German manufacturer of power tools Stihl has acquired a 23% stake in Danish line marking robot developer TinyMobileRobots, supporting its growth plans.
Stihl Group said it has been following TinyMobileRobots closely over the past few years as the company has grown and the corporate venture arm, Stihl Digital, now acquires almost a quater of TinyMobileRobots. Thus buying out the company’s former venture capital company Borean Innovation.
Benjamin Junghans, director of Stihl Digital, said: “We have been in close contact with TinyMobileRobots for more than two years, and steadily, we have become more and more impressed with their growth rates and performance. So as the chance to acquire nearly a quarter of the company arose, we were quick to strike a deal. We feel convinced that our future collective efforts will lead to an even greater share of TinyMobileRobots’ fast growing and innovation driven market.”
Private investor Anders Fauerskov, former co-owner of TC Group, will continue to own part of the company and remains a capital partner within the new circle of owners.
“We have been looking for a strong partner who can support our continued growth,” added Jens Peder Kristensen, founder and CEO of TinyMobileRobots.
“Having Stihl as a partner is nothing short of a dream come true. Right from the outset, we will also benefit greatly from Stihl’s world-wide network of dealers. While maintaining our status as an independent company, we can draw on Stihl’s huge market experience to accelerate our growth further.”
TinyMobileRobots will continue to improve the technology in its robots, which are widely used by sports clubs, municipalities, and airports, but also increasingly by construction and engineering companies.
Additionally, TinyMobileRobots has also developed a PropTech-robot for measurement of large indoor areas, including during construction of high risers, storage buildings, warehouses, and production facilities, where millions of square feet otherwise have to be measured manually. The company said by using robots these time-consuming tasks can be optimised.