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Rocsys, a provider of autonomous charging systems for electric transportation, has brought in $36 million in Series A financing. The company combines soft robotics, AI-based computer vision, and data-driven services to adapt existing chargers into an autonomous system that can plug in and out without manual intervention.
SEB Greentech Venture Capital led the round, which also included participation from Graduate Entrepreneur, the European Investment Bank, and returning investor Forward.One. The investment is made up of roughly equal parts dept and equity financing.
“At SEB, we invest in companies with proven sustainability impact, real-world and scalable use cases, and strong growth,” Mikko Huumo, Investment Manager at SEB, said. “Rocsys makes electrification practical for vehicles ranging from personal autonomous cars to continuously operating heavy-duty equipment, a major source of emissions. We are thrilled to lead the company’s funding round and accelerate the sustainable transportation revolution.”
Rocsys plans to use the funding to support research and development into additional features for its system, including things like intelligent parking guidance, expanded software integrations for vehicle navigation fleet management systems, and additional remote diagnostics and teleoperations support.
The company is also interested in expanding its footprint in North America to further support application engineering and customer service in the region while also expanding local supply chain and manufacturing activities. Its North American operations are currently based in Portland, OR.
“There’s too much friction in the EV charging process today, creating needless barriers to sustainable transportation,” Rocsys Co-founder and CEO Crijn Bouman said. “That’s why we created a technology-agnostic solution that converts any charger into a fully automated experience, maximizing the return on investment and sustainability impact of already-installed charging infrastructure. With this Series A funding, we’re bringing this breakthrough solution to more customers and industries worldwide.”
Rocsys estimates that its autonomous charging system will drive up to a 20% increase in throughput for fast-charging stations and is projected to reduce CO2 emissions by 400 million tons by 2035. Its consumer and industry partners include Hyster, Taylor Machine Works, and SSA Marine.
The company is also the leading robotics company in ROCIN-ECO, a charging consortium that includes AUDI, Porsche, BMW, Ford, and Mercedes-Benz. The consortium’s goal is to develop an interoperable and standardized robotic fast-charging infrastructure along high-volume European transportation routes.
As part of the funding round, four new members are joining Rocsys’ Board of Advisors, including Mikko Huumo of SEB, Frederik Gerner, and Jan Willem Friso of Forward.One, and new chairperson Dr. Gregor Matthies