Promise Robotics, a Toronto, Canada-based AI company developing a cloud-based industrial production platform for robotic construction and assembly, raised USD$15M in Series A funding.
The round was led by Horizons Ventures with participation from Radical Ventures, PSP Investments, and strategic investors including United Brotherhood of Carpenters, Relay Ventures, and Alate Partners.
The company intends to use the funds to commercialize its first robotic factory platform to support the demand from homebuilders and to continue expanding its product IP in AI, computer vision, and industrialized robotics systems for construction.
Founded by Ramtin Attar and Reza Nasseri, Promise Robotics provides an AI-driven system that enables the homebuilding industry to deploy automation at scale to address labor shortages, save costs, and increase the speed of sustainable home production from custom single-family to multi-story buildings. The company manages the entire automation lifecycle through its proprietary software to allow customers to focus on production.
With the support of the company’s headcount expansion of 200% in four months, Promise Robotics is setting up its robotic production line in a micro-factory in Alberta, Canada to kickstart its partnership with several homebuilders. The company is planning to make its factory production solution available to the broader North American homebuilders in 2025.
FinSMEs
31/10/2023