The company’s lightweight, flexible collaborative robots (cobots) eventually found product-market fit, secured key investments from Syddansk Innovation, Vækstfonden (now EIFO), and others, and scaled internationally. In 2015, the company was acquired by American firm Teradyne for approx. 1.9 billion DKK. Today, Odense is home to more than 160 robotics companies, many of which trace their roots back to Universal Robots.
We’re lucky to speak with Enrico Krog Iversen, one of the first people involved with the company, to hear more about that journey and what came after.
- How did you first come across Universal Robots, and what made you want to get involved?
It was a coincidence. I had finished another project and was looking for something new to do. I placed an anonymous ad in Børsen (the biggest business paper in DK) asking who could use my skills and experience. Vækstfonden (now EIFO) was one of the companies that responded. Based on my previous experience, I understood the product and its potential instantly, but I did not like the business plan. I spent a couple of months rewriting the strategy and business plan, and then I joined the company
- At the time, there wasn’t really a robotics industry in Odense — what did the landscape look like when you joined?
This is actually not true. Odense has been active in robotics long before UR, but there had been no big commercial successes.
- What were the biggest challenges early on in trying to take the technology from research to market?
Awareness – making people (both end-users and distribution/integration partners) aware of the new technology, the market opportunities, and how it was now possible to feasibly automate a lot of applications that could not be handled by traditional industrial robots. Many discussions around safety and safety certifications with authorities in many countries.
- What role did public funding and early-stage investors play in enabling UR’s growth?
I don’t think there would have been a UR without initial public funding. BAs played an insignificant role for UR. It is also worth remembering that UR required very little funding.
- In your view, what was the turning point that made Universal Robots a commercial success?
It was not one turning point – it was daily development
- UR is often described as the spark that led to Odense’s robotics ecosystem. Did you imagine that kind of impact at the time?
No, I did not. Focus was 100% on growing UR and making the company a success. The rest came later.
- Since then, you’ve gone on to launch and invest in several robotics startups. What drives you to keep building in this space?
There are still good business opportunities in robotics/industrial automation, + I like to support others who like to build companies, and + I think I “owe” something to the community.
- What advice would you give to investors or entrepreneurs looking to back the next generation of robotics companies?
Remember that not everything in robotics turns into gold. Be selective as you are in all other industries and investments.