Ori aligns $20m

Ori, a US-based robotic interior design spinout of Massachusetts Institute of Technology (MIT), has received $20m in a series B round involving Sidewalk Labs, the urban infrastructure subsidiary of internet and technology conglomerate Alphabet.
Ingka Group, the holding company that controls most outlets of furniture retailer Ikea, also contributed cash along with private equity group Geolo Capital and venture capital firm Khosla Ventures.
Founded in 2015 as MorphLab, Ori supplies interior furniture products that employ robotics to morph into different layouts, in order to provide increased storage and living space. It takes its company name from origami, the Japanese art of folding paper into complex structures.
The spinout has so far targeted residents but will use the series B round to deliver full structures equipped with its robotic technology in partnership with architects and property developers.
Ori argues its approach will help cities contend with rising populations, by compressing more housing into smaller areas.
The company has appointed Edwin Hendriksen, a former senior-vice president for investment and developer at compact hotel chain citizen, to lead the business as president.
Ori was founded at MIT Media Lab under the helm of its chief executive Hasier Larrea, who led a project at the research laboratory focused on architectural robotics.
Khosla Ventures led Ori’s $6m series A round in late 2017 with participation from unnamed investors, after the company had secured $750,000 in equity from unnamed backers in 2015, according to a regulatory filing.
– Feature image courtesy of Ori