The round was led by Fifth Wall, with participation from Cybernetix Ventures, Unorthodox Ventures, and construction software company Nemetschek. Existing investors True Ventures and MIG Capital also participated in the Series A. The current funding round follows Kewazo's €4.2 million ($5 million) Pre-Series A. which will be completed in September 2021 became.
Kewazo automates and digitizes material flow on construction sites using robotics and data analytics. The company's first product, the Liftbot, is an intelligent robotic lift for construction and industrial sites, supported by a data analytics platform. According to Kewazo, the introduction of the Liftbot is expected to save 70 percent of labor hours in scaffolding construction. The robot is also expected to increase occupational safety and prevent accidents.
The Liftbot also collects operational data during on-site operations, which is made available to customers as insights via the company's data analytics platform. This platform is designed to increase transparency of what's happening on construction sites and in industrial facilities. In the future, the Liftbot will be used in other applications, such as on-site material transport.
Expand fleet and develop digital services
Artem Kuchukov, CEO and co-founder of Kewazo, says about his company's future plans:
"We have brought together an outstanding group of partners who will enable us to build a leading company in construction robotics. This capital infusion will help us expand our sophisticated robot fleet in Europe and North America while also expanding our additional digital services."
Miguel Nigorra Esteban, Partner at Fifth Wall, says about the investment:
"The labor shortage remains the biggest challenge facing the construction industry. Artem and his entire team at Kewazo are committed to tackling this problem head-on and bringing much-needed automation and robotics to the trillion-dollar construction industry. We are thrilled to be part of their category-defining growth."
Innovations for good employees
And Bart Gyssels, Chief Innovation Officer at Altrad Services Benelux, adds:
"I think it's very useful that companies like Kewazo are disrupting our business. We'll have problems finding and retaining good staff—that will be our main focus in the coming years and decades. These innovations are very helpful in attracting and motivating our employees and helping us provide cost-effective and safe services to our customers."
