Danish based Blue Workforce, which was founded in 2012, has gone bankrupt.
The company developed the RAGNAR Robot for use mainly in food packing and employed around 30 people from its Danish HQ, and three overseas subsidiaries.
Over the last two years it had received funds from investors of around £3.5m, but it is being reported that the company ran out of cash and that a further funding round was unsuccessful.
Founder and CEO Preben Hjørnet told Finance: “It really hurts. The funding round was intended to secure new working capital, but there was no support in the owner’s circle. Since we had no money for wages, we had to go bankrupt. We had a rescue plan, but just didn’t come to a goal. Now I hope that the company will succeed in a new construction.”
The last published accounts showed the company made a loss after tax of nearly £1m.
Those handling the bankruptcy are hoping to sell the company as a going concern and keep the brand alive.