Company Name: Promise Robotics
Location: Toronto, Canada
Sector: AI for Robotic Construction and Assembly
Funding Details: Raised USD$15M in Series A funding, led by Horizons Ventures with participation from Radical Ventures, PSP Investments, and strategic investors including United Brotherhood of Carpenters, Relay Ventures, and Alate Partners.
Purpose of Investment: To commercialize its robotic factory platform, addressing the demand from homebuilders and expand product IP in AI, computer vision, and industrial robotics for construction.
Leadership: Founded by Ramtin Attar and Reza Nasseri
Product: A cloud-based industrial production platform leveraging AI, computer vision, and robotics to automate homebuilding processes, aiming to mitigate labor shortages, reduce costs, and accelerate sustainable home production.
About Company: Promise Robotics is at the forefront of transforming the homebuilding industry through automation. Their AI-driven system facilitates large-scale deployment of robotic construction and assembly, promising a significant leap in efficiency and sustainability for home production.
Innovation and Impact:
- Robotic Factory Platform: Aims to revolutionize homebuilding with automated production lines.
- AI and Computer Vision: Enhances precision and efficiency in construction processes.
- Addressing Industry Challenges: Tackles labor shortages and increases the speed of home production.
Strategic Goals: With this funding, Promise Robotics plans to bring its first robotic factory platform to market, support partnerships with homebuilders, and continue enhancing its AI and robotics technology for broader application in the construction industry.