Rigorous Technology is an industrial robotics company that serves two main functions — custom research and development, and production.
It solves clients’ problems by designing an answer in a world where one doesn’t already exist.
When the time came to grow and seek out financing, VEDA’s model had immediate appeal.
“The Vermont business community has been really supportive of us, and I don’t think we could be where we are today without that,” COO and co-founder Diane Abruzzini Riggs said.
Abruzzini Riggs met Cassie Polhemus, VEDA CEO, through their mutual membership on the Advisory Board of VCET — Vermont Center for Emerging Technologies.
Polhemus offered to introduce her to a loan officer, just to talk through opportunities.
Rigorous needed more space, enough for full robotic systems, and it needed to keep costs as low as possible.
Abruzzini Riggs found a space. It was perfect. But it had to be bought in an as-is state, meaning Rigorous would be responsible for any renovations needed.
“We had not lined up financing at this point because we thought this whole process would have taken a little bit longer,” she said.
Quickly entering a lease so as not to lose the space, Rigorous used another connection — the one with VEDA — to reach the next step.
“It all worked out, and when I look back on it, I think that it’s probably the riskiest financial decision I’ve ever made; to renovate someone else’s building before I knew that I could own it,” Abruzzini Riggs said.
The process of working with VEDA and Vermont Small Business Development Center advisors helped her better prepare financially.
Luckily, VEDA was flexible. Abruzzini Riggs said. In collaboration with Vermont Federal Credit Union, VEDA “wanted to help, they wanted to be a part of us.”
