There’s no denying that the robotics startup world has taken a hit during the ongoing recession. The latest numbers confirm what we’ve all suspected for some time. But two things are true: 1) rest is temporary; And 2) while robotics doesn’t guarantee failure, construction can.
This is of course a late theme – while other robotics categories struggle to grow, those in construction seem relatively unaffected. New York-based Toggle announced this morning that it has added another $3 million to its coffers as part of its “Series A Extension.” The first $8 million Series A is back in 2021. Japanese company Tokyo Construction is an early investor in the startup, which currently has $15 million in total revenue.
CEO Daniel Badon tells TechCrunch:
We’ve been successful in navigating the challenges of America’s manufacturing and manufacturing capacity and investments in infrastructure and renewable energy (but also batteries and microchips) in our sector, a sluggish economy or the pandemic. . By adding strategic investors in this round, we’ve shown that labor cost, availability and speed issues are at the forefront of construction firms and that they’re going directly to tech startups for solutions, not through VCs.
Toggle makes rebar-bending robots, where you get a steel skeleton reinforcement with all the heavy construction. The company’s core count is currently at 40, which the company plans to double in the next year, following the next Series B raise. Those roles primarily focus on engineering and operations.
Blank notes that the pandemic has contributed to an increase in demand for automating complex and costly construction processes.
“The pandemic has had a significant impact on the construction industry, increasing costs and complexity. Supply chain disruptions, inflation and labor costs have all played a role,” he explains. “To combat these challenges, there is a growing interest in adopting robotics in construction. This trend is consistent across different parts of the industry as owners and contractors look for ways to save time and money. Robotics and automation, similar to those used in manufacturing, are seen as solutions. It has led to an acceleration in construction and the use of modular construction methods.
In addition to hiring, the new funds will be used to expand its robotics production.
Leave a Reply