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Yesterday, ABB Ltd (OTC:ABBNY) disclosed the acquisition of Swiss start-up Sevensense for an undisclosed amount.
The buyout of Sevensense, a provider of AI-enabled 3D vision navigation technology for robots, is expected to enable speed, accuracy, and autonomy of mobile robots.
The acquisition is at par with ABB’s focus on innovative AI solutions transforming industries such as logistics and manufacturing.
Also, the move follows ABB’s minority investment in Sevensense after it joined the company’s ecosystem in 2021.
ABB says that the market for mobile robots is expected to grow at a CAGR of 20% through 2026 to $9.5 billion (from $5.5 billion), with its AI-powered 3D vision technology at the forefront of this growth.
Marc Segura, President of ABB’s Robotics Division said, “With the acquisition of Sevensense, ABB becomes the leader in next-generation AMRs, offering Visual SLAM in Autonomous Mobile Robots, together with an integrated portfolio covering robots and machine automation solutions, all managed by our value-creating software.”
ABB will integrate Sevensense’s technology into its AMR portfolio, offering a combination of speed, accuracy, and payload.
Sami Atiya, President of ABB Robotics and Discrete Automation, said, “Each mobile robot, equipped with vision and AI, scans a unique part of the building; collectively these robots complement each other’s view to form a complete map, enabling them to work autonomously in a rapidly changing environment.”
Sevensense’s approximately 35 employees will continue to be based at its Swiss office in Zurich.
The company will report Q4 FY23 earnings on February 1, 2024.
Price Action: ABBNY shares traded higher by 0.46% at $42.90 on Friday.
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Posted In: ABBNY
