Proptech Startup Promise Robotics Completes $20.8M Series A Financing
- agoodman
- Nov 3, 2023
- 1 min read
November 3, 2023
Promise Robotics, a Toronto-based AI company developing a cloud-based industrial production platform for robotic construction and assembly, has raised $20.8 million CAD in Series A financing as it looks to commercialize its robotics factory platform. The round was led by Horizons Ventures with participation from Radical Ventures, Public Sector Pension Investment Board, and strategic investors including United Brotherhood of Carpenters, Relay Ventures, and Alate Partners.
Promise Robotics’ AI-drive system helps homebuilders use automation to address labor shortages, save costs, and increase the speed of sustainable home production from single-family to multi-story buildings.
In September, the Canada Mortgage and Housing Corporation published a report projecting that Canada needs to build more than 3.5 million housing units, on top of those already in development, to restore affordability to the housing market. Promise Robotics aims to bridge this gap by using automation to expedite the homebuilding process.
Promise Robots has raised $34 million CAD to date.
Author: PJ Conlon, 2023/2024 Articling Student-at-Law
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