Spin Robotics A/S is a Danish robotic start-up company founded in 2019. Both founders, Teit Silberling (CEO) and Thomas Sølund (CTO), have more than 15 years of experience in the robotics industry. This experience can be considered to be the core knowledge of the company. Spin Robotics is based in the StartUp Hub of Odense Robotics, which is known as Denmark’s national cluster of robots, drones, and automation. The cluster aims to drive the industry’s growth and innovation on a nationwide level, in partnership with leading universities and institutes. The national cluster consists of more than 300 companies, employing around 8,500 people.
Product: screwdriving tool for collaborative robots
Spin Robotics is the developer of a Plug’n’Produce screwdriving tool for collaborative robots. This tool eases the manual installation of screws, which can cause pain on the wrists, elbows, and shoulders in the long run. It is designed for processes using different types of screws that require a tightening torque. It has several built-in safety features, enhancing robot integration and collaborative work environments. Screwdriving processes are already automated in some industries that typically implement high volumes and outputs with low flexibility. However, the screwdriving tool of Spin Robotics is specifically targeted at companies implementing smaller volumes of output with high flexibility.
Market entry and expansion to the global market
The company is currently preparing to launch its screwdriving tool in the Danish and European markets. At the moment, test installations are taking place in several customer production sites. Based on the outcome of these test installations, the product can be introduced to the European market in Summer 2021. Future plans of Spin Robotics include expanding to the markets in the US and Asia, each taking place in 2023. Silberling goes on to remind that: “This all stands by getting the right numbers in the European market first.”
Spin Robotics has received more than 1.2 million USD worth of funding. Most recently the company was given a grant of 2.2 million DKK (around 358K USD) from the EU program Eurostars. The company aims to use the grant for development. In addition to receiving funding from organizations, such as Innovation Fund Denmark, the company has also participated in several funding programs.
Data needed about the global cobot market
The company began its data research by looking into the course of history to see how the cobot market was evolving. According to Silberling, all the gained numbers from different sources had to be compared to verify a potential market share for the screwdriving tool. In order to enter the Danish and European markets, Spin Robotics needed to acquire the following global market figures:
- Number of cobots sold globally in 2020
- Forecast of cobots sold in the coming years (2021-2025)
- Forecast of cobots used in screwdriving assembly (2021-2025)
However, when looking for the information, the company faced a challenge: the search for data turned out to be extremely laborious and time-consuming. They needed to go through large amounts of data sources so that the reliability of the data could be proven to be on a certain level. Regardless of all the time and effort invested in the search, they were unable to find the niche forecast data about cobots used in the screwdriving assembly. This felt exhausting. That was the moment when Silberling was contacted by Kimmo Kuokkanen, the CEO & Co-Founder of Statzon.
Statzon was the answer to profound data need
Statzon completely changed the company’s way of looking for data: all the required data was now immediately accessible to Spin Robotics. A simple mouse click on Statzon’s platform returned large amounts of detailed data from various data sources, ready to be analyzed and cross-compared, making the entire process efficient and convenient. The company applied Statzon’s data by basing their forecasts on it.
Statzon was the only solution on the market where Spin Robotics was able to find the urgently needed data about the screwdriving assembly. In addition, they found all necessary data about the cobot market on the platform – the units of cobots sold in 2020, and the forecasted units of cobots sold between 2021 and 2025. Silberling goes on to describe his experience with Statzon: “The data was exactly what we were looking for. Statzon had the kind of profound information that we needed and couldn’t find anywhere else.”
When asked to sum up the major benefits of using Statzon, Silberling emphasizes three things. “Statzon made the data hunt very easy. The numbers that we got were very targeted and instantly understandable. Also, the website works very well. Altogether, I like their approach a lot.”