Agile Robots booked EUR 300m of revenue in 2025 and guided to EUR 600m for 2026, yet 85 to 90 percent of that growth comes from business the company already had, because the firms it bought supply only 10 to 15 percent of this year's new orders. Those deals bought doors rather than turnover: an insolvent Franka Emika, BMW's idealworks, thyssenkrupp's automation unit, BAER in Gemmingen, audEERING in Munich, and XNG in Bengaluru. This file opens each door, asks how far a force-control company can ride an integration business, and lists the three disclosures it has never made. Article structure: 1. The verdict 2. Why this market exists 3. The company 4. Products 5. Customers 6. Supply chain 7. Competition 8. Money 9. The moat 10. Risk register 11. What to watch
On Sept. 17, D-Robotics said it raised $400 million in a Series C round led by Mirae Asset of South Korea, its third round this year. The company does not build robots. It sells the chips that go inside them. The announcement carried three numbers: $400 million raised, 8 million chips shipped to date, and coverage of more than 50% of customers in embodied AI. The three numbers describe the same business, yet they point in different directions. The announcement does not say which machines took those 8 million chips, or how the 50% was calculated. Article structure: - 1. $400 Million: A Third Round This Year, No Valuation Disclosed - 2. 8 Million Chips: Where They Went - 3. "Over 50% Coverage": One Metric, Three Versions - 4. Spun Out of Horizon Robotics: Engineering Lineage and Product Boundaries - 5. Conclusion: Revenue Structure and Three Metrics to Watch