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US founder rejected by over 70 investors builds $1 billion robotics startup
Evan Beard built a $1 billion robotics startup after facing rejection from more than 70 investors.
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An American entrepreneur who struggled to secure funding for his robotics startup, facing rejection from more than 70 investors, has gone on to build a company valued at $1 billion. Evan Beard, co-founder and CEO of Standard Bots, has transformed his struggling venture into a growing robotics manufacturer whose customers include Amazon, NASA and Lockheed Martin.
(Also read: AI startup founder shares name with former Nvidia CEO Jensen Huang, says controversy has boosted his business)
According to a Business Insider report published on November 12, Beard's company had just three customers in 2024 and was running dangerously low on funds. Despite repeated setbacks, he continued pursuing his ambition of making industrial robots more accessible to American businesses.
From repeated rejections to billion-dollar valuation
Beard's breakthrough came when Lachy Groom, an early Stripe employee and co-founder of robotics research company Physical Intelligence, agreed to back his venture.
Groom reportedly decided to invest within five minutes of speaking with Beard, recognising his technical knowledge and determination.
The investment helped mark a turning point for Standard Bots, which has since attracted major financial backers.
According to a filing with the US Securities and Exchange Commission, Standard Bots raised $200 million in a Series C funding round in 2026 at a valuation of $1 billion. Its investors include RoboStrategy, General Catalyst and Amazon.
How Beard entered the robotics industry
Beard's entrepreneurial journey began long before Standard Bots.
After graduating from Duke University in 2009, he developed Girlfriend Keeper, an application that automatically sent personalised messages to romantic partners.
He subsequently joined Y Combinator and established a startup acquired by Salesforce. Another venture was sold to telecommunications company Spirent.
He also co-founded media company A Plus with Hollywood actor Ashton Kutcher before shifting his attention towards robotics.
With limited hardware experience, Beard began studying robotics independently, reading technical books and experimenting with components.
He later founded Standard Bots alongside James Cordle and David Golden. The early years brought considerable technical and financial difficulties.
Ambitious plans for the future
Today, Standard Bots manufactures robotic arms designed to perform industrial tasks, including welding, assembling batteries and handling food products.
Beard wants to establish the world's largest robot manufacturing company in the United States within a decade.
He expects Standard Bots to reach an annual production rate of 4,000 robots by the end of 2027.
Describing his manufacturing ambitions, Beard told Business Insider: "We're going to have raw materials coming, and robots going out."
"Henry Ford-style," he added.
