PAL Robotics CEO Francesco Ferro believes uncertainty in robotics development will drive innovation, as robots move from isolated industrial tools to everyday companions.
The Barcelona-based robotics firm focuses on developing service and collaborative robots that can work safely alongside humans.
"The reality is that we would all love to have a robot that takes care of domestic chores, working alongside people safely and efficiently. The potential for exponential growth is enormous," Ferro said.
The company has invested heavily in torque control technology, allowing robots to respond to real-world forces.
"Torque control is the state-of-the-art in robotics," Ferro said. "It involves moving until encountering a specific resistance level. While it sounds simple, it's incredibly complex in practice."
PAL Robotics is one of the few companies worldwide developing two-legged robots with torque control capabilities.
The firm's independence from venture capital funding has helped it survive two decades in an industry where most companies fold within 10 years.
"Not going the venture capital route allowed us the freedom to innovate. With that freedom, ideas find their way to reality because we believe in them deeply," Ferro said.
This independence lets PAL Robotics respond quickly to industry changes and build advanced collaborative robots.
"Transforming within a large structure is like steering a transatlantic ship," he said. "Our agility as a smaller company has been our strength."
European CEO magazine recently named Ferro CEO of the Year 2024 in Robotics.