Xaba, a Toronto, Canada-based developer of AI-powered cognitive software solutions for automating programming and deployment of robotics and CNC machines, has raised $2 million in a seed extension round.
The round was led by BDC Capital’s Deep Tech Venture Fund, with participation from Hitachi Ventures and existing investor Hazelview Ventures.
Deep Tech VC Fund is an early-stage venture capital fund managed by BDC Capital. Based in Montreal, Canada, and will invest in Canada, the fund targets information technology, electronics, advanced manufacturing, artificial intelligence & machine learning, robotics, and drones sectors.
Xaba Use of Funds
The company will use the funds to establish and staff a new robotics lab and accelerate the delivery of two Xaba manufacturing platforms.
Xaba develops new processes and AI-powered software solutions to automate and enable sustainable manufacturing. Its intellectual property uses artificial intelligence (AI) to empower industrial robots and cobots with synthetic cognition. Xaba has two manufacturing platforms – xCognition and xTrude – which use proprietary, state-of-the-art industrial artificial intelligence (AI) to provide AI-powered cognitive industrial automation, consistency, robustness, and high execution quality. Its platforms eliminate the need for constant human supervision, reprogramming, and waste – factors that significantly impact the return on investment of any major manufacturing or construction process.
Company: Xaba, Inc.
Round: Seed Extension
Funding Month: January 2024
Lead Investors: BDC Capital’s Deep Tech Venture Fund
Additional Investors: Hitachi Ventures and Hazelview Ventures
Company Website: https://www.xaba.ai/
Software Category: Robotic System for Manufacturing