Promise Robotics Raises USD$15 Million Series A to Enable the Homebuilding Industry to Close the Housing Gap at Scale
TORONTO, Oct. 31, 2023 /PRNewswire/ -- Promise Robotics, an AI company developing a cloud-based industrial production platform for robotic construction and assembly, today announced it raised USD$15 million in Series A funding, bringing its total funding raised to date to USD$25 million. This round 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. The new funding will help Promise Robotics commercialize its robotic factory platform to support its growing demand from homebuilders and to continue expanding
- To bridge this gap, new home building rates would need to triple - a near-impossible feat with traditional construction technology.
- Promise Robotics AI-driven system enables the homebuilding industry to deploy automation at scale to address labor shortages, save costs, and significantly increase the speed of sustainable home production from custom single-family to multi-story buildings.
- To enable the homebuilding industry, Promise Robotics' robotic system aims to remove the risk for homebuilders by offering products that benefit from a decade of operational excellence, continuous improvement, and successful homebuilding.
- Promise Robotics is well-positioned to be a disruptive force in this industry," said Kerry Liu, an investor at Horizons Ventures.