Sofi has been investing in “super-innovative” machines, and now it’s building its own.
Sofi’s CEO Tim Healey told the Financial Review that the company is looking to invest in “innovators” as it looks to develop its own manufacturing technology.
Healey said the company has been working on “innovation and manufacturing capabilities” in recent years, including in the UK and Australia.
SoFi says its “innove” machines can be used in “home automation” and “auto engineering”.
SoFi is investing $4 million into “innoplusive” machines such as “airflow sensor”, “accelerometer”, “speed sensor”, and “pressure sensor”, with an eye towards producing them at scale.
The company also said it plans to develop “inno-channeled” sensors and sensors for other uses.
He also said the machines will be “designed for use in factories, warehouses and other industries that are transitioning to automation”.
“We are building our own factories in the US, the UK, Australia and India,” Healey explained.
“We believe in building and delivering the best-in-class products at the lowest cost to customers.”
Healey also said that SoFi’s technology would be used by “many different industries”.
“If you look at the market today, a lot of manufacturers are going to look at that technology, say, in terms of automation,” Healy said.
“It’s a lot like what Apple is doing with the iPhone, and so it’s a great opportunity for SoFi.”
We’re not in this for the money, but it’s also an opportunity to bring more innovation and knowledge into the market.
“What we’re seeing is the value of this emerging technology and this emerging manufacturing capability, which is the next step forward for Sofi.”
SoFi said it will not disclose the price of its machines, but said they would be “available to the general public for free”.
Sofi will be in a position to supply the “superior-to-the-latest” machines at a later date, and Healey declined to say when the machines would be available.
“If it’s not now, it’s probably not going to be in 10 years’ time,” Heaney said.
SoFI is looking for “innow partners” and is looking at manufacturing facilities in the United States and in Europe.
So, what is SoFi all about?
“We’ve always been fascinated with robotics and AI,” Heylasaid.
“This is really about what is the future of robotics and machine learning?”
SoFi recently launched an AI platform called SmartRotor, which allows companies to build robots with different intelligence and capabilities.
SmartRots can be “learned, used and tested by other robots, robots and humans”, and it has “a rich set of algorithms and training models”.
So, how do SoFi and SoFi Labs compare?
“SoFi Labs is not as innovative as SoFi,” Heysaid.
But he added that the companies have been working together on a number of areas.
He said SoFi was a “natural fit” for SoF, because the two companies have similar “market vision” and are both driven by the same “mission” of creating the “world’s first affordable, super-efficient home automation system”.
SoF is looking “to accelerate the pace of innovation, improve the experience for consumers, and create a sustainable, affordable home automation ecosystem.”
Sofi also aims to “deliver the best products at a competitive price point”, He said.
Heylaysaid said that the two firms were also “very much aligned on a shared vision”.
“In our minds, both SoFi, and Sofi Labs, are two of the best companies for building the next generation of automation products,” Heyalsaid.
SoF also announced that it has invested $3 million in SoFiLab.
SoiF has been building robots for the past five years, and is now building its first “home” robot, called Smartbot, which will compete with “innos”.
SoiLab is building its “smart home automation” robots for “big and small” firms, but the company said it was also looking to expand its business into “automotive, logistics and healthcare”.
“This [investment] is really exciting, because we see SoFi as a natural fit to bring SoFi to a much wider market, including the healthcare sector, where SoFi has a huge market share,” Heydaysaid.
SoFi has raised $3.5 million in a funding round led by a “venture capital group” that includes a “young-money group”.
The investment will be used to help develop and commercialise its robots.