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Fieldwork Robotics isn't accepting new investments

Fieldwork Robotics’ deadline was September 30, 2023

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Fieldwork Robotics

Pioneering Robotics for Efficient Soft Fruit Harvesting
B2B Agtech Industrial Automation Robotics
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Featured image of Fieldwork Robotics
This is an SPV deal
Round
Series A
Valuation
£7.3M
Allocation
$250K
Deadline
September 30, 2023
Instrument
Ordinary Shares
Minimum investment
$2,500
Invest in Fieldwork Robotics
Pitch Updates 9
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Closed on September 30, 2023. Information may not be up-to-date. Campaign closed on September 30, 2023. Information displayed may not be up-to-date.
Problem Solution Product Traction Customers Biz. model Market Competition Vision and strategy Potential exit routes Leadership Summary Disclaimer

Documents

Republic Deal Room Advisor (Republic Deal Room Advisor LLC, CRD# 31568) is hosting this Reg D 506(c) securities offering by Field Robotics I, A Series of Republic Deal Room Master Fund, LP.
Company documents
Subscription Agreement Field Robotics LPA.pdf Field Robotics PPM.pdf
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Investment summary


Introduction

Fieldwork has developed the world's first precision robotic raspberry harvester focused on increasing productivity and reducing waste, with the aim of addressing the long-term structural labor shortage worldwide.

The Technology

Fieldwork's modular and multi-crop robots use precision soft-arms and grippers alongside AI-technology to identify when fruits meets specifications for sale.

The first application pf Fieldwork's proprietary robot is for raspberries. Our core customer (Summer Berry Company) already sells raspberries harvested by our robots to supermarkets.

As far as the company is aware, there is currently no other commercially available technology for selective raspberry harvesting. 

  • Autonomous harvesting robots for raspberry and multi-crop applications
  • Deployed in 2022, picking raspberries to commercial standards
  • Offering robotics hardware subscriptions and Harvesting-as-a-Service
  • Farm labor shortages are impacting prices in UK, EU, & US
  • Development partnership with Bosch (IP owned by Fieldwork)
  • Agreements with: Bonduelle, Summer Berry Co, TH Clements

Problem


The problem: Growers are in desperate need of cost-effective technologies that increase productivity and reduce costs. Agriculture has lagged behind other industries in terms of automation. As a result, increasing worker shortages have led to squeezed margins. The UK alone was short of c.90,000 harvesters in 2020.


Solution


Selective and autonomous harvesting robots for raspberry and multi-crop applications

Fieldwork Robotics has developed both vertical and horizontal harvesting systems.

  • Vertical Harvesting
    The harvesting height can be adjusted for a variety of picking circumstances, by adjusting the vertical position of the arm, the picking can be done no matter how tall or low the crops are.

These systems are being offered directly to farmers by subscription, and are facilitating Harvesting-as-a-Service solutions.

Traction


Commercial picking underway

Fieldwork's harvesting systems were deployed in January 2022 with Harvesting-as-a-Service.

  • First robot in field Jan 2022
    First robot is in field generating real world harvesting information and picking commercially to customer specifications
  • Second robot in field March 2022
    Improved design to deliver faster harvesting.

Robot carrying out Harvesting-as-a-Service in Portugal

Customers


Existing customer agreements in place for significant sales in the raspberry market

  • The Summer Berry Company 

    Lead raspberry partner, signed option agreement to buy first 100 robots. Single Portuguese facility requires 600 – 800 pickers.

  • Pipeline:

    Agreements signed with Hall Hunter Partnership and ongoing discussions with other raspberry growers. In discussions with Driscoll's.

Business model


Monetization Strategy

Fieldwork Robotics plan to generate revenue through three core channels: 

1. Harvesting-as-a-Service (HaaS)

Robot ownership will be retained by Fieldwork Robotics, the Robots will be provided to growers for a periodic charge based on the number of berries picked over that
period.The robots will require an operator provided by Fieldwork.

Presently 30% of the growers crop remains unharvested going to waste. The robot will initially pick at the same rate a typical picker can harvest, however operate on 3x shifts, providing 6 days a week harvesting capabilities.

