Engaget Summary (2023-05-01 02PM)

Source: Robot vacuum maker Neato is shutting down amid stiff competition

Summary
Neato Robotics, one of the main competitors to iRobot’s Roomba robot vacuum series, is closing down due to its “self-defined economic goals” not being met for years. Parent company, Vorwerk Group, will offer cloud and repair support to customers for at least five years.

Fact

💼 98 jobs will be affected by Neato Robotics’ shutdown.

👋 Neato Robotics’ customer support staff stopped responding weeks before the shutdown announcement.

🤖 Neato Robotics stood out by pushing the limits of robot vacuum technology, such as adding WiFi in 2011 and LiDAR mapping in 2020.

📈 iRobot had claimed 46% of the robot vacuum market in 2020, while Neato Robotics had approximately 3% in preceding years and was already fading away by 2020.

🌍 Neato Robotics’ demise would further reduce competition amongst robot vacuum makers and may hit iRobot’s planned acquisition from Amazon.

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