Photo - LYRO Robotics
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LYRO Robotics

Creating the brain, the eyes, & the hands for smart robots!

Australia
Market: Logistics and warehouses, Mechanical engineering, Food industry, Robotics, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 01.11.2020
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Idea

Our mission is to help reduce pressure on the supply chain by providing a software solution that can continuously learn and improve over time. We provide our software system on its own, or an integrated robotic solution that includes a robot arm to pick and pack items in a warehouse.

Current Status

Initial funding secured
Multiple robots built and LYRO Machine Intelligence tested on robots from 3 companies in the field.
Successful commercial trials finished.
80% product ready, starting pre-sales now

Market Validation: 250 x customer interactions, 2 x Fruit packing trials, 8 x Letters of Intent signed, 3 x Robot company partnerships

Market

The software system allows us to operate across multiple markets. Warehouses suitable for robotic pick and pack operations (fruit packing or retail order fulfillment) present a timely, first opportunity for our product.

Order Fulfillment: eCommerce sales will reach $4.5 trillion by 2021. eCommerce in Australia was $27.5 billion for goods purchased online. There was an increase of 24.4% YoY: 10% of total retail spend. Total number of purchases were up 20.2%. More than 73% of Australian households shopped online. Next day deliveries grew by 31.7%. There is increased demand for faster order fulfillment to match companies such as Amazon.

Fruit Packing: Global fruit handling and warehousing automation is estimated to be >$100 billion by 2023. In Australia, there was $250M+ in produce packing and $2.64B in horticulture exports for 2018/19. This was +27% YoY. The biggest exports included citrus, avocados and mangos. Citrus Market was 744,354 tonness yearly production and total value 829M. Avocado Market was 85,546 tonnes and 444M. Mango Market was 74,902 tonnes and 199M.

Problem or Opportunity

Problem: There are three key problems from industry that can be addressed by the use of automated pick and pack robotic solutions.

1) Industry is facing labour pressure, including from COVID-19. 26,000 job positions for pick and pack work will be unfilled across the next 9 months in Australia alone. Significant challenges are present for matching labour needed for small or large batches of orders to be packed.
2) Costs are high and increasing for OHS requirements, resourcing to train new staff and related administrative costs.
3) Increased demand for throughput in order fulfilment, including orders taken from the general public and industry demand through the supply chain.

Solution (product or service)

LYRO creates an intelligent pick and pack software solution that can operate on custom-build and commercial robotic arms to turn any robot into a smart pick and pack robot.

LYRO Machine Intelligence powers robotic systems to handle a large variety of items, including fruits and vegetables. Every robot with LYRO Machine Intelligence continues to learn and improve with every item picked.Using our software, we developed and deployed the world’s first general produce, pattern-packing robotic system.

Competitors

Current main competitor is manual labour for a lot of these tasks, but due to covid and pre-existing labour issues that labour pool has shrunk.

There are robotics companies that provide full automation solutions yet usually high cost of installation and reorganisation of the packing process.
Especially in the agricultural packing market there is little competition beyond fully automated solutions (that again require lots of planning, initial investment, and are inflexbile when adapting to new produce or situations)

Advantages or differentiators

Competitive Advantage:
Decade of research into robotic vision, machine learning, and grasping
Continuous improvements to the brain (AI), eyes (detection), and hands (gripping)
Quick integration into industry sites
Rapid transition from one scenario to the next
Packing deployments generate early revenue
Collect highly valuable data sets
Creation of a solid foundation for future applications, such as in-field pick and pack operation.

Finance

We offer tiered revenue on our software. 1) Outright purchase and 2) Robotics as a Service (RaaS) model. This includes selling software package add-ons that can increase customer value, such as data analytics and precision pattern packing.

Business model

Robotics as a Service (RaaS) and the ability to retrofit existing robotic systems as well as developing our own gives us an extra level of variability to tackle underserved market niches (e.g packing sheds in the food supply chain)

We have multiple sales channels, direct to customer sales (of robots or services), licensing and partnering with our hardware partner, or delivering solutions with automation integrators.

Money will be spent on

Building, selling & deploying 25 robots,
strategic technical and sales hires, and
prepare for global expansion in 2022

Offer for investor

SAFE Note (20% discount)

Team or Management

Risks

Customer/Market Risks:
“Robots are not working/ready yet”
We have developed this technology over the last decade and have shown it works and completed wo successful commercial trials in the last months ✔️
“But it won’t work for me”
Try before you buy and see how easy it is ✔️
“automation is expensive”
LYRO offers competitive per pick/per hr rates in the pay as you go option ✔️

“Okay so what about speed”
Is it speed, throughput, or cost per pick that really matters? We can parallels the process easily and that is what most customers are excited about! ✔️

"Is there even an interest for robots?"
10 LoIs + multiple projects of interest ✔️

"What if the competition comes in before us?"
We have a headstart from our decade of research, the market does not currently have any solutions that can be quickly deployed (like ours). The few existing (limited) solutions are expensive and work only for apples.

Incubation/Acceleration programs accomplishment

Participated in bluebox robotics accelerator 2018 and the CSIRO On Prime in 2019.

Won the competition and other awards

Our robot won the 2017 Amazon Robotics Challenge, was 5x less costly and scored 20% more points than the second place team.

Invention/Patent

Trade secrets around robotic deployment and design
patent application in preparation around our frameworks (AI and HW)

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video