News Summary

Axibo, a robotics company based in Waterloo, Ontario, has raised $12 million to launch a new division focused on developing advanced humanoid robots. The funding round was led by a strategic angel investor from the United States, with participation from former Coinbase CTO Balaji Srinivasan, alongside a $1 million contribution from the founders. This investment values Axibo at $30 million USD ($41.5 million CAD). The company, originally known for its AI-powered camera mount assistants used by clients like Netflix and Apple, aims to expand its team and manufacturing capabilities in Canada. The new funding will allow Axibo to increase its employee count from eight to 30 and move to a larger facility near the University of Waterloo to leverage local engineering talent. Axibo plans to debut its first humanoid robot model next year, with the vision of supporting sectors such as farming and elder care. The company sees its competition mainly from China but believes the growing number of robotics companies in Canada will be beneficial for the industry.