Danish robotics company, Blue Ocean Robotics, drops IPO plans, raises DKK 50.7M from private investors instead
Blue Ocean Robotics reports to have sold out at the end of the second investment stage on 29th August. Blue Ocean Robotics could announce, earlier in the summer, that the company had closed the first investment stage with “the World’s Best Investor”. This time the investor group has been expanded with a small group of prominent business people and partners close to the company.
ODENSE, DENMARK - 30. AUGUST 2016 “Sold out”, this was the message Blue Ocean Robotics’ Co-CEO, Claus Risager, could tell partners and employees after closing the second investment stage. The company has completed a private placement among a small group of investors and partners as well as employees close to the company. Amongst the main investors are Niels Thorborg and Jørn Tolstrup Rohde. Altogether, the group has invested DKK 50.72 million to consolidate global growth, strengthen the development of the company’s robot-portfolio and hatch multiple successful spin-out companies in the time to come.
In the beginning of August, Blue Ocean Robotics announced the completion of the first stage of investments with “the world’s best investor” Michael Voss from Fundamental Fondsmælgerselskab A/S. This was a result of the company announcing in the spring that it was planning to call its IPO on Nasdaq OMX First North in Stockholm.
With the opportunities that presented themselves, it turned out more appropriate to continue as a private company and keep a closer dialog with a small group of dedicated private investors. The company has, therefore in consultation with Fundamental Fondsmælgerselskab A/S, decided to put the IPO on hold indefinitely.
The end of the second stage of investments means that 28.3 % of the company is now owned by external investors. The remaining 66.7 % are still owned by the three founders, Co-CEOs and Partners, Claus Risager, Rune K. Larsen and John Erland Østergaard and the three founders expect to continue the company without significant changes in daily operations or in the organization as a whole.
A part of the investment will be used developing the company’s international domain in growth-profiled areas in USA, China, Southeast Asia and Europe. “I have had a positive dialogue with the owners of Blue Ocean Robotics through some time and the more insight I got in the company, the more convincing it became. In just a few years, the company has established Joint Venture partnerships in more than 10 countries and Blue Ocean Robotics has with its business model great potential for creating very interesting spin-out companies. So I see a significant international growth potential and I am looking forward to actively take part in the work of the board,” says Jørn Tolstrup Rohde.
By establishing close strategic partnerships with key players in a wide range of industries, Blue Ocean Robotics develop new robotic solutions through RoBi-X. When a solution has been designed, developed and commercialized to the point where they can operate on their own, the solution is spun out into a spin-out company with an independent management but still with a close connection to Blue Ocean Robotics. It is through this formula that the Blue Ocean Robotics group consists of 22 companies today and at least eight new are coming this year.
“Odense has in recent years worked itself up to a position as the world leader in robotics, and therefore it is an area I have been following with great interest. Blue Ocean Robotics is based on a strong competence and combined with a commercial perspective the company has developed a unique business model, that offers tremendous potential. I am therefore very pleased that I now have the opportunity to be included”, says Niels Thorborg.
The newly established board of directors consists besides the three founders, of Jørn Tolstrup Rohde, who will become the new Chairman, Jacob Bro Eriksen from Fundamental Fondmælgerselskab A/S, and Henrik I. Christensen, Chairman of President Obama’s control committee of robotics.
About Blue Ocean Robotics
Blue Ocean Robotics create and commercialize robots. The company uses robot technology to create innovative solutions for end-users and new business opportunities through partnerships.
Blue Ocean Robotics was established in 2013 by the current Co-CEOs and Partners, Claus Risager, Rune K. Larsen and John Erland Østergaard, and has since then only led the company in one direction – towards the world’s elite in robotics. This was made clear recently, when Blue Ocean Robotics was recognized to be one of the 20 most promising robotic solutions in the world, by American CIO Review. This is the development, Blue Ocean Robotics want to continue with the capital from the new investors.
Despite only being on the market for 3 years, Blue Ocean Robotics has over 110 employees worldwide, distributed in 11 countries and counts more than 29 sales partners worldwide including Denmark, Finland, Mexico, USA, Qatar, UAE and Singapore. The turnover is approx. DKK 60 million per year with an expectation of a significant increase in the years to come.