2. Robot Sales + Maintenance

The customer gets the same product output as with the HaaS structure except the customer has ownership of the robot in this model, the benefit to both the customer; Fieldwork Robotics is long-term savings short-term cash injections respectively. Fieldwork Robotics will continue to earn recurring revenue in the form of robot maintenance.

3. Data Collection & Analysis

All Fieldwork Robotics units will continuously collect data from the crop, enabling customers to receive detailed reports on yield projections and crop maturity percentages.

Market


Multi-billion initial addressable market with significant further potential

Competition


Focused on delivering cost-effective real-world solutions to grower challenges


Vision and strategy


Fieldwork is raising up to $2.4M to achieve development & team growth milestones

The company's stated use of funds includes: 

Team Expansion:

  • Hire a part-time/fractional CFO
  • Increase engineering capability by hiring a team of engineers

Technology Development:

  • Expand Client Offering (incl. data collection and analysis)
  • Enhancement of existing technology
  • Business Development Costs/Travel Costs


Potential exit routes


Fieldwork considers a trade sale to be their most likely exit strategy, but are also planning for other contingencies.

Trade Sale to Automotive OEM

  • Players entering the agritech space
  • Denso acquisition of Certhon in April 2020 (undisclosed amount)

Trade Sale to Tractor Manufacturer

  • Several players active in the field
  • Kubota investment in apple harvesting companies Abundant Robotics (2020) and Tevel (2021) 
  • John Deere acquisition of Blue River Technology for $305m (2017)

Listing

  • List on AIM or NASDAQ
  • Possible but less likely, no agritech robotics companies have listed to date

Leadership


Martin Stoelen
Founder, Director and CSO

Dr. Martin Stoelen is the academic Founder and Chief Scientific Officer of Fieldwork Robotics Ltd. The company was setup in 2016 based on his research on robust and selective robotic systems for harvesting in horticulture. He has an academic position with the Western Norway University of Applied Sciences, which collaborates closely with the company, and where he helps lead an advanced robotics laboratory. He has extensive experience in RD&I from the US, Spain, UK and Norway, and has secured significant grant and private funding for his work. He has multiple engineering degrees across aerospace, electronics and robotics, and lectures at Bachelor, Master and PhD level robotics engineering. He is a former Fulbright Scholarship recipient, and a Marie Curie Fellow.



Summary


Why Invest?

  • Focused on initial launch in the raspberry market with $1bn of picking costs to address, grower-centric solution targeting lower costs than human picking
  • Significant commercial raspberry partner already engaged — sufficient scale to underpin activities for the next 3 years
  • Robot is already picking raspberries to commercial standards
  • Potential competitors are focused on less challenging crops
  • Multi-task robot aims to be able to provide other value-added services and expand into other crops at minimal cost/high ROIC
  • Potential to deliver significant revenues and compelling value creation

Disclaimer


In addition to the carried interest Republic Deal Room Advisor LLC is entitled to for the syndicated investments it organizes, certain principals of Republic Deal Room Advisor LLC may have a personal interests in these investments, as disclosed below. When making an investment decision please review any applicable disclosures as they represent pre-existing financial interests held by those principals of Republic Deal Room Advisor LLC.

We do not represent that the information contained herein is accurate or complete, and it should not be relied upon as such. Opinions expressed herein are subject to change without notice. Certain information contained herein (including any forward-looking statements and economic and market information) has been obtained from and/or prepared by the Company or other third-party sources and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, Republic Deal Room Advisor LLC does not assume any responsibility for the accuracy or completeness of such information. Republic Deal Room Advisor LLC does not undertake any obligation to update the information contained herein as of any future date.

Documents

Republic Deal Room Advisor (Republic Deal Room Advisor LLC, CRD# 31568) is hosting this Reg D 506(c) securities offering by Field Robotics I, A Series of Republic Deal Room Master Fund, LP.
Company documents
Subscription Agreement Field Robotics LPA.pdf Field Robotics PPM.pdf
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Fieldwork Robotics

Fieldwork Robotics successfully raised $70,000 from 17 investors on September 30, 2023
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