Built Robotics, a US-based developer of robotic construction tools, has completed a $33m series B round led by Next47, a corporate venture capital subsidiary of industrial equipment and appliance producer Siemens.
Presidio Ventures, a corporate venturing vehicle for conglomerate Sumitomo, also took part in the round, as did hardware-focused VC fund Lemnos and VC firms Building Ventures, Founders Fund and New Enterprise Associates (NEA).
Founded in 2016, Built Robotics produces and supplies automated guidance systems that can be affixed to pieces of construction equipment in order to convert them into autonomous robots, supervised by the customer through its web-based software.
The systems are designed to function irrespective of who made the construction equipment and can automate routine tasks such as the digging of trenches and excavations.
Built Robotics will devote the series B proceeds to product development while also strengthening its autonomous technology and entering new parts of the construction industry. Next47 partner TJ Rylander has joined its board of directors in conjunction with the round.
Rylander said: “We are excited to be partnering with Built Robotics on this significant milestone. They have proven market appetite and demand for the technology and have deployed working robots with leading construction companies around the country.
“We believe Built is poised to lead this market and catalyse deployment of this technology across construction applications.”
NEA led the company’s last round, a $15m series A round closed in late 2017. Although their participation was not revealed at the time, Built Robotics described Presidio Ventures, Founders Fund and Lemnos Labs as existing investors in the latest round.