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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
392:
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
356:
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
380:
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
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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
326:
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.
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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.
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284:. 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.
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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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180:) 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).
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835:"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.
188:, 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
660:"Leading Robotics Innovator Sarcos Acquired by Consortium Led by Sarcos CEO Dr. Fraser Smith and Technology Entrepreneur Ben Wolff"
323:
In December 2021, Kiva Allgood, an executive with experience in the commercial development of technology, was named CEO of Sarcos.
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1110:"Sarcos Welcomes Back Co-Founder and Former CEO, Ben Wolff to Lead Company Following Pivot to Industrial AI Software Focus"
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strategist Ben Wolff led a consortium that acquired the business from Raytheon, with Smith as the newly acquired company's
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1010:"Sarcos Technology and Robotics Corporation Moves into New Headquarters and Production Facility in Salt Lake City"
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760:"Sarcos Robotics Begins Delivery of Guardian XO Full-Body, Force-Multiplying Industrial Exoskeleton Alpha Units"
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303:. Sometime between 2015 and 2016, Wolff became CEO of Sarcos. Starting in 2016, a number of companies and
1085:"Less than 2 years after acquiring RE2 Robotics, Sarcos is closing its Pittsburgh office to focus on AI"
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685:"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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910:"Sarcos Announces Appointment of Laura Peterson as Interim President and Chief Executive Officer"
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1035:"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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935:"Sarcos Appoints Laura Peterson as President and Chief Executive Officer"
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735:"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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560:"Raytheon's New XOS 2 Exoskeleton Looks Cool, but It's Not Iron Man"
885:"Sarcos Closes Acquisition of RE2, Establishes Pittsburgh Presence"
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Business losses and subsequent conversion to a software company
233:. However, the company's core competency centered on creating
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In 2001, Sarcos was awarded a multi-phase research grant from
985:"Sarcos Takes Steps to Improve Efficiency, Reduce Cash Spend"
460:"Raytheon XOS 2 Exoskeleton, Second-Generation Robotics Suit"
860:"Sarcos Technology and Robotics Corporation to acquire RE2"
710:"Sarcos Robotics raises $ 30M Series B to scale production"
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810:"Robotic suit vendor goes public on NASDAQ stock exchange"
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software specific to the Sarcos line of Guardian robots.
485:"Raytheon Acquires Robotics Technologies From Sarcos"
345:Facing delisting in June 2023, Sarcos issued a 1:6
201:Sarcos Research Corporation was founded in 1983 by
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535:"Sarcos to produce US Army's exoskeletons in 2008"
353:of approximately 75 employees to reduce spending.
1180:Medical technology companies of the United States
785:"Sarcos Robotics 'merges' with Rotor Acquisition"
610:"Stephen Jacobsen Inducted into UTC Hall of Fame"
1170:Manufacturing companies based in Salt Lake City
275:In November 2007, American defense contractor
280:to begin production as early as 2008 for the
8:
585:"Robotic Exoskeleton Adapts While It's Worn"
410:"An Oral History of Jurassic Park: The Ride"
241:such as the life-sized robotic dinosaurs of
32:
249:, robotic displays (e.g., the fountains of
178:Sarcos Technology and Robotics Corporation
41:Sarcos Technology and Robotics Corporation
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1190:Health care companies established in 1983
1175:Robotics companies of the United States
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1185:American companies established in 1983
960:"Sarcos Announces Reverse Stock Split"
1205:Companies formed by management buyout
1135:"Sarcos Robotics is Now Palladyne AI"
308:Acquisition Corp., a publicly traded
7:
1165:Health care companies based in Utah
310:special-purpose acquisition company
266:United States Department of Defense
435:"Exoskeletons For Experimentation"
27:US Artificial Intelligence company
25:
1210:Companies listed on the Nasdaq
1060:"Contracts for Sept. 27, 2023"
369:for the development of AI and
1:
789:roboticsandautomationnews.com
814:www.supplychainquarterly.com
229:technologies, and steerable
209:and operated initially as a
1200:1983 establishments in Utah
247:Universal Studios Hollywood
94:; 41 years ago
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589:www.scientificamerican.com
1039:www.investorsobserver.com
1014:www.roboticstomorrow.com
635:"STERLING TECHNOLOGIES"
464:www.army-technology.com
367:United States Air Force
305:institutional investors
299:(CEO) and Wolff as its
297:chief executive officer
257:actuators and sensors.
243:Jurassic Park: The Ride
182:artificial-intelligence
739:www.therobotreport.com
714:www.therobotreport.com
293:intellectual-property
1139:www.businesswire.com
1114:www.businesswire.com
1089:www.publicsource.org
939:www.businesswire.com
914:www.businesswire.com
764:www.businesswire.com
664:www.businesswire.com
514:www.newscientist.com
510:"Exoskeleton update"
489:www.defensedaily.com
889:www.robotics247.com
347:reverse stock split
291:In 2015, Smith and
270:powered exoskeleton
34:
564:singularityhub.com
378:board of directors
351:reduction in force
282:United States Army
268:(DoD) to design a
203:University of Utah
174:Palladyne AI Corp.
33:Palladyne AI Corp.
989:www.gurufocus.com
964:www.gurufocus.com
839:www.gurufocus.com
639:www.bizapedia.com
614:www.mech.utah.edu
439:www.thoughtco.com
225:systems, various
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227:miniaturized
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126:Headquarters
46:Company type
29:
1094:February 2,
794:February 4,
669:February 5,
644:February 2,
619:February 2,
494:February 4,
419:February 2,
388:Name change
361:) Phase II
221:, personal
217:, actuated
163:palladyneai
78:: STRC
1159:Categories
397:References
219:prostheses
215:film props
205:professor
176:(formerly
1144:March 19,
1119:March 21,
1044:March 21,
1019:March 21,
994:March 21,
969:March 21,
944:March 21,
919:March 21,
844:March 21,
769:March 21,
744:March 22,
719:March 22,
694:March 21,
594:March 21,
569:March 21,
544:April 29,
519:April 29,
469:March 21,
444:March 21,
231:catheters
58:Traded as
894:June 17,
869:June 22,
819:June 17,
301:chairman
277:Raytheon
186:software
149:Robotics
142:Products
38:Formerly
264:of the
235:robotic
192:History
158:Website
110:Founder
97: (
86:Founded
69::
318:Nasdaq
76:Nasdaq
67:Nasdaq
50:Public
18:Sarcos
262:DARPA
184:(AI)
1146:2024
1121:2024
1096:2024
1071:2024
1046:2024
1021:2024
996:2024
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896:2022
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571:2024
546:2008
521:2008
496:2024
471:2024
446:2024
421:2024
363:SBIR
255:MEMS
165:.com
99:1983
92:1983
71:PDYN
359:USD
245:of
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