AI Software program Platform to be Launched by mid-2024; Leverages Years of Sarcos R&D and Latest Momentum from U.S. Division of Protection Contract Wins
Discount in Power to Align Assets with AI Focus
Discount in Power to Align Assets with AI Focus
SALT LAKE CITY– Nov. 14, 2023 – Sarcos Know-how and Robotics Company (“Sarcos”) (NASDAQ: STRC and STRCW), a frontrunner in superior robotic know-how designed to extend the intelligence, effectivity, functionality and productiveness of superior robotic programs by way of utilized autonomy, immediately introduced that it’s pivoting its enterprise to deal with the bigger, near-term alternative of its robotic synthetic intelligence (AI) and machine studying (ML) software program platform.
“The underlying energy of what Sarcos affords is within the software program we have now developed over a few years,” mentioned Laura Peterson, President and Chief Government Officer of Sarcos. “After continued intensive evaluation of our enterprise that led to a deeper understanding of the dangers and work essential to deliver our robotic programs to market, we decided that our AI software program platform affords the best risk-adjusted income alternative for the corporate within the near- and mid-term. We imagine that our AI software program platform will allow, for almost all of the economic robots being offered world wide, a dramatic discount in robotic coaching occasions whereas additionally making industrial robots way more agile, that means they will carry out extra duties with larger variability just like how people can carry out all kinds of duties. In our lab atmosphere and in simulations, we have now skilled commercially accessible robotic arms to do easy duties in minutes.
“Our DNA is robotics, which supplies us a novel and useful perspective on how you can use software program to deal with the challenges related to coaching and managing industrial robots in advanced and dynamic environments. With the massive variety of robotic programs all through the world and a product that we imagine is in contrast to the rest at present accessible, we see a broad addressable market and a chance to construct a sturdy software program enterprise that’s scalable at a considerably sooner fee than our {hardware} options.”
Sarcos’s imaginative and prescient for its AI software program platform started in 2017 and progressed to its first CYTAR (Cybernetic Coaching for Autonomous Robots) authorities proposal in 2019. Vital design and growth work started in 2020 when Chief Know-how Officer Dr. Denis Garagić joined the Firm. AI software program growth contracts with the U.S. Air Power present funding for the event of the AI software program platform and alternatives to check the platform in real-world use instances. Sarcos anticipates bringing a model of its AI software program platform, suitable with most industrial robots being offered immediately, to market within the first half of 2024. A subsequent model with extra options is deliberate for launch by the top of 2024.
“With the necessity to guarantee we have now adequate monetary sources to pursue our software program alternative, we have now made the troublesome choice to droop for the foreseeable future commercialization efforts on our subsea, aviation and photo voltaic robotics {hardware} packages. We are going to, nonetheless, proceed to handle these markets by way of our AI/ML software program platform,” Peterson mentioned. “By de-coupling our AI and ML software program from our personal robotic programs, we imagine we are able to attain a much wider market extra rapidly. We imagine that is the correct choice for each the short-term and long-term well being of and alternatives for the enterprise. We will run a leaner enterprise that’s extra environment friendly, cut back our money utilization and put ourselves in a stronger place to achieve profitability with out the necessity to increase extra financing.”
Because of streamlining its enterprise, Sarcos will cut back its workforce by roughly 150 workers. Affected workers will obtain 60 days’ discover of termination, as required by the Employee Adjustment and Retraining Notification (WARN) Act. Additionally, Sarcos intends to shut its Pittsburgh workplace and consolidate operations in Salt Lake Metropolis. Sarcos had beforehand introduced that it might stop manufacturing operations in its Pittsburgh location.
“Whereas it’s at all times a troublesome choice to make staffing cuts, particularly one this vital, it is necessary that Sarcos is resourced appropriately and that we’re good stewards of our capital,” Peterson mentioned. “We imagine the prioritization of our AI software program platform meets our beforehand introduced purpose of pursuing vital near-term income tied to acute buyer wants, reduces our capital necessities and associated dangers consistent with accessible sources, and can result in long-term stockholder worth creation.”
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About Sarcos Know-how and Robotics Company
Sarcos Know-how and Robotics Company (NASDAQ: STRC and STRCW) is a chief in superior robotic know-how designed to extend the intelligence, effectivity, functionality and productiveness of superior robotic programs. Sarcos robotic synthetic intelligence and machine studying software program allows generalizable autonomy to handle difficult, dynamic, environments for industries that require a excessive diploma of adaptability and effectivity. For extra data, please go to www.sarcos.com and join with us on LinkedIn at www.linkedin.com/company/sarcos.
Ahead-Wanting Statements
This press launch comprises forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995, together with statements concerning Sarcos’ prioritization of its AI software program platform, product capabilities, robotic coaching time reductions, the timing of product growth and launch, market measurement, robots suitable with the software program, potential to scale the software program enterprise, availability and sufficiency of obtainable sources, whether or not extra financing shall be wanted, time to vital income, the scope of the deliberate discount in power, funding from authorities contracts and the closing of the Pittsburgh services. Ahead-looking statements are inherently topic to dangers, uncertainties, and assumptions. Typically, statements that aren’t historic info, together with statements regarding doable or assumed future actions, enterprise methods, occasions, or outcomes of operations, are forward-looking statements. These statements could also be preceded by, adopted by, or embrace the phrases “believes,” “estimates,” “expects,” “initiatives,” “forecasts,” “might,” “will,” “ought to,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “proceed” or related expressions. Such forward-looking statements contain dangers and uncertainties that will trigger precise occasions, outcomes, or efficiency to vary materially from these indicated by such statements. These forward-looking statements are based mostly on Sarcos’ administration’s present expectations and beliefs, in addition to various assumptions regarding future occasions. Nonetheless, there could be no assurance that the occasions, outcomes, or traits recognized in these forward-looking statements will happen or be achieved. Ahead-looking statements converse solely as of the date they’re made, and Sarcos will not be below any obligation and expressly disclaims any obligation, to replace, alter or in any other case revise any forward-looking assertion, whether or not on account of new data, future occasions, or in any other case, besides as required by regulation.
Readers ought to fastidiously overview the statements set forth within the experiences which Sarcos has filed or will file every now and then with the Securities and Trade Fee (the “SEC”), particularly the dangers and uncertainties set forth within the sections of these experiences entitled “Danger Components” and “Cautionary Observe Concerning Ahead-Wanting Statements,” for an outline of dangers dealing with Sarcos and that would trigger precise occasions, outcomes or efficiency to vary from these indicated within the forward-looking statements contained herein. The paperwork filed by Sarcos with the SEC could also be obtained freed from cost on the SEC’s web site at www.sec.gov.
Sarcos PR and Investor Contacts:
Press Contact:
Tricia Ross
Monetary Profiles
310.622.8226
[email protected]
Investor Contact:
Julie Kegley
Monetary Profiles
310.622.8246
[email protected]
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