Robocore secures $10 million from Foxconn for elderly care innovations

Robocore, a robotics startup, has recently announced a significant investment from Foxconn to expand its operations into the elderly care sector. The venture commenced with a $10 million investment, which represents the first tranche of Robocore's Series D funding round. The agreement allows for additional investments of $10 million each in the years 2026 and 2027, contingent upon mutual agreement or a third-party assessment of Robocore’s valuation. Currently, Foxconn holds a 6.6% stake in the company, which has been valued at approximately $151.5 million. The funds from Foxconn will primarily be used to manufacture 30,000 robots catered to nursing homes in the United States while also facilitating the company's entry into Japan and China. Robocore's CEO, Lim, emphasizes that healthcare is their largest revenue stream, with many clients operating elderly homes that utilize the robots mainly for telemedicine services. These robots are equipped with various medical instruments, including thermometers and blood pressure sensors, which allow patients to consult with doctors remotely. Insurance companies are funding these consultations, providing $30 each time a consultation occurs via the robot, significantly cutting down transportation costs. In the preceding year, Robocore reported $1.8 million in revenue derived from its telemedicine services, highlighting the successful integration of technology in healthcare settings. Lim noted that the company's strategic pivot toward providing services rather than solely selling hardware emerged due to the slim profit margins associated with the global robotics hardware market, now crowded with various brands from China and America. The focus has shifted to enhancing services in the health, education, and exhibition industries. Looking ahead, Robocore aspires to list on the Nasdaq within the next three to five years. This potential initial public offering (IPO) is aimed at boosting competitiveness in a rapidly evolving market, where the introduction of artificial intelligence into their robots could foster greater autonomy. Lim envisions a future where the robots can respond to real-world scenarios independently, providing assistance in situations such as detecting individuals carrying heavy loads. With the backing of Foxconn and an innovative approach to healthcare, Robocore is well-positioned to make significant strides in the robotics market directed toward elderly care in the years to come.