Construction robotics startup Kewazo has closed a $5m (c.£3.7m) series A funding round, bringing the total amount raised to $9m (c.£6.6m).
The round was led by True Ventures; while existing investor MIG AG, a Munich-based venture capital firm and one of the founding investors in BioNTech, also participated.
Kewazo is a startup that seeks to digitise construction with robotics and data analytics.
The company offers its robotic material hoist, LiftBot, for construction sites and industrial plants.
Commenting on the funding, Artem Kuchukov, CEO of Kewazo, said: “We’re excited to have found a partner in True Ventures that understands our vision of bringing robotic technology to the construction industry.
“With the new investment we aim to expand our robotic fleet in Europe and the US, to introduce the RaaS model, and to enable further digital services.
“LiftBot improves worker safety, makes jobs more efficient, and drastically cuts the amount of man-hours projects take, all while saving money.”
Puneet Agarwal, partner at True Ventures, said: “So many aspects of the construction industry stand to benefit immensely from robotic intelligence and RaaS offerings.
“The Kewazo team has a strong track record and proven solution that addresses a significant need in a critical part of the industry.
“We’re excited to fund this team and help them expand to new verticals in construction and other markets.”
The first batch of LiftBots has been successfully delivered to key customers in the EU markets.
Prospective projects around the world include scaffolding assembly at greenfield projects and maintenance jobs at construction sites, oil and gas refineries, power plants, and shipbuilding yards.
Kewazo has so far completed more than 40 pilot and test projects.
Matthias Guth, MIG centure partner and Kewazo board member, said: “Since our Seed-Investment in 2018, Kewazo has come a long way from prototype to the marketable and robust LiftBot system.
“Having True Ventures now leading the Series A round takes the company to the next level and we are proud to further support Kewazo’s international development.”
Image: Kewazo
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