268:
purchased Sarcos, seeking to expand its business into robotics research and production. From 2007 until 2015, Sarcos operated as the robotics division of
Raytheon under the name "Raytheon Sarcos." At the time of the purchase by Raytheon, the exoskeleton designed under the DARPA grant had been slated
381:
In March 2024, the company announced that Sarcos would change its name to
Palladyne AI, and its ticker symbol would change in April 2024 from STRC to PDYN. The company news release about this name change states, " reflects the company's narrowed focus on commercializing the artificial intelligence
345:
In the months after the July 2023 layoff, insufficient cash flow continued to be a problem for the company. While expectations published by Sarcos in
November 2021 had estimated that the company would be shipping as many as 300 to 500 robotic units per year, by October 2023 only two such units had
369:
elected in
November 2023 to cut the company's losses by shutting down all hardware development and production activities. As part of this decision, a second layoff eliminated jobs for over 150 workers, including the remaining original RE2 employees. At the same time, Sarcos management announced
296:
began participating in a series of investment rounds with the goal of providing Sarcos with the necessary capital for commercializing a suite of robotic exoskeletons and manipulators, all to be marketed under the product-line name "Guardian." In
September 2021, Sarcos Corp. merged with Rotor
315:
In April 2022, Sarcos acquired
Pittsburgh-based robotics company RE2, Inc. Before its purchase by Sarcos, RE2 developed and produced autonomous and teleoperated mobile robots for a variety of industries; after the purchase, these robots became part of Sarcos's Guardian line of products.
276:
Not long after the acquisition by
Raytheon, Jacobsen left Sarcos in 2009 to start a new company, Sterling Technologies (now defunct). Upon Jacobsen's departure, longtime Sarcos employee and manager Fraser Smith assumed the role of President of Raytheon Sarcos.
823:
273:. However, the Raytheon Sarcos exoskeleton operated on a tether that severely limited its mobility, and as a result, manufacture of the exoskeleton never progressed beyond the prototypical stage due to a lack of continued interest from the DoD.
346:
ever been shipped (the two units were
Guardian "Sea Class" robots that had been developed primarily at RE2 prior to its acquisition by Sarcos). On the other hand, in September 2023 Sarcos was awarded a four-year 13.8-million-dollar (
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169:) is an American company known for most of its existence primarily as a developer of robots. Palladyne was founded in 1983 as Sarcos Research Corporation. In 2023, Sarcos "pivoted" to become a developer of
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In May 2023, Laura
Peterson, a former Boeing Vice President and executive, replaced Kiva Allgood as "interim" CEO of Sarcos (Peterson was later made "permanent" CEO in October of that year).
1168:
898:
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824:"Sarcos Technology and Robotics Corporation Strengthens Leadership Team by Appointing Ben Wolff Executive Chairman and Technology Veteran Kiva Allgood as New Chief Executive Officer"
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suitable for military applications. DARPA accepted the Sarcos design in 2006, and in that same year the firm began developing prototypes of the exoskeleton based on this design.
177:, specifically for robotic applications. This pivot was accompanied by a cessation of all operations involving hardware. In March 2024, Sarcos changed its name to Palladyne AI.
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research institution. By 1990, Jacobsen had expanded the company's attention to include commercial interests in areas as diverse as theme-park robots, animatronic
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In
January 2024, former CEO Ben Wolff was once again appointed CEO of Sarcos, taking over the duties of chief executive officer from Laura Peterson.
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to increase its share price in accordance with Nasdaq's $ 1.00 minimum-bid-price rule. This measure was followed in July 2023 by a
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that was then renamed Sarcos Technology and Robotics Corporation. As a consequence of this merger, Sarcos began being listed under
649:"Leading Robotics Innovator Sarcos Acquired by Consortium Led by Sarcos CEO Dr. Fraser Smith and Technology Entrepreneur Ben Wolff"
312:
In December 2021, Kiva Allgood, an executive with experience in the commercial development of technology, was named CEO of Sarcos.
848:
1123:
1099:"Sarcos Welcomes Back Co-Founder and Former CEO, Ben Wolff to Lead Company Following Pivot to Industrial AI Software Focus"
284:
strategist Ben Wolff led a consortium that acquired the business from Raytheon, with Smith as the newly acquired company's
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235:
999:"Sarcos Technology and Robotics Corporation Moves into New Headquarters and Production Facility in Salt Lake City"
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749:"Sarcos Robotics Begins Delivery of Guardian XO Full-Body, Force-Multiplying Industrial Exoskeleton Alpha Units"
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292:. Sometime between 2015 and 2016, Wolff became CEO of Sarcos. Starting in 2016, a number of companies and
1074:"Less than 2 years after acquiring RE2 Robotics, Sarcos is closing its Pittsburgh office to focus on AI"
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281:
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674:"Sarcos Robotics raises $ 10.5M from Microsoft, Caterpillar and GE for heavy-duty robotics technology"
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that the company had pivoted to become solely a developer of AI software for use in robotic systems.
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899:"Sarcos Announces Appointment of Laura Peterson as Interim President and Chief Executive Officer"
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328:, failing to secure the cash flow needed to operate successfully as a business of 280 employees.
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1024:"Sarcos Announces Delivery of Guardian® Sea Class Robotic System to UK Supplier Atlantas Marine"
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systems. Sarcos's work was found in a wide variety of applications, including entertainment
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in Las Vegas, NV), NASA space-suit-testing equipment, motorized prosthetic limbs, and even
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Almost from the onset of its listing on Nasdaq, Sarcos consistently underperformed as a
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Less than two months after the company received the SBIR contract, Sarcos's
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924:"Sarcos Appoints Laura Peterson as President and Chief Executive Officer"
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724:"Guardian XO exoskeleton maker Sarcos Robotics raises Series C funding"
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and machine learning software that it has been developing since 2020."
