# Promise Robotics

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/promise-robotics

- Industry: Software
- Headquarters: Toronto, Canada
- Website: www.promiserobotics.com
- Total disclosed funding: $15M
- Latest round: Series A (Oct 31, 2023)
- Investors on record: 6

## About

Promise Robotics Inc. is a technology-driven company focused on automating the construction industry through innovative solutions, enabling the production of affordable and sustainable housing.Founded in 2020, Promise Robotics Inc. is based in Toronto, Canada, and specializes in advanced automation technologies for the construction sector. The company was started by Ramtin Attar, who has a background in developing tech solutions for various industries. In October 2023, Promise Robotics raised USD 15 mn in Series A funding led by Horizons Ventures, with participation from Alate Partners, Relay Ventures, and others. This funding is part of two total deals made by the company.Promise Robotics specializes in providing advanced automation solutions for the construction industry, focusing on producing affordable and sustainable housing. Their core offerings include a proprietary cloud-based software platform that manages the entire production lifecycle, enabling rapid operationalization of home production within weeks. This platform integrates planning, scheduling, and logistics, catering to a wide range of construction needs from single-family homes to multi-story buildings. Promise Robotics serves homebuilders and developers across various markets, including North America, with a commitment to addressing labor shortages, reducing costs, and minimizing waste.Promise Robotics operates on a business model that includes a subscription-based service for their automation solutions, allowing clients to access their advanced production technology as-a-service. Revenue is generated through partnerships with homebuilders and construction firms, which may involve tiered pricing plans based on the scale and complexity of projects. Their flagship product offerings, which include their integrated production platform, are designed to provide significant cost savings, such as a 60% reduction in initial capital expenditures, facilitating a fast return on investment while enhancing operational efficiencies.In October 2023, Promise Robotics Inc. raised USD 15 mn in Series A funding, which will be utilized to commercialize its first robotic factory platform and develop its industrialized robotics systems focusing on construction, computer vision, and artificial intelligence. The company plans to expand its offerings further and target new markets in North America, aiming for a broader reach in the next 12 to 18 months.

## Funding rounds

- Series A, Oct 31, 2023, $15M — Relay Ventures, Public Sector Pension Investment Board, Horizons Ventures, Radical Ventures, Alate Partners, United Brotherhood of Carpenters Pension Fund United States Segment

## Investors

- Relay Ventures (https://capitalatlas.ai/funds/relay-ventures) — Series A
- Public Sector Pension Investment Board — Series A
- Horizons Ventures — Series A
- Radical Ventures (https://capitalatlas.ai/funds/radical-ventures) — Series A
- Alate Partners (https://capitalatlas.ai/funds/alate-partners) — Series A
- United Brotherhood of Carpenters Pension Fund United States Segment — Series A