FOR RELEASE THURSDAY, MAY 23, 2013 at 9 AM
NEW ROBOT INTELLIGENCE SOFTWARE FROM NEURALA
MAKES IT POSSIBLE FOR ROBOTS TO LEARN, MOVE AND WORK WITH PEOPLE
The Neurala Intelligence Engine Is Unveiled At Boston TechStars Demo Day
BOSTON, MA – May 23, 2013 – The world’s first robot intelligence software designed for widespread commercial use was unveiled today by Neurala, Inc., a Boston-based robotics software startup, at the TechStars Demo Day event. Unlike previous commercial robot software, which relied on programming for repetitive tasks or operation by remote control, Neurala’s software enables robots to learn and adapt to their environment without human intervention.
The service robotics market is expected to rise to nearly $ 23-billion by 2015, according to the International Federation of Robotics. Much of the increase is driven by the declining costs of robotic hardware. For example, robotic sensors which cost thousands of dollars just a few years ago are now available for less than $10. The price break is due to the use of similar sensors in smartphones, which has driven down the cost for commercial sensors.
“Even with low hardware prices for robots, robotic software has been lagging behind. As a result, the utility of robots in the office and home has been limited. Neurala’s new technology provides a simple interface that makes it easy for consumers to operate robots,” said Massimiliano “Max” Versace, founder and CEO of Neurala.
Neurala’s first product for the telepresence market will enable robots to learn places and faces, allowing the robots to autonomously navigate dynamic environments freeing the user from driving the robot. For example, robots can be operated by simple commands, such as “Find Bob” and “Go to the conference room” instead of by a joystick on a remote control.
“We’re very excited about the opportunity to offer Neurala’s software upgrade for every Romo that we sell to our customers. The technology that Neurala is building has the potential to make our robot, and all robots, into adaptive learning beings,” said Keller Rinaudo, founder and CEO of Romotive.
Neurala is part of the TechStars Boston start-up accelerator for the Spring 2013 class. “TechStars is quite proud of what Neurala has achieved while participating in the program. We believe that their software will have a major impact on the robotics industry,” said Katie Rae, Managing Director of TechStars.
Neurala, Inc., (http://www.neurala.com), founded in 2006, builds brains for bots. Neurala creates software that enables robots to move, work and learn among people. Its patent-pending Neurala Intelligence Engine (NIE) is based on the scientific research done by the founders on biological intelligence, fundamental computational principles of perception, motivation, decision making, navigation, and motor control, and bio-inspired robots and processors. Neurala is part of the TechStars Boston start-up accelerator for the Spring 2013 class.
TechStars (http://www.techstars.com) is a mentorship-driven seed stage investment program. We run a three month long program in Austin (TX), Boston (MA), Boulder (CO), Cloud (San Antonio, TX), New York City (NY), Seattle (WA), and London (UK) once each year. We’re very selective – hundreds of companies apply and we only take about ten companies per city. These companies get $18,000 in seed funding. In addition, companies accepted into the program are offered a $100,000 convertible debt note by a group of prominent VCs immediately upon acceptance into TechStars. TechStars founders also get great perks such as free hosting and services, a nice place to work, three months of intensive top-notch mentorship, and the chance to pitch to angel investors and venture capitalists at the end of the program. There is immeasurable value in the mentorship-driven connections and advice that you’ll receive when you start your company with TechStars. When the program concludes, being a TechStar does not. The supportive network of TechStars alumni, mentors, and investors is unrivaled. The opportunity to pitch to angel investors and venture capitalists at the end of the program is provided during our Investor and Demo Day. Historically, TechStars companies go on to average more than $1.5M raised in outside capital after the program.