VEB Innovations, a subsidiary of Russia’s VEB Bank (one of this country’s largest government-owned banks), is investing $7+m in Promobot, a domestic service robots developer, Firrma.ru reported.
Promobot is expected to use the new funds to upgrade its product line, step up production, and scale up its business.
Promobot has been focused on various robotic application, including speech recognition and machine-human interaction in the user’s native language.
The Russian company has 20 different countries to sell its products to. Customers are diverse and include, among others, Intellitronix (a U.S. company), the Museum of Contemporary History in Moscow, the national postal system in Kazakhstan, a Russian shopping mall chain called Lenta, the Moscow Subway, and Astana Expo (Central Asia’s largest exhibition center based in Astana, the capital of Kazakhstan).