KEWAZO, a Munich-based startup that’s digitalising construction with robotics and data analytics, secured $5M (approx €4.2M) funding in a Series A round led by True Ventures.
Existing investor MIG AG, a Munich-based VC firm and one of the founding investors in BioNTech, also participated. With this round, the company has raised $9M (approx €7.6M) to date.
Artem Kuchukov, CEO of KEWAZO says, “With the new investment we aim to expand our robotic fleet in Europe and the US to introduce the RaaS model and to enable further digital services. LIFTBOT improves worker safety, makes jobs more efficient, and drastically cuts the amount of man-hours projects take, all while saving money.”
Focus on scaffolding assembly
Founded in 2016, KEWAZO develops smart robotic elevators for industrial and construction sites, with the first application focus being scaffolding assembly.
KEWAZO says that 80 per cent of projects, when it comes to building or dismantling scaffolding, are done manually.
Consequently, the German company has developed construction robot technology called LIFTBOT for scaffolding, which automates material transport.
Addresses labor shortage
LIFTBOT makes assembly more efficient and saves up to 44 per cent man-hours, which directly addresses labour shortage – a long-term problem in the industry.
Further, LIFTBOT can be used for other tasks such as insulation, painting, and other on-site material transport with minor adjustments. At the same time, LIFTBOT also collects operational data and provides it in a data analytics platform.
The company works closely with large scaffolding companies and industrial service providers. The first batch of LIFTBOTs has been successfully delivered to key customers in the EU markets.
40 pilots and test projects
KEWAZO has completed more than 40 pilot and test projects and has delivered robots to major customers like Bilfinger, a leading European industrial service provider to oil and gas sites in Germany.
“We have tested LIFTBOT during ongoing operations and immediately recognized the potential of the solution,” said Alexander Brod, branch manager of Bilfinger Arnholdt in Gelsenkirchen. “With innovative technologies from the fields of robotics and automation, we offer our industrial customers an even safer and more efficient service.”
True Ventures: What you need to know
True Venture is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With $2.8B (approx €2.4B) under management, the VC firm has helped more than 300 companies launch and scale their businesses, creating over 25,000 jobs worldwide.
“So many aspects of the construction industry stand to benefit immensely from robotic intelligence and RaaS offerings,” said Puneet Agarwal, partner at True Ventures.
“The KEWAZO team has a strong track record and proven solution that addresses a significant need in a critical part of the industry,” he added.
