.

For inquiries, please contact:

Martyna WaliszewskaJunior Investment Manager, Invest in OdenseOdense SEED and VENTUREmarwa@odense.dk+45 61 15 32 59

osav.dkinvestorsummit.dk

Matthieu DemolinHead of Partnerships & EcosystemsDealroom.comatthieu@dealroom.co+33 668 65 3285

dealroom.co