Intuition Robotics recently completed a funding round of $25 million led by Woven Capital, Toyota’s growth fund. The fundraising also saw participation from Toyota Ventures, OurCrowd, Western Technology Investment, and other investors. With this, the company’s total fundraising has reached an impressive $83 million, having previously raised $58 million. This latest financial boost comes after the company underwent a round of layoffs last year, impacting several dozens of its employees.
Established in 2016, the Israeli-based Intuition Robotics has experienced various directional and focus shifts. Currently, the enterprise is fervently working on the development of a robot named ElliQ, which aims to alleviate the elderly’s feelings of loneliness. Their primary business model involves collaboration with health organizations and governmental bodies in the U.S., although ElliQ is available for anyone in the U.S. to purchase through its website. The robot’s pricing includes a one-time fee of $250 and a subsequent monthly payment ranging between $30 to $40 based on the chosen package. In its future expansion plans, the company is setting its sights on international markets, notably Japan.
Research underscores the detrimental health effects of loneliness. Astonishingly, the U.S. Surgeon General equated the health risks of loneliness to smoking up to 15 cigarettes daily. The rising trend of loneliness in society has raised alarm bells in the U.S. healthcare sector, prompting it to actively seek viable solutions. Consequently, recent legislative initiatives have emerged, aiming to encourage social connections and tackle the increasing loneliness rates.
Following its commercial debut in collaboration with several U.S. governmental organizations, these entities have purchased the ElliQ robot for the demographics they serve. This includes regions like New York State, Broward County in Florida, and multiple counties in both Washington and California. Dor Skuler, the CEO and founder of Intuition Robotics, highlighted the profound impact of loneliness on the senior community. He also emphasized the transformative role of technology and artificial intelligence in positively shaping the lives of the elderly. Apart from just diminishing feelings of loneliness, ElliQ exerts a direct influence on aspects such as health, well-being, and behavior patterns. Skuler proudly pointed out the advancements in AI that bolster ElliQ’s conversational prowess, enabling it to be more contextual and user-tailored.
