Did you know there's a $50 billion global scaffolding industry? Nearly all of it is put up manually.
That makes scaffolding, the exterior structure used during building and maintenance, a prime target for automation. A company called Kewazo is finding success with a materials handling robot aimed at scaffolding installation called Liftbot. The company just closed $5 million in Series A funding and joins a growing pack of robotics developers taking aim at construction.
"So many aspects of the construction industry stand to benefit immensely from robotic intelligence and RaaS offerings," said Puneet Agarwal, partner at True Ventures, which participated in the round. "The Kewazo team has a strong track record and proven solution that addresses a significant need in a critical part of the industry. We're excited to fund this team and help them expand to new verticals in construction and other markets."
Construction is a hot area for robotics development because it's inefficient and hasn't had a technology makeover in decades. The sector has not kept pace with innovation or productivity. As a result, there are massive inefficiencies in the industry. According to KPMG's Global Construction Survey, just 25% of projects came within 10% of their original deadlines. When it comes to megaprojects, like large infrastructure projects, McKinsey found that 98% are delayed or over budget. 77% are more than 40% behind schedule.
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