Cascadia Connect机器人、自动化和人工智能会议2023回顾

2023 Conference Recap We want to take this opportunity to thank those who were able toattend our 2023 RAAI Cascadia Connect conference in Pittsburgh andshare some highlights with everyone else. Attendees contributed towhat we believe was a hugely successful event which we hope fosteredmany new and meaningful connections and conversations. Michael ButlerChairman & CEO206 436.2530mbutler@cascadiacapital.com Jamie BoydManaging Director206 436.2514jboyd@cascadiacapital.com We’d like to acknowledge and thank our sponsors including K&L Gates,BNY Mellon Wealth Management, Moss Adams, Fresh Consulting, andGillespie Manners who helped make the event possible. Like last year, over 300 people attended the conference which includeda welcome reception at Kingfly Spirits, multiple panel discussions, akeynote speaker presentation from Aurora, networking opportunities,andon-site tours including Thoro.ai,Gecko Robotics,AdvancedConstruction Robotics, and the ARM institute at Mill 19. Firdaus PohowallaManaging Director206 436.2578fpohowalla@cascadiacapital.com Jason LippenbergerSenior Vice President206 436.2542jlippenberger@cascadiacapital.com The content this year focused on the pressing issues at hand, includingthe investment climate, robotics deployment, and commercializingtechnology in a solution-oriented way that creates value for both theend customer and the provider. Select Takeaways & Highlights The Market for Investing in Robotics Has Changed and WillContinue to Evolve CASCADIA CAPITAL Cascadia Capital is one of the firstinvestment banks in the countryto have a dedicated practicegroup to serve emerging growthand middle market companies inRobotics, Automation andArtificial Intelligence (“RAAI”). Funding Gap Between Early Stage and Growth Stage- While early-stage investment has persisted, some later stage companies haverecently struggled to raise funds as expectations have shiftedtoward robust customer traction and a defined and clear path toprofitability. These changing goalposts have created challenges.Metrics that Matter Most -Positive unit economics, sustainable revenue growth, and efficient robot deployment track record areas or more important than TAM, Team and Tech when speakingwith potential investors.Strong Tailwinds Persist- Manufacturing reshoring, growth inwarehousingand logistics,lack of available labor,andadvancements in machine learning and AI continue to makeautomation investment attractive for both the customer and theinvestor.Success Stories Exist -While investing in later stage roboticscompanies has slowed, there is a general “flight to quality” wherequality deals are getting increased uptake / attention. Largeoutsider-led investment rounds are scarce in the current market. Recognizing the myriad ofindustries that will be upended byRAAI technology in the comingdecade, Cascadia’s RAAI groupmeets the growing demand forM&A and capital raising servicesin the market. Investors are Thinking Differently Changein Environment-The macroenvironment has changed relative to two yearsago.Monetary and fiscal stimulus pushedvaluations up and now companies are needingto execute to grow into valuations. SAFE noterounds are more common, as are insider leadrounds at flat to down valuations. Focus On the Exit- Investors want visibilityinto an ultimate exit, especially at the Series Band C level. Lack of IPO activity, and a dormantSPAC market, have focused attention on M&Ain the near term or the path to sustainablecash flow. Industry still Nascent- The number of non-OEM robotic companies that have deployed atscale is still quite small, with many well-fundedcompanies still under 50 units in service.Getting Out of Pilot Phase- It is important forcompaniesto demonstrate that they canimplement their solutions with a “rinse andrepeat”model.Perpetually trying to raisemoney to further tinker with tech is a viciouscycleand increasingly challenging in thismarket.The Domino Effect- Akin to Ford and theassembly line, the industry is waiting for alarge Fortune 500 adopter to prove the modelof widespread AI/ML automation solutions.The Labor Conundrum- Labor shortages driveautomation but simultaneously make it moredifficult to implement robotics. Skilled labor isneedednot only to design,but alsoimplement, maintain, and manage solutions.Formostroboticssystemintegrators,deployment times are long. Investors Continue to Like RaaS/RecurringRevenue Low BOM Cost and Strong Customer ROIImportant- The most successful companiesoften have relatively inexpensive hardwarethat can deliver the customer solution with theability to make good margin and short paybackperiod on holding the RaaS equipment.Hybrid Models see Success- Companies don’tnecessarily need to use a full on RaaS model toachieve success but even for CapEx sales, thereshould be a recurring revenue component.EnablingAdditional Revenue-Up-fronthardware is typically not the “cash cow”, itenables services that can be billed to thecustomer. This can create