Robots might be changing the future of construction.
What’s happening:
- Toronto based property technology startup Promise Robotics has raised $15M USD in a Series A financing round
- Promise Robotics is leveraging robotics technology and artificial intelligence for constructing new homes
- The round was led by Horizons Ventures and saw other notable venture capital participants such as Radical Ventures, Relay Ventures and Alate Partners
Why it matters:
- Robotic startups have been on the rise as technological breakthroughs continue unlock new possibilities in automation, labour and more
- Robotics could potentially play a big role in lowering costs of new construction projects and accelerating the timelines of building both single family homes and multi-story buildings
How it works:
- Promise Robotics uses artificial intelligence to deeply analyze the design and architecture of a building
- It then generates machine instructions that are delivered their robots who can work autonomously
Going deeper:
- Promise Robotics believes their technology can exponentially reduce both costs and greenhouse gas emissions on new construction projects
- Their first small scale factory is being built in Alberta, Canada which will enable partnerships with local homebuilders
By the numbers:
- Since their inception Promise Robotics has raised $25M USD in venture funding
