Robosynthesis Limited (06815554): administration
- Status
- Administration ended
- Administration began
- 2015-04-09
- Administrators
- Barry G Mitchell
- Formerly
- Pitcomp 501 Limited
- Incorporated
- 2009-02-10
- Location
- Pontypool
- Industry
- 27900 Manufacture of other electrical equipment
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Robo was incorporated as a UK Limited Company in 2009 to develop and commercialise a unique modular and reconfigurable robotic system conceived by Mr Norman The Company never aimed to design bespoke applications but rather to focus on providing a common generic platform that was applicable to a host of applications - and which delivered the two further advantages of low cost manufacture and the ability to be used 1n the field by relatively unskilled operatives
A number of private investors received equity in Robo in exchange for the introduction of funds Subsequent funding rounds have brought the total funds invested to date. in exchange for equity, to some £1015m with c £500,000 of further funding sourced from Research and Development (“R&D”) giants and hited product sales
Prior to the creation of the Company, Mr Norman and his wife, Mrs Norman had patented the modular concept and had developed a small scale version of the robot system which they had beta-tested in a French Lycee over three academic cycles Further development in France was frustrated by the inability to secure match-funding for the relatively limited resources which Mr and Mrs Norman were themselves able to commit to the project
Administrators' statement of proposals (2015-06-24) · Companies House register