Eureka Robotics plans to expand operations to Vietnam in July 2022

May 23, 2022 | 09:11
Eureka Robotics, a Singapore-based startup which develops software and systems to automate tasks, plans to establish an office in Vietnam’s Hanoi in July 2022.
Eureka Robotics plans to expand operations to Vietnam in July 2022
Eureka Robotics’ CEO and team

The company plans to use the new capital raised to expand its operations beyond Singapore, where it is headquartered, and Paris, where it maintains an R&D office. The new office will be established in Hanoi in July. Eureka Robotics has also deployed factories in Singapore, China, and Japan.

Touchstone Partners on May 17 announced that it participated in Eureka Robotics’ recently closed a pre-Series A round, which raised $4.25 million from a handful of investors.

In this fundraising round, Touchstone joins the lead investor, the University of Tokyo Edge Capital Partners, and existing investor ATEQ.

Eureka Robotics was founded in 2018 by Pham Quang Cuong and Pham Tien Hung, Eureka Robotics’ CEO, who is also an associate professor of Engineering at NTU and led the team that developed a robot that could assemble Ikea furniture, an achievement that was widely covered by global media in 2018.

Cuong said, “We are extremely gratified by the level of investor interest in Eureka Robotics during this round of fundraising. The capital is key to our ability to accelerate the development of the Eureka Controller, our primary product, as well as several others and to further build out our engineering team. We recognise that Touchstone will be a valuable partner as we bring the company to Vietnam, the home of some of our core team members, and access the country’s vast tech talent pool.”

Touchstone Partners is a Vietnam-focused venture capital firm that aims to assist talented and driven founders to realise the potential of their businesses by applying their deep understanding of the Vietnamese market and utilising a global network of connections.

Current investment areas include deep tech, fintech, real estate, health technology, educational technology, and initiatives that improve the efficiency of the value chains of important industries such as production and agriculture.

Touchstone Partners aims to promote positive social development and set high standards for venture capital in Vietnam, proving that Vietnamese startups can deliver significant technology innovation and have a meaningful impact on society. Touchstone Partners’ investment capital comes from Pavilion Capital, Vulcan Capital, and several major governmental and private financial institutions.

By Bich Thuy

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