Construction technology start-up Kewazo has secured US$5m (£3.6m) in Series A funding, to help it further develop and commercialise its robotic material hoist – Liftbot.
Kewazo aims to digitise construction with its robotic systems and data analytics. Initially, the company focused on the US$50bn (£39bn) scaffolding assembly industry.
During the building or dismantling of scaffolding, more than 80% of projects are still completed manually. Liftbot has been designed to make assembly more efficient by automating manual material transport.
Using Liftbot saves up to 44% of man-hours, which directly addresses the labour shortage, a long-term problem in the industry, according to Kewazo. The robot also reduces the risk of accidents and improves the working conditions on-site. With minor adjustments, the technology can be applied to additional tasks such as insulation, painting and other on-site material transport.
Additionally, Liftbot collects operational data and provides it to customers in the form of a data analytics platform. These insights aid planning and improve profitability, and customers benefit from faster, more predictable projects, said Kewazo.
This latest round was led by True Ventures. Existing investor MIG AG, a Munich-based venture capital firm and one of the founding investors in BioNTech, also participated.
“We’re excited to have found a partner in True Ventures that understands our vision of bringing robotic technology to the construction industry,” said Artem Kuchukov, CEO of Kewazo.
“With the new investment we aim to expand our robotic fleet in Europe and the U.S., to introduce the RaaS model, and to enable further digital services. Liftbot improves worker safety, makes jobs more efficient, and drastically cuts the amount of man-hours projects take, all while saving money.”
The first batch of Liftbots has been successfully delivered to customers in the EU markets. Prospective projects worldwide include scaffolding assembly at greenfield projects and maintenance jobs at construction sites, oil and gas refineries, power plants, and shipbuilding yards.
