Total amount raised
$112 Millions
Latest funding date
4/1/2022
Location
Built Robotics has successfully raised significant funding over multiple rounds, with notable investors including New Enterprise Associates and Building Ventures. The company specializes in developing AI-powered robotic tools that transform heavy equipment into autonomous robots, particularly for solar construction projects.
Keep reading to explore the intricacies of Built Robotics' fundraising journey and the investors backing this innovative platform.
What Is Built Robotics?
Founded in 2016, Built Robotics is headquartered in San Francisco, California. The company was established by Andrew Liang and Noah Ready-Campbell.
Built Robotics specializes in developing AI guidance systems that transform heavy equipment into autonomous robots, primarily for solar construction projects. Their technology aims to improve efficiency, safety, and cost-effectiveness in the solar industry.
With a team of 11-50 employees, Built Robotics continues to innovate in the field of autonomous construction, bridging the workforce gap and accelerating the transition to clean energy.
How Much Funding Has Built Robotics Raised?
- Series A
- Amount Raised: $15M
- Date: October 2017
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop AI guidance systems for transforming heavy equipment into autonomous robots.
- Series B
- Amount Raised: $33M
- Date: September 2019
- Lead Investors: Next47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's focus to other construction equipment and enhance their autonomous technology.
- Series C
- Amount Raised: $64M
- Date: April 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ramp up production and meet the growing demand for autonomous trenching solutions.
Total Amount Raised: $112M. Current Valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies. They have a strong presence in the technology sector.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- New Enterprise Associates (NEA)
- Details: NEA is one of the world's largest and most active venture capital firms. They invest in technology and healthcare companies at all stages of growth.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Uber, Coursera, Robinhood.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm. They invest in companies building revolutionary technologies.
- Investment Focus Areas: Technology across all stages and sectors.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm focused on technology for the global real estate industry. They aim to bridge the gap between real estate and technology.
- Investment Focus Areas: Real estate technology.
- Notable Investments: Opendoor, Blend, Hippo.
- Building Ventures
- Details: Building Ventures is a venture capital firm that invests in early-stage companies. They focus on transforming the built environment.
- Investment Focus Areas: Built environment, construction technology.
- Notable Investments: Blokable, Join, Dandelion Energy.
What's Next for Built Robotics?
Built Robotics stands at the cusp of a significant opportunity in the construction industry. With the demand for autonomous trenching and other functionalities like backfill and material handling, the company is poised to expand its market reach. The $1 trillion earthmoving industry offers a vast playground for their Exosystem™, which can retrofit existing equipment, making it a cost-effective solution for contractors.
Future fundraising seems promising, given the strong investor confidence demonstrated in the Series C round. As the company scales production to meet high demand, additional funding rounds could be on the horizon. However, challenges such as ensuring safety and navigating regulatory standards remain. Competition from other tech firms and the need for reliable autonomous systems will test Built Robotics' resilience.
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