Bangalore-based construction robotics startup Pace Robotics has raised seed investment from Indian adhesives manufacturing company Pidilite Industries, which in turn has acquired an equity stake of 19.5% in the company.
The fund will be used for product development and core team expansion. Founded in 2020 by Ayushmoy Roy and Srinivas K Pai, the startup has been working on a prototype for a wall finishing robot for internal plastering, painting and putty of buildings.
The robot is designed to improve efficiency and bring down costs of the wall finishing process. Pace has reportedly received interest from several real estate developers and contractors and plans to deploy its robot on sites for pilots in the coming months.
“Support from Pidilite validates the company’s vision to disrupt one of the oldest and largest industries in the world and will help us accelerate product development and market entry,” said Srinivas K Pai.
Incubated by SINE-IIT Bombay, Pace Robotics also has MARL 5G Accelerator and Kochi Holdings as other investors on board.
