Talking with Gil from 83North about our Series B funding round

Jun 26, 2020

We recently announced our series B funding round led by 83North with participation from Next47 and Microsoft’s M12 venture funding arm. We raised $30 million to facilitate our growth and expansion thereby making robot programming readily available for everyone using our TracePen and our ‘no code’ robot teaching platform. Some of the great press coverage of our round can be found at TechCrunch (English), Handelsblatt (German) and Gruenderszene (German).

We had a brief interview with the lead investor, Gil Goren, from 83North in order to provide you with some interesting insights about the funding round from an investor’s point of view. This is what Gil had to say about what sparked their interest in Wandelbots:

“I can tell you a long story about the deep analysis we have done on the space or the market potential, but the truth is that 5 minutes into our first call, I knew this company is one we’d want to invest in. Christian’s energy level, passion and charisma along with his domain expertise and business maturity gave us the level of confidence required to initiate a deeper process.”

When asked about what ultimately makes the difference when deciding which company to invest in, Gil says that the ability of the founders to deal with challenges is a key factor:

“The obvious criteria of large market, unique and differentiated offering is table stakes. But for us this is not enough. We look for founding teams which will be able to deal with all the challenges that will be handed to them during the life on the company. We’ve never seen a company which executed on their original plan. Things always change, whether it is market conditions, competition, technology etc. Those who can seize opportunities and handle crisis better are the ones who eventually break out of the pack.”

We also asked Gil about the effect of COVID-19 on the decision-making process and he made clear that even though it required departing from the usual path of getting to know the company, it did not change 83North’s general approach:

“We made a conscious decision that COVID-19 will not stop us from investing. With that said, as I mentioned before, we select our investments very carefully and primarily base our decision on the entrepreneurs. In order to do that, we usually spend significant face to face time with the team. Since we are not based in Germany and travel restrictions prevented us from actually meeting the management team, it was more challenging to intimately get to know them. We compensated by having a lot of long zoom calls, demos, virtual tours and so on. Eventually, we feel that we got pretty close. Maybe even closer than we would be otherwise.”

Finally, here’s Gil’s very personal first impression about the journey with Wandelbots so far:

“We completed on this deal with few other investors. It was really hard to go through this process remotely. We decided to put our trust in Christian and apparently this was a winning strategy. An investment generates a very long-term relationship. We are grateful that the Wandelbots leadership team chose us to accompany them in this exciting journey.”

We at Wandelbots are extremely grateful to all our new investors including Daniel Kirchleitner from Next47 and Samir Kumar from M12 for believing in us to make the robot revolution possible. We would also like to express gratitude to our grear existing investors including Paua Ventures, EQT Ventures, and Atlantic Labs for sticking to our vision and staying on the journey with us alongside with Franz Haniel & Cie. GmbH and Alexander Rinke who became part of the Wandelbots crew.

This is a very special time for us as a company especially since we just launched our TracePen and we are excited to deliver this product to the market within the next few months. We will use the investment to increase our team size and further grow our presence in Germany and abroad in order to serve more customers across various parts of Europe and eventually, all over the globe. If you would like to be a part of this journey, this is a great time to join our team.

About Gil Goren

Gil is a general partner at 83North. He currently focuses on Enterprise software, IT infrastructure, cloud technologies, security, storage and IOT. Gil’s current company boards and investments include VDOO, Vast, ForeTellix, Lenses, LinearB, and Wandelbots.

Prior investments and board positions include Anobit (Apple), XtremIO (EMC), ScaleIO (EMC), Cyvera (PA Networks), Adallom (Microsoft), SecDo (PA Networks), CloudEndure (Amazon), Elastifile (Google), JFrog, RedisLabs.

About the authors

Dikachi Chizim

Communications & Social Media Working Student

Jonas Paul Schreiber

Chief of Staff

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