Relox Robotics aims to lead the automation of golf courses worldwide and has opened a financing round of 45 million kronor.
The company develops a robot that collects golf balls on driving ranges. The first product is fully autonomous and claimed to be the best on the market according to CEO Mikael Boman.
Two trends drive growth: the global expansion of golf and clubs wanting to automate tasks. Boman notes that competitors collect fewer balls.
The firm is profitable but seeks capital for faster international growth. The round targets 45 million kronor at a valuation of 135 million kronor pre-issue.
Boman says organic growth takes time and that investments reduce the risk of other companies taking the lead.