Toronto-based proptech startup, Promise Robotics, has successfully raised $20.8 million CAD ($15 million USD) in Series A financing, marking a significant milestone in the company’s journey to commercialize its revolutionary robotic factory platform. This round of funding was led by renowned venture capital firm Horizons Ventures, with additional contributions from Radical Ventures, the Public Sector Pension Investment Board, United Brotherhood of Carpenters, Relay Ventures, and Alate Partners.
Under the leadership of CEO Ramtin Attar, a former R&D executive at proptech firm Autodesk, and Chief Innovation Officer Reza Nasseri, Promise Robotics has developed a groundbreaking software platform that transforms off-the-shelf industrial robots into fully functional production systems for the home building industry. The software harnesses the power of artificial intelligence to analyze building designs, generate machine instructions, and facilitate seamless communication between robots, enabling collaborative and autonomous construction processes.
By leveraging automation, Promise Robotics aims to address labor shortages, reduce costs, and expedite homebuilding projects ranging from single-family homes to multi-story buildings. The company estimates that its innovative technology can save the industry an astounding $130 billion for every 1 million new homes constructed.
Furthermore, Promise Robotics is committed to sustainability. It predicts that, in addition to the cost savings, its technology has the potential to reduce greenhouse gas emissions by a staggering 560 megatons for every 1 million new homes built.
With Canada facing the daunting task of constructing over 3.5 million housing units to restore housing market affordability, Promise Robotics recognizes that traditional construction methods are inadequate for meeting this demand. The startup believes that traditional construction technology would need to triple its efficiency to bridge the housing gap. This is where Promise Robotics’ automation solution comes in, paving the way for a more sustainable and affordable built environment.
Having raised a total of $34 million CAD ($25 million USD) to date, Promise Robotics is on a trajectory of growth and success. The company plans to expand its operations by establishing a “micro-factory” in Alberta and forging partnerships with various homebuilders in the near future. Furthermore, the startup aims to make its factory production solution available to the broader North American home building market by 2025.
As the proptech industry in Canada continues to flourish, promising numerous opportunities for sustainable innovation, Promise Robotics stands at the forefront of this transformative movement. By implementing cutting-edge technology, the company envisions a future where robotics and automation revolutionize the way buildings are constructed, creating a more environmentally friendly and accessible housing market.
FAQ
1. How much funding has Promise Robotics secured so far?
To date, Promise Robotics has raised a total of $34 million CAD ($25 million USD) in funding, with its latest Series A financing round contributing $20.8 million CAD ($15 million USD) to this amount.
2. What is the main goal of Promise Robotics’ software platform?
The main goal of Promise Robotics’ software platform is to enable the homebuilding industry to leverage automation, address labor shortages, reduce costs, and accelerate the construction of various types of housing, from single-family homes to multi-story buildings.
3. How does Promise Robotics contribute to sustainability in home construction?
Promise Robotics’ technology not only focuses on improving efficiency and cost-effectiveness but also aims to make home construction more sustainable. The company estimates that for every 1 million new homes built using its technology, the industry can save $130 billion in costs and reduce greenhouse gas emissions by 560 megatons.
4. What are Promise Robotics’ plans for future expansion?
Promise Robotics plans to establish a “micro-factory” in Alberta and intends to form partnerships with several homebuilders in the coming weeks and months. The company aims to make its factory production solution available to the broader North American home building market by 2025.