Machine vision company Cognex buys Intel robotics spin-off RealSense for $600M

U.S. machine vision firm Cognex has announced plans to acquire RealSense, a robotics and computer vision startup spun out from Intel 14 months ago for around $600 million. The Nasdaq-listed company will pay $500 million in cash for the startup, alongside a three-year cash retention program of $56.5 million for RealSense employees and restricted stock units valued at $50 million.

The deal sees around 180 RealSense employees, who are shareholders, receiving at least $330,000 each. RealSense's main product is its popular "depth cameras" that use stereo vision, structured light, and time-of-flight technology to determine depth, often found in robots to ascertain distance. These cameras help robots create 3D maps of their surroundings to navigate and avoid obstacles safely.

Additionally, RealSense offers 3D scanning technology for creating 3D models and gesture and facial recognition technologies for touchless devices and security applications. Founded as a research project within Intel in 2014, RealSense experienced significant growth under former Intel CEO Pat Gelsinger and was sold as a separate entity led by Chief Executive Nadav Orbach.

Intel retains a 20% stake in RealSense and one board seat. Cognex aims to expand its presence in the robotics industry and diversify its growth beyond traditional machine vision technology, combining RealSense's 3D depth perception and robot navigation capabilities with its existing machine vision technology to create a broader visual intelligence platform for industrial identification and robotic navigation.