Munich-based KEWAZO, a construction robotics company, announced that it has raised €10M in a Series A round of funding led by Fifth Wall.
Cybernetix Ventures, Unorthodox Ventures, and Nemetschek also participated in the round.
Existing investors True Ventures and MIG Capital AG also contributed.
The announcement comes a year after raising €4.2M in a Pre-Series A round of funding in September 2021.
The latest round raises the total funding to approximately €18.4M.
Founded by Alimzhan Rakhmatulin, Sebastian Weitzel, Eirini Psallida, Ekaterina Grib, Leonidas Pozikidis, and Artem Kuchukov in 2018, KEWAZO is digitizing the construction industry with robotics and data analytics.
The German company has developed a smart robotic elevator, – LIFTBOT, for industrial and construction sites, with the first application focus being scaffolding assembly.
KEWAZO says that 80 percent of projects when it comes to building or dismantling scaffolding, are done manually.
LIFTBOT makes assembly efficient and saves 70 percent of man-hours, addressing the critical labor shortage and risk of accidents on-site.
With few adjustments, LIFTBOT can be used in additional tasks such as insulation, painting, and other on-site material transport.
At the same time, LIFTBOT also collects operational data, processes it, and provides it as an actionable insight through the data analytics platform.
It assists in planning and improving profitability, and customers benefit from faster, more predictable projects, claims the company.
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