November 6, 2023
Promise Robotics, an AI company developing robotic systems to automate the construction industry, has closed its series A funding round with $15 million.
The round, which brings its total funding to date to $25 million, was led by Horizons Ventures with participation from Radical Ventures, Public Sector Pension Investment Board (PSP Investments) and strategic investors, including United Brotherhood of Carpenters, Relay Ventures and Alate Partners.
According to Promise Robotics, the funds will be used to commercialize its robotic factory platform and aid its overall expansion.
The news comes as the housing and construction industries face increasing pressure from labor shortages and supply chain disruptions, with Promise Robotics saying the U.S. and Canada are facing a housing supply of “approximately 10.7 million homes.”
To bridge this gap, Promise Robotics is offering its AI-enabled system that integrates into industrial robots and turns them into “ready-to-deploy production systems,” automating much of the manufacturing and construction process.
"Builders are reluctant to invest in costly factories and then endure years of trial and error to achieve operational success," said Ramtin Attar, Promise Robotics’ CEO. "These capital and knowledge barriers have historically impeded the industry's ability to invest in automation technology.
“We have melded our first-hand expertise in automated homebuilding with transformative technology innovations to remove both barriers to broader adoption."
Promise Robotics is also set to use the funds to help expand its production capabilities, with the establishment of a robotic production line in a micro-factory in Alberta, Canada.
The company is planning to make its turn-key factory production solution available to the broader North American homebuilders in 2025.
"We're seeing incredible momentum as the team at Promise Robotics successfully deploys AI systems to automate home construction and to bring efficiencies to an industry struggling to maintain productivity," said Salim Teja, partner with Radical Ventures. "Promise Robotics is now poised to transform how buildings get made, creating a more sustainable and affordable built environment."
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