Philadelphia-based firm buys RedZone Robotics

Pittsburgh Post-Gazette

One of Pittsburgh’s earliest robotics companies has been acquired by a Philadelphia-based private equity firm.

Milestone Partners announced last week that it would buy RedZone Robotics, which uses a combination of hardware and software to create solutions for municipal wastewater facilities.

On Tuesday, Monroe Capital, a Chicago-based asset management firm, said it facilitated the transaction by funding a $21 million senior credit facility — essentially a corporate loan. Specific details of the acquisition, like the total purchase price, were not provided.

It is unclear if the acquisition will impact the location or staff of the Lawrenceville-based robotics firm.

Representatives from RedZone and Milestone did not return requests for comment.

RedZone was co-founded in 1987 by Red Whittaker, a famed professor at Carnegie Mellon University’s Robotics Institute who led Tartan Racing to a 2007 victory in the DARPA Grand Challenge.

Prior to the Milestone acquisition, RedZone had received at least $41.1 million in funding, according to Crunchbase, an online portal for firms to self-report financing rounds.

“Many municipal wastewater collection systems are in dire need of reinvestment,” John Nowaczyk, a partner at Milestone, said in a statement. “We believe RedZone’s suite of technologies is well-suited to help clients understand where the needs are most critical and how best to deploy precious budget dollars.”