Theker is a deeptech startup based in Barcelona that combines artificial intelligence and robotics to turn standard industrial robots into intelligent, adaptive machines. Its Robot-as-a-Service model enables advanced automation in sectors such as waste management, retail and logistics without requiring changes to existing infrastructure.
| Startup | Theker |
| Investor | Kibo Ventures |
| Sector | Deeptech · Robotics · Industrial AI |
| Founded | Barcelona · Spain |
| Stage | Seed · industrial expansion |
| TSCFO services | Financial due diligence |
| Main challenge | Analyzing a hybrid model combining hardware, software and recurring revenue |
| Solution | Financial validation · revenue analysis · assumptions · capex · operating model |
| Key result | €18M seed round led by Kibo Ventures |
— 01 · STARTING POINT
A new era in industrial robotics
Theker was building a highly differentiated proposition at the intersection of artificial intelligence, robotics and Industry 4.0.
Its model is based on acquiring industrial robots from manufacturers such as Mitsubishi, integrating internally developed AI chips and deploying them in companies through recurring usage licenses.
The combination of capex-financed robotics, proprietary technology and recurring revenue created a powerful opportunity, but also required a rigorous financial reading so investors could properly understand the model.
— 02 · WHAT WE DID
Financial due diligence for a complex deeptech model
The Startup CFO was brought in by Kibo Ventures to lead the financial due diligence of Theker before a key transaction for the company.
Our work focused on validating financial assumptions, clarifying revenue sources and analyzing the company’s hybrid model in depth, combining hardware ownership, industrial deployments and recurring revenue similar to a SaaS model.
The process required close collaboration with the founding team to organize the information, explain the operating model and translate the technical complexity of the business into a clear financial language for investors.
Hybrid model
Analysis of the combination of hardware, capex, recurring licenses and proprietary technology to understand business scalability.
Financial assumptions
Validation of revenue, costs, margins and the main assumptions behind the growth financial model.
Investor view
Preparation of a clear and rigorous reading of the business to support Kibo Ventures’ decision-making.
— 03 · INVESTMENT
A historic seed round for European robotics
In July 2025, Theker announced an €18M seed round, one of the most relevant robotics transactions in Europe.
The round was led by Kibo Ventures, with participation from Kfund, Inditex, JME Ventures, Mission VC, Itnig, s16vc and business angels from the technology and industrial ecosystem.
The financial due diligence helped bring clarity to a model with significant potential, but also with a complex structure: grants, convertible notes, product-linked revenue, proprietary hardware and industrial deployments.
— 04 · RESULTS
A round built on financial clarity
Seed round
€18M transaction led by Kibo Ventures in 2025
Due diligence
Financial analysis to validate assumptions, revenue and operating model
Deeptech
Investor clarity on a hybrid robotics, AI and software model
With the round closed, Theker was able to accelerate production, expand its technical and operational team, and advance industrial deployments across Europe. The presence of Inditex as both client and investor further reinforced market validation.
This case shows the value of well-executed financial due diligence in deeptech companies. When the model combines hardware, software, capex and recurring revenue, translating technical complexity into a clear financial view is key to building investor confidence.
