Proptech Startup Promise Robotics Completes $20.8M Series A Financing
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
Expertise
Insights
-
Tax
CRA Suggests Depositing Cryptocurrency with Trading Platform Could Trigger Tax
On November 2, 2023, the Canada Revenue Agency (CRA) answered a series of questions as part of the Association de planification fiscal et financière’s annual conference in Quebec City that may have… -
Technology
Canadian Cleantech is Growing
In October 2023, Export Development Canada (EDC) published its annual report on Canadian clean technology (“cleantech”). The report highlights two major industry trends: (1) a dramatic increase in… -
Technology
Proptech Startup Promise Robotics Completes $20.8M Series A Financing
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… -
Technology
U of T's Faculty of Pharmacy Launches a new 'self-driving' laboratory
The University of Toronto’s Leslie Dan Faculty of Pharmacy is building a new autonomous lab which uses artificial intelligence (“AI”), automation, and advanced computing for the autonomous discovery… -
Mergers and Acquisitions
Investing in the Future: Navigating the Risks and Rewards in AI-Related Transactions
Following the release of ChatGPT in late 2022, the significant developments in artificial intelligence (“AI”) over the last several years – and in generative AI in particular – have caught the… -
Technology
Meta Announces New Generative AI Features for Advertisers
Meta announced last week that it has launched its first generative AI features for advertisers. The new features –Background Generation, Image Expansion, and Text Variations – will allow advertisers…