The best part about Unbounded Robotics' new creation isn't necessarily its ability to perform a "nearly unlimited amount of applications", but its price.

The UBR-1, as it is called, will cost $35,000 -- down from a similar model produced three years ago at another company for $400,000, CNET reported. At the reduced price, the UBR-1 could become a practical purchase for the right businesses.

Three years ago, employees for Unbounded Robotics worked for a Silicon Valley startup called Willow Garage. There they designed the PR2 robot, one of the first robots ever created that could perform more than just a single function and which, according to CNET, was the "darling of researchers and robotics fans." But the PR2 cost $400,000. Willow Garage employees left to create Unbounded Robotics with the purpose of designing their own version of PR2 at a significantly lower price. Video of the PR2 below:

According to CNET, the UBR-1 compares favorably to the PR2. The less expensive robot has one arm that performs most of its actions (the PR2 has two arms). A motion-sensitive camera and a microphone that allows the it to "speak" and interpret voice commands grants the UBR-1 the ability to understand human instruction for a wide variety of tasks.

Unbounded Robotics CEO Melonee Wise sees the UBR-1 as a fit for a businesses looking to automate basic jobs like stocking shelves, entering data, and ensuring product quality, according to CNET. Because of those abilities, Wise also sees a fit in nursing homes, where it will free nurses up for more attentive care. She even sees her product in the homes of elder citizens looking to prolongue their independence for as long as possible. The robot could set their dishwashers, set the dinner table, fetch drinks, and more.

At $35,000, the one-armed robot could take the place of a salaried employee with no limits on working hours and the like. You just have to charge it once every 3.5 hours, according to the company's website.

Unbounded Robotics will take orders for the UBR-1 soon and plans to distribute the bots this summer, Cnet reported.