Toggle
Auto Added by WPeMatico
Construction robotics company Toggle raises $8M
New York-based construction startup Toggle this morning announced that it has raised an $8 million Series A. The round was led by Tribeca Venture Partners and featured Blackhorn Ventures, Point72 Ventures, New York State and Twenty Seven Ventures. It follows a $3 million seed round raised in late-2019.
Robotics in general have been a massively popular investment target during the pandemic. Construction startups have also begun to heat up. Early this month, Dusty announced a $16.5 million raise for its Field Printer device.
Toggle automates an entirely different part of the construction process. The company’s robotics technology specifically targets rebar, using robotics to assemble the foundational building material at a fraction of the time.
“At a time when global construction is accelerating to an unprecedented pace, Toggle offers a way to add capacity while saving time and cost on some of the largest types of projects,” cofounder and CEO Daniel Blank said in a statement, “We are especially grateful for our partners who are helping us to bring new tools and approaches to the fundamental building block of our built environment with a focus on renewable energy and sustainable urban development.”
Toggle says the new round will go toward expanding production on the tech. That includes increasing headcount and upgrading the production space to a new 50,000 square foot facility.
Powered by WPeMatico
Brooklyn-based construction robotics startup Toggle gets $3M seed fund
Toggle, a Brooklyn-based robotics startup, announced today that it scored $3 million in seed funding. The early-stage round was led by Point72 Ventures’ AI Group, with participation from Mark Cuban and VC Twenty Seven Ventures. The series follows a 2018 pre-seed round of $570,000 from its Urban-X accelerator, Urban Us, Accelerate NY / Empire State Development and Perl Street Capital.
The 15-person startup creates robotics that fabricate and assemble rebar. It’s designed to work in tandem with existing robotics and steel fabrication technologies, while speeding up the process up to 5 times, by the company’s count.
Toggle has already begun a soft launch “for a wide range of projects in New York City and the surrounding area,” according to the company. It expects to ramp up toward commercial production over the course of the next year and a half. CEO Daniel Blank tells TechCrunch that the seed round will be used toward R&D and growing the Toggle team.
“This funding will be used to further develop our technology — both the hardware and software — around assembly and fabrication automation, as well as grow the engineering team that supports this development,” Blank tells TechCrunch. “The funding also provides us with a strong foundation for our manufacturing operation which is already supplying services and materials to customers in New York City and the surrounding region.”
Powered by WPeMatico