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549:"Raytheon's New XOS 2 Exoskeleton Looks Cool, but It's Not Iron Man"
874:"Sarcos Closes Acquisition of RE2, Establishes Pittsburgh Presence"
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Business losses and subsequent conversion to a software company
222:. However, the company's core competency centered on creating
249:
In 2001, Sarcos was awarded a multi-phase research grant from
974:"Sarcos Takes Steps to Improve Efficiency, Reduce Cash Spend"
449:"Raytheon XOS 2 Exoskeleton, Second-Generation Robotics Suit"
849:"Sarcos Technology and Robotics Corporation to acquire RE2"
699:"Sarcos Robotics raises $ 30M Series B to scale production"
151:
799:"Robotic suit vendor goes public on NASDAQ stock exchange"
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software specific to the Sarcos line of Guardian robots.
474:"Raytheon Acquires Robotics Technologies From Sarcos"
334:Facing delisting in June 2023, Sarcos issued a 1:6
190:Sarcos Research Corporation was founded in 1983 by
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524:"Sarcos to produce US Army's exoskeletons in 2008"
342:of approximately 75 employees to reduce spending.
1169:Medical technology companies of the United States
774:"Sarcos Robotics 'merges' with Rotor Acquisition"
599:"Stephen Jacobsen Inducted into UTC Hall of Fame"
1159:Manufacturing companies based in Salt Lake City
264:In November 2007, American defense contractor
269:to begin production as early as 2008 for the
8:
574:"Robotic Exoskeleton Adapts While It's Worn"
399:"An Oral History of Jurassic Park: The Ride"
230:such as the life-sized robotic dinosaurs of
21:
238:, robotic displays (e.g., the fountains of
167:Sarcos Technology and Robotics Corporation
30:Sarcos Technology and Robotics Corporation
20:
1179:Health care companies established in 1983
1164:Robotics companies of the United States
390:
1174:American companies established in 1983
949:"Sarcos Announces Reverse Stock Split"
1194:Companies formed by management buyout
1124:"Sarcos Robotics is Now Palladyne AI"
297:Acquisition Corp., a publicly traded
7:
1154:Health care companies based in Utah
299:special-purpose acquisition company
255:United States Department of Defense
424:"Exoskeletons For Experimentation"
16:US Artificial Intelligence company
14:
1199:Companies listed on the Nasdaq
1049:"Contracts for Sept. 27, 2023"
358:for the development of AI and
1:
778:roboticsandautomationnews.com
803:www.supplychainquarterly.com
218:technologies, and steerable
198:and operated initially as a
1189:1983 establishments in Utah
236:Universal Studios Hollywood
83:; 41 years ago
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578:www.scientificamerican.com
1028:www.investorsobserver.com
1003:www.roboticstomorrow.com
624:"STERLING TECHNOLOGIES"
453:www.army-technology.com
356:United States Air Force
294:institutional investors
288:(CEO) and Wolff as its
286:chief executive officer
246:actuators and sensors.
232:Jurassic Park: The Ride
171:artificial-intelligence
728:www.therobotreport.com
703:www.therobotreport.com
282:intellectual-property
1128:www.businesswire.com
1103:www.businesswire.com
1078:www.publicsource.org
928:www.businesswire.com
903:www.businesswire.com
753:www.businesswire.com
653:www.businesswire.com
503:www.newscientist.com
499:"Exoskeleton update"
478:www.defensedaily.com
878:www.robotics247.com
336:reverse stock split
280:In 2015, Smith and
259:powered exoskeleton
23:
553:singularityhub.com
367:board of directors
340:reduction in force
271:United States Army
257:(DoD) to design a
192:University of Utah
163:Palladyne AI Corp.
22:Palladyne AI Corp.
978:www.gurufocus.com
953:www.gurufocus.com
828:www.gurufocus.com
628:www.bizapedia.com
603:www.mech.utah.edu
428:www.thoughtco.com
214:systems, various
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305:STRC on the
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228:animatronics
216:miniaturized
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115:Headquarters
35:Company type
18:
1083:February 2,
783:February 4,
658:February 5,
633:February 2,
608:February 2,
483:February 4,
408:February 2,
377:Name change
350:) Phase II
210:, personal
206:, actuated
152:palladyneai
67:: STRC
1148:Categories
386:References
208:prostheses
204:film props
194:professor
165:(formerly
1133:March 19,
1108:March 21,
1033:March 21,
1008:March 21,
983:March 21,
958:March 21,
933:March 21,
908:March 21,
833:March 21,
758:March 21,
733:March 22,
708:March 22,
683:March 21,
583:March 21,
558:March 21,
533:April 29,
508:April 29,
458:March 21,
433:March 21,
220:catheters
47:Traded as
883:June 17,
858:June 22,
808:June 17,
290:chairman
266:Raytheon
175:software
138:Robotics
131:Products
27:Formerly
253:of the
224:robotic
181:History
147:Website
99:Founder
86: (
75:Founded
58::
307:Nasdaq
65:Nasdaq
56:Nasdaq
39:Public
251:DARPA
173:(AI)
1135:2024
1110:2024
1085:2024
1060:2024
1035:2024
1010:2024
985:2024
960:2024
935:2024
910:2024
885:2022
860:2023
835:2024
810:2022
785:2024
760:2024
735:2021
710:2021
685:2024
660:2024
635:2024
610:2024
585:2024
560:2024
535:2008
510:2008
485:2024
460:2024
435:2024
410:2024
352:SBIR
244:MEMS
154:.com
88:1983
81:1983
60:PDYN
348:USD
234:of
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