Promise Robotics, a Toronto, ON-based AI company that develops a cloud-based industrial production platform for robotic construction and assembly, has raised $15 million in a Series A funding round.
SaaS Investors
The round was led by Horizons Ventures, with participation from Radical Ventures, the Public Sector Pension Investment Board (PSP Investments), and strategic investors, including the United Brotherhood of Carpenters, Relay Ventures, and Alate Partners.
Founded in 2002, Horizons Ventures is a venture capital firm based in Hong Kong, Hong Kong. The firm invests in the deep science and technology that can propel humanity toward a radically better future.
Promise Robotics Use of Funds
The new funding will help Promise Robotics commercialize its robotic factory platform to support its growing demand from homebuilders and to continue expanding.
Promise Robotics plans to make its turnkey factory production solution available to broader North American homebuilders in 2025.
About Promise Robotics
Promise Robotics is an AI company with a mission to enable the building industry to harness automation towards the production of more affordable and sustainable homes. The company offers turnkey ready-to-deploy industrial robotic systems powered by a proprietary cloud-based AI software platform that manages the entire production lifecycle from robotic planning to factory floor operations. The platform enables the homebuilding industry to deploy automation at scale to address labor shortages, save costs, and increase the speed of sustainable home production. Promise Robotics manages the entire automation lifecycle through its proprietary software to allow customers to focus on production.
Funding Details
Company: Promise Robotics, Inc.
Raised: $15.0M
Round: Series A
Funding Month: October 2023
Lead Investors: Horizons Ventures
Additional Investors: Radical Ventures, Public Sector Pension Investment Board, United Brotherhood of Carpenters, Relay Ventures, and Alate Partners
Company Website: https://promiserobotics.com/
Software Category: Industrial Production Platform
Source: https://www.prnewswire.com/news-releases/promise-robotics-raises-usd15-million-series-a-to-enable-the-homebuilding-industry-to-close-the-housing-gap-at-scale-301972111.html