Construction Robotics Startup, , has raised seed investment from Pidilite Industries Ltd, who has acquired an equity stake of 19.5% in the company.
The fund will be used for product development and core team expansion. Founded in 2020 by and , the startup has been working on a prototype for a wall finishing robot for internal plastering, painting and putty of buildings. The robot can improve efficiency and bring down costs of the wall finishing process. They have received pilot interests from several renowned real estate developers and contractors and plan to deploy the robot in sites for pilots in coming months.
"Support from Pidilite validates the company's vision to disrupt one of the oldest and largest industries in the world and will help us accelerate product development and market entry," said Co-Founder, Srinivas K Pai. Incubated by , Pace Robotics also has and as other investors on board.
The size of opportunity that the construction industry provides and lack of alternatives to traditional methods of working, creates a sweet spot that makes the industry ripe for disruption. Pace Robotics aims to be at the center of this disruption and lead this sector through unhindered innovation.
This story is provided by PRNewswire.will not be responsible in any way for the content of this article. (ANI/PRNewswire)
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor