Friday, October 5, 2018

Bezos-backed Rethink Robotics Shuts Down

b>Rethink Robotics, the developer of industrial robotics systems which was backed by Bezos Expeditions, the venture investment firm of Jeff Bezos, has shut down, after failing to find a buyer. Rethink had been developing a "collaborative robot" which was designed to help manufacturers better automate their operations. The sudden shutdown came without warning, after the company ran out of cash after an un-named potential buyer backed out of the deal. Bezos Expeditions made its investment in Rethink Robotics alongside other backers like Charles River Ventures (CRV), Draper Fisher Jurvetson (DFJ), Goldman Sachs, GE Ventures, Brain Robotics Capital, Two Sigma Ventures, Highland Capital Partners and Schroder Adveq Management. Rethink Robotics was based in Boston.