Munich-based construction robotics startup KEWAZO has secured $10m in a Series A funding round led by American VC firm Fifth Wall.
Kewazo both automates and digitises the onsite material flow via robotics and data analytics. The company’s initial product is Liftbot, an intelligent robotic hoist for construction and industrial sites.
Since 2021, Kewazo has deployed a dozen Liftbots on European construction sites and industrial plants in the oil, gas, energy and chemical industries. Customers include Bilfinger and Altrad.
Kewazo claims the technology – with minor adjustments – can be applied to insulation, painting and other onsite material transport. The start-up’s vision is to automate and digitise all onsite logistics, from the arrival of materials on site to their use.
Artem Kuchukov, CEO and Co-Founder of KEWAZO, said: “We have an excellent group of partners coming together that will enable us to keep building a leading company in construction robotics.
“This influx of capital will propel us to expand our sophisticated robotic fleet across Europe and North America, in tandem with enabling us to build out our additional digital services.”
According to Kewazo, Liftbot saves 70% of man-hours, thereby addressing labour shortages and reducing the risk of accidents.
“Labour shortage continues to be the most acute challenge facing the construction industry today,” said Miguel Nigorra Esteban, Partner at Fifth Wall. “Artem and his entire team at Kewazo are laser-focused on solving this head-on, bringing much needed automation and robotics to the trillion dollar construction industry. We’re thrilled to be a part of their category-defining growth.”
KEWAZO’s vision is to automate and digitise the entire on-site logistics — from the arrival of materials at the construction site to their utilisation.
“I think it is very useful that companies like KEWAZO are disrupting our business. We will have problems in finding and keeping good personnel – this will be our main focus in the coming years and decades. These innovations are very helpful in attracting and motivating our coworkers and help us to provide our customers with cost-effective and safe services, ” said Bart Gyssels, Chief Innovation Officer at Altrad Services Benelux.
The round also saw participation from Cybernetix Ventures, Unorthodox Ventures, the construction software company Nemetschek, and existing investors True Ventures and MIG Capital AG. The fresh funding bring’s the startup total raised to $20m.
Main image: The KEWAZO team